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Income Tax Act

  • Six Important lessons to keep you out of the SARS 'dog box'!
  • Don't change your game plan when you're in the losing corner against SARS, it won't get you out of trouble. Here's a case that has six important lessons all tax payers can learn from - and even though the case is from 2007/8, the lessons are still relevant today! The facts of the case   The taxpayer treated the sale of sand extract from his farm as capital in nature rather than revenue. When... ››› more
  • [15 February 2017]
  • 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... If you're not sure what 'ring-fencing of assessed losses' means, don't fret. The Practical Tax Loose Leaf Service has... ››› more
  • [20 January 2017]
  • Don't let SARS disallow your deduction like they did to Moolah (Pty) Ltd
  • Moolah (Pty) Ltd had a fantastic year. They made R10 million profit at the end of February 2014. So, on 2 March the shareholders gave the directors a bonus of R5 million. As it was already March, they accrued for the R5 million bonuses in February 2014 and paid the necessary PAYE. They then actually paid the R5 million in March. When Moolah submitted their tax return and showed the R5 mill... ››› more
  • [15 November 2016]
  • Is paying less tax a priority to your business? If so, I'll show you how.
  • Nothing is more painful than paying more money over to SARS than you actually have to. But what if I told you there's a section in the Income Tax Act you can use to your advantage? Section 23(m) has 11 business deductions you can claim and pay less tax on. So read on as I help you claim 11 business deductions, so you can keep more money in your bank account and less in SARS'. *********... ››› more
  • [03 August 2015]
  • SMME or SBC? Which you do do you qualify as?
  • Did you know that an SMME or Small, Medium or Micro Enterprise differs from an SBC or Small business Corporation by the fact that the SMME isn't actually a business. It actually only serves as a description of the size of a business. Nevertheless, an SBC must be an incorporated business. In other words, it must be a close corporation, a cooperative or a private company. Why is this important?... ››› more
  • [04 May 2015]
  • The eight things SARS looks out for when it does capital reconciliations
  • If SARS sends you a letter asking for a statement of your assets and liabilities, you will find this very useful. After all,SARS asked you if you declare this information on your tax returns, you should know that SARS uses this information to do it's own capital reconciliation of your business! Down below you'll find the eight things SARS looks out for when it decides to do a capital reconcilia... ››› more
  • [23 April 2015]
  • How SARS treats variable remuneration when it comes to your employees' tax
  • Today we'll have a quick look at how SARS treats variable remuneration employees tax. This article will deal specifically with variable remuneration, such as salaries, overtime pay, bonuses, commission, travel allowance and wages that aren't regular or of a fixed amount. Here's how SARS treats variable remuneration employees tax: Section 7B of the Income Tax Act effects your PAYE calculat... ››› more
  • [25 March 2015]
  • Find out if you'll have to pay dividend tax at the end of 28 February 2015!
  • There's a new section in the Income Tax Act that brings along a new payment request. It affects dividend tax and how you'll need to pay it. Take a look below... According to the section, any South African taxpayer who made a transfer pricing adjustment in previous years of assessment will be required to pay dividend tax at the end of 28 February 2015. In order to make this clearer, note tha... ››› more
  • [25 February 2015]
  • Here's how the amendments to the Income Tax Act will benefit disability claimants
  • According to a study by the Association for Savings and Investment South Africa (Asisa), South Africans are underinsured for disability by about 60%. But this is all about to change. And it's thanks to the Income Tax Act (ITA) amendments that will come into effect on 1 March 2015. Keep reading to find out how these amendments will benefit disability claimants and, most importantly, how this ... ››› more
  • [10 October 2014]
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