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Income Tax Act

Revealed: Four things you SHOULD know about insolvency and tax
Benjamin Franklin's often-quoted line about 'the certainty of death and taxes' is equally fitting in today's society. When death comes in the form of insolvency, taxes aren't too far behind. Here are the four things you should know about insolvency and tax.... ››› more
[24 October 2013]

What does 'ring-fencing of assessed losses' mean and how does it affect you?
Do you have a side business that you declare and claim losses for on your tax return? If so, beware! You may be caught out under the ring-fencing rules of Section 20A of the Income Tax Act (ITA). But what does ring-fencing of assessed losses actually mean? Read on to find out...... ››› more
[18 October 2013]

The Vat Act treat partnerships differently. Do you know how to pay Vat on partnerships correctly?
You must comply with the Vat Act and the Income Tax Act when it comes to partnerships. Read on to find out how the Vat Act treats partnerships so you can comply.... ››› more
[18 October 2013]

Watch out! Section 31 of the ITA affects transfer pricing in two key ways...
In 2011, SARS amended Section 31 of the Income Tax Act (ITA).While this change happened over 18 months ago, not many people are aware that Section 31 significantly changes the approach to transfer pricing. Read on to discover how Section 31 of the Income Tax Act affects transfer pricing so you can comply.... ››› more
[16 October 2013]

Five rules to avoid mistakes when dealing with international tax
Fact: You must pay tax on income you make in another country. One wrong move could land you in serious trouble with SARS. To make this process hassle free, be sure to follow these five rules when handling international tax.... ››› more
[14 October 2013]

Negotiating contracts? Consider these three tax planning angles
When it comes to negotiating contracts, don't take chances! This could cause endless problems with SARS and cost you a lot of money! Here are three vital tax planning angles to consider when negotiating contracts.... ››› more
[10 October 2013]

Are you sure your employment contracts are legally compliant?
An employment contract's only binding and enforceable when there's been an agreement. This means you've made an offer to the employee in writing, and he's accepted it in writing. To ensure SARS doesn't scrutinise your employment contracts, make sure your contracts meet these three legal tax obligations.... ››› more
[20 September 2013]

Do you know the eight payments not subject to SDL?
You probably know that the Skills Development Levy (SDL) is a company contribution you must pay every month. This levy funds education and training through the Skills Education Training Authorities (SETAs). But did you know there are eight specific payments that aren't subject to SDL? Read on to find out what they are...... ››› more
[19 September 2013]

Do you know how to tax your independent contractor?
One of the most common types of contactor your business will deal with is an independent contractor. And it's crucial that you get the tax treatment right. Read on to discover how to tax an independent contractor so you can save your business up to 200% in SARS penalties.... ››› more
[17 September 2013]

Do you fall into one of these three categories? If so, you're exempt from provisional tax
The provisional tax payment system is based on your submission of two compulsory provisional tax returns and payments. You can then submit a third voluntary provisional tax return and payment. Your provisional tax payments are advance payments for your normal tax liability for that year. But not everyone is allowed to pay provisional tax. You're exempt from provisional tax if you fall into one of these three categories...... ››› more
[03 September 2013]

What is keyman insurance and why do you need it?
Most businesses, especially small, family-owned and operated or fledgling businesses, depend heavily on the skills of one or more key people. If you're one of these businesses, here's some constructive advice on how to safeguard your business: Take out keyman insurance! It'll protect you from the loss or disability of one of your keymen in a practical and tax-effective way...... ››› more
[26 August 2013]

Are your employment contracts in line with the requirements of the Income Tax Act?
You probably know that a watertight employment contract is as good as money in the bank. But did you know the Income Tax Act requires your employment contracts to meet certain requirements? Read on to find out what these requirements are so you can comply.... ››› more
[30 July 2013]

Will your company qualify for a tax deduction on your losses this year? Read on and find out...
It's been a tough year for many economic sectors, and your business may be suffering. Come next company tax season, you can give your business a welcome break from SARS by deducting your company's losses and expenditures. Here are the requirements to qualify for a tax deduction on business losses...... ››› more
[19 July 2013]

Three consequences you'll face if SARS catches you for transfer pricing
Transfer pricing is the adjustment of intergroup prices of goods and services charged by affiliated companies in order to take advantage of the different tax rates found in different countries. SARS frequently suspects this of being a method of evading national taxation and customs duties. So any related activity around such transactions will attract its attention and scrutiny. Here are the three consequences you'll face if you're caught for transfer pricing.... ››› more
[17 July 2013]

6 ways to reduce your company's chances of a SARS audit
Although no company is immune from a SARS audit, there are number of factors that'll increase your risk. To spot these factors, SARS will look for any discrepancies in the information you company has submitted. But, you can ensure you're not SARS' next target by doing the following six things...... ››› more
[27 May 2013]

Revealed: Eleven reasons your company could face administrative penalties
SARS doesn't want non-compliant taxpayers, and has designed penalties to act as a threat against non compliance. For administrative non compliance, your company could face penalties of up to 200%. Don't let this happen to your company. Read on to find out eleven reasons your company could face administrative penalties so you can comply.... ››› more
[23 May 2013]

What to do if you disagree with a SARS assessment
If you're unhappy with SARS' assessment for your company, don't sit back and take it. SARS also makes mistakes. And the law actually allows you to contest a decision they've made. But, how does your company go about doing this? Read on to find out...... ››› more
[22 May 2013]

In a partnership? Adhere to these five tax rules
If you belong to a partnership, pay attention! In terms of South African tax laws, the tax treatment of partnerships is different to that of companies because you and your partners are personally liable for any tax owed by the partnership. Read on to discover five tax rules that govern partnerships to ensure you're compliant with every tax law.... ››› more
[03 May 2013]

Do you know whether your business is excluded from Section 23(m) of the Income Tax Act?
No one likes to hand more money over to SARS than they have to. That's why Section 23(m) on the Income Tax Act is such a firm favourite with companies and business owners alike. It deals with the types of business-related expenses, losses and allowances you're able to deduct to pay less tax to SARS. But here's the thing that many people don't realise, not everyone can use Section 23(m) to their advantage...... ››› more
[22 April 2013]

Choose your marriage contract wisely, there are tax consequences of getting it wrong
'The tax consequences of marriage are not likely to be on your mind when you stand before the altar with your life partner, but there are definite tax consequences to marriage,' warns The Practical Tax Loose Leaf Service. There are two danger areas you can't afford to overlook. Read on to find out what the taxman does when you're married out of community of property with or without accrual and when you're married in community of property.... ››› more
[09 April 2013]

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