- How to move assets around to minimise Capital Gains Tax!
- There are ways to minimise Capital Gains Tax (CGT) and today we'll show you how to do this. First of all, if you transfer an asset to your spouse because of a divorce order, or if there's an agreement in place to divide the assets through a court order, then it's assumed that there's been a disposal.
Note that the roll-over relief doesn't apply where assets are transferred to non-resident spous... ››› more
- [08 June 2015]
- You don't have to pay capital gains tax on transfers of assets between spouses
- While in general you have to pay capital gains tax when you sell an asset, today we present you a situation when you don't have to pay capital gains tax on the disposal of your asset.
A situation like this occurs based on the fact that you're not getting instant financial gain. And one such case is the transfer of assets between spouses which is tax-free!
*********** R... ››› more
- [08 June 2015]
- Great news: There's no capital gains tax for transfers of assets between spouses!
- While you're supposed to pay capital gains tax when you sell an asset, there are several situations that the law established as exceptions from the rules.
These aresituations when it's considered unfair for you to pay capital gains tax on the disposal of your asset if you're not getting instant financial gain.
And this include the tax-free transfer of assets between spouses.
Today, we'll ... ››› more
- [03 June 2015]
- Don't miss out on your transfer duty Vat exemption - here's how to keep the money in your bank
- Over the last few years, SARS lost millions of Rands in transfer duty, thanks to fraudulent claims for the Transfer Duty exemption. SARS issued this Transfer Duty exemption because the seller declared he was a Vat vendor. So since Vat was payable on the transaction, there was no transfer duty. The Vat vendor walked away smiling - his Vat bill had shrunk. But when the SARS auditors finally got arou... ››› more
- [18 May 2015]
- Everything you need to know about the income tax consequences on trading stock and allowance assets
- Today, we're taking a look at what you need to know about the income tax consequences on trading stock and allowance assets when transferring assets to your company. Take a look below so you know which rules apply to your situation:
Income tax differs depeneding on whether you're transferring trading stock or an allowance asset
Trading stock: The transfer of trading stock is deemed to be at ... ››› more
- [20 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]
- Transfer your company's residence to your employee without paying Capital Gains Tax! Here's how
- If your company owns your employee's primary residence (his home) and he wants to buy it from you, you don't have to pay Capital Gains Tax... If you meet certain requirements.
This means your employee can own his home privately, without costing your company thousands of rands in additional tax.
Keep reading to find how...
Here's how you can transfer your company's residence to you... ››› more
- [22 January 2015]
- WARNING: If you elect a new trustee and transfer assets without paying transfer duty, SARS will penalise you
- SARS is very watchful when it comes to Trusts trying to get away without paying tax. There are many methods these Trusts use to do this.
One that SARS is particularly wary of is when Trusts elects new trustees and transfer assets to them without paying transfer duty fees.
If SARS catches you doing this, it will hit you with a crippling 200% penalty.
This happened to the 'EF Trust'. Here'... ››› more
- [12 December 2014]
- Follow these four steps to ensure your inter-company transfers are always as they should be
- If you want to beat a SARS auditor, the best thing you can do is think like one. This means looking at your business records the way he would.
This will enable you to find any errors that could land you with hefty SARS penalties at the end of an audit. You should study every part of your business in this way to ensure it stands up to scrutiny.
When you study your inter-company transfers, he... ››› more
- [07 August 2014]
- What is transfer pricing?
- Chances are you've heard of transfer pricing. But, do you know what it really means and how it affects you? Read on as we tell you all you need to know about transfer pricing.
The Practical Tax Loose Leaf Service says that transfer pricing is a red flag for SARS.
'SARS will scrutinise your pricing policy to ensure you aren't trying to pay less tax illegally when you adjust the price of your... ››› more
- [27 January 2014]