Deducting Income Tax and CGT for Estate Duty
Is subjecting taxpayers to estate duty on post-death asset growth appropriate? IN 1789 Benjamin Franklin said that “in this world nothing can be said to be certain, except death and taxes”. He was right about death—but anyone who has had to interpret our tax laws would know that the task is fraught with uncertainty. This […]
Unlocking the benefits of expert tax planning
Tax planning is the strategic organisation of financial affairs to minimise tax liability by utilising deductions, exemptions, allowances, and rebates within the confines of the law. Despite the perceived complexity, tax planning offers streamlined financial management and significant savings. For business owners, it is an ongoing commitment with substantial benefits, going beyond tax payment to […]
A dive into South Africa’s revised assessed losses regulations
Navigating the complex world of corporate finance and tax regulations can be challenging for businesses. South Africa has recently undergone significant changes in its tax landscape, including limits on assessed losses and adjustments to corporate income tax rates. To stay informed, adaptable, and compliant, companies must seek expert advice and gain a better understanding of […]
Tax breaks for retirement funding
While there are very few tax breaks for individuals, some huge ones are available for retirement funding Retirement tax breaks in South Africa are designed to incentivise individuals to save for retirement and provide them with tax relief on contributions to retirement funds. The government has implemented various tax incentives over the years to encourage […]
The new SARS solar energy tax credit
The tax credit for individuals installing solar panels is here, for a limited time only. The proposed new law regarding the tax credit available to individuals who install solar panels has been announced. The system will be introduced in the form of a tax credit, as opposed to a tax deduction. This is good news, […]
More blackouts, fewer jobs, less tax revenue
When will government recognise that Eskom’s crisis is South Africa’s crisis? It is shocking that the South African government seems not to regard the now regular power blackouts lasting four hours at a time as the single biggest risk to South Africa’s economic growth and to its relatively stable young democracy. This can only exacerbate […]
Disclose your defaults before SARS finds them!
A grim warning for South African taxpayers Long gone are the days when tax fraudsters could run circles around SARS, which has intensified its efforts to crack down on tax evasion by pursuing criminal action against non-compliant taxpayers. One example is when SARS came knocking on the door of a private hospital and its director, […]
Tax certificate uploads: How to avoid SARS issues
Check, check, and check again … The SARS e-filing system has come a long way from its humble beginnings, and it is clear that the tax office is moving ever-closer to a situation whereby the majority of taxpayers will no longer be required to submit a return each year—employers, investment funds, and medical schemes will […]
Maximising your dividend income
You could improve your return by selling the share instead of waiting for the dividend payout—but there are caveats. I was recently asked an interesting question about dividends. The person concerned was curious as to whether—from a tax and return perspective—it is better to take the dividend itself, or sell the share and take the […]
How SARS catches tax-dodgers
SARS auditors employ methods that most people wouldn’t have even considered How does the South African Revenue Service (SARS) catch those who do not contribute their fair share to state coffers? Here are some tests that SARS auditors perform to see if you are being somewhat economical with the truth. Comparing VAT returns to your […]