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November 15, 2024
Are you covered for a rising age and declining health? In March 2024, the world was shocked to learn that two British Royal family members were […]
November 15, 2024
Winding up an estate in South Africa is a meticulous process governed by the Administration of Estates Act 66 of 1965. It involves the collection and […]
November 15, 2024
Know what you can claim, and the documents you need to substantiate it. When an individual taxpayer wishes to submit a tax claim for business travel, […]
October 11, 2024
Some vehicles you cannot claim VAT on, some you can—and knowing the difference can save you a lot of money. When can you claim input VAT […]
October 11, 2024
The ability of families and retired couples to plan effectively to protect their financial future can be hampered when just one person is entirely responsible for […]
October 11, 2024
Or can SARS use code 3702 to audit potential business kilometres travelled? I have often wondered whether SARS officials thoroughly review the submitted logbooks when taxpayers […]
July 13, 2024
Many taxpayers assume that compensation for losses is of a capital nature. It depends… There are no hard and fast rules for determining whether a particular […]
July 13, 2024
For commission-earners and the self-employed, the rules are slightly different—but travel costs can be claimed. The mistake that I make when writing articles about travel allowances […]
July 13, 2024
Many articles have been written about the application of the foreign income exemption provided for under Section 10(1)(o)(ii) of the Income Tax Act. This section provides […]
July 13, 2024
Investing in an offshore retirement fund is one way of growing your wealth in a stable economy over the longer term, or even gaining residency in […]
July 13, 2024
It’s not only your retirement fund that may pay out when you decide to call it a day. Some time ago I wrote a series of […]
July 13, 2024
Owing money to the South African Revenue Service (SARS) can be stressful, but don’t panic. By understanding your options and taking prompt action, you can resolve […]
June 7, 2024
Transferring staff? There are tax implications for them … and for you! If your business has branches in different locations, one of the best ways of […]
June 7, 2024
Retirement planning is absolutely key to your financial well-being, but let’s face it, as those golden years inch closer, a lot of us start to worry […]
June 7, 2024
Ask any trapeze artist, and they’ll tell you that a safety net is a non-negotiable part of flying high. While few of us are circus performers, […]
May 15, 2024
It has now been over three weeks since the sudden loss of Fabrizio Aldrighetti, fondly known as Fabi. Our thoughts remain with his family and friends […]
March 25, 2024
When someone says influencer, freelance designer, writer, or content creator (collectively referred to as a creative freelancer), do you think VAT? Probably not—and you’re not alone. […]
March 25, 2024
A comparative look at retirement annuities versus tax-free savings accounts. When it comes to personal finance, every individual has different needs, dreams and financial goals, as […]
March 25, 2024
The foundation of any relationship with a financial advisor is built on trust and transparency. Clients are expected to share intimate details about their financial lives, […]
March 25, 2024
It’s true; financial literacy is as crucial as academic education, and many of us find ourselves reflecting on the lessons we wish were imparted by our […]
March 25, 2024
Business travel means different things to SARS than to taxpayers. While it has been compulsory for recipients of travel allowances to substantiate their claims by means […]
March 25, 2024
South African businesses face unique payroll challenges. From strict regulatory requirements to the specific needs of a diverse workforce, managing payroll requires precision, understanding, and the […]
March 25, 2024
In South Africa, where businesses often face unique challenges and opportunities, the roles of business consultants and advisors are often crucial. Both consultants and advisors provide […]
March 25, 2024
Securing a loan is a common approach for financing various personal and business needs in South Africa, from purchasing property to covering unexpected expenses. However, the […]
March 25, 2024
What matters more than the contents of this year’s budget is what has been omitted from it. Its greatest virtues are four days less tax, no […]
January 25, 2024
Sustaining losses on certain activities, blissfully assuming that SARS will chip in at year-end? Make sure that this loss is not ‘lost’ forever. Many people have […]
January 25, 2024
The much-anticipated two-pot retirement system, introduced as a ‘knight in shining armour’ for South Africans, has received a new implementation date of March 2024. Expats are cautioned to pay attention to the effects that this will have on the encashment of their retirement savings.
January 25, 2024
SECTION 20 of the Income Tax Act 58 of 1962 deals with the set-off of losses from a trade against other income. In general, such set-off is allowed (see sub-paragraph (1)(b)), provided that the loss is incurred in the taxpayer’s own name (i.e. not in a company, CC, or trust). The loss must also have been incurred with-in the Republic of South Africa to qualify for set-off.
January 25, 2024
Over the past five years, the SAFPS has seen a steady increase in the number of tax-related scams. Improved efficiency To improve efficiency when it comes […]
January 25, 2024
The shift towards renewable energy in South Africa has seen a significant rise in the adoption of solar power. While the benefits of solar energy, such […]
January 25, 2024
When can you deduct an expense? Section 11(a) contains the general principles. One of the most-asked tax questions goes along the lines of “can I deduct […]
January 25, 2024
As the new year gets off to a speedy start, it’s time to reflect on our goals and the paths to achieve them. At 1.2.3. Consulting, […]
October 25, 2023
Landing in a position of indebtedness to SARS can be quite a stressful journey on its own ─ but if you forget to leave room in […]
October 25, 2023
The default marriage regime has some complicated tax consequences. When couples are caught up in wedding and honeymoon planning, visiting their attorney often takes a backseat. […]
October 25, 2023
Slow-and-steady returns for patient investors After a period of low-interest rates, coupled with the printing of money in the world’s largest economies (such as the US […]
September 5, 2023
Artificial Intelligence (AI) has revolutionised numerous industries, including personal finance. With AI chatbots providing real-time, human-like responses to queries, one might be tempted to fully entrust […]
September 5, 2023
Are you feeling the financial pinch? You’re not alone. Many South Africans are finding it increasingly difficult to meet their credit obligations. The cost of living […]
September 5, 2023
Government is encouraging investment in renewable energy—but as always, there are caveats While this year’s Budget was largely devoid of surprises, Finance Minister Enoch Godongwana made […]
August 14, 2023
In a world where adaptability is the key to survival and prosperity, organisations across various industries are striving to stay ahead of the curve. Economic and […]
August 14, 2023
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 […]
August 14, 2023
Given the current economic climate, many homeowners in South Africa might find themselves facing the challenge of keeping up with their monthly bond repayments. In such […]
July 19, 2023
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. […]
July 19, 2023
A rewarding investment begins with a thorough evaluation. Understanding how to evaluate investment opportunities enables you to safeguard your financial future. It’s not just about spotting […]
July 19, 2023
Given the current economic climate, many homeowners in South Africa might find themselves facing the challenge of keeping up with their monthly bond repayments. In such […]
July 4, 2023
To our valued clients, colleagues and business associates: Merger Announcement It is with great pleasure and no small sense of excitement and pride we announce that […]
June 30, 2023
Merger Announcement It gives the Boards of Directors of TGS South Africa Inc and of 1.2.3.Consulting (Pty) Ltd great pleasure to announce that we have recently […]
June 13, 2023
To thrive in South Africa’s ever-changing economic landscape, it is crucial to have a thorough understanding of your regulatory responsibilities, including compliance with the Financial Intelligence […]
June 13, 2023
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, […]
June 13, 2023
When the sun is shining, it is the opportune time to fix the roof. This adage is especially true in the context of economic situations, where […]
May 12, 2023
The General Laws (Anti Money Laundering and Combating Terrorism Funding) Amendment Act was assented to by the President in December 2022, deep into the traditional festive […]
May 8, 2023
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 […]
May 8, 2023
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 […]
May 8, 2023
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 […]
March 23, 2023
How you can protect your assets from predators—including SARS Trusts have received a lot of bad press over the past few years, what with SARS taking […]
March 23, 2023
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 […]
March 23, 2023
When operating a small business, there are so many important daily tasks to remember—especially if you are also the business owner. Your day is most likely […]
March 3, 2023
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 […]
March 3, 2023
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 […]
March 3, 2023
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 […]
February 6, 2023
How to work out the taxable capital gain when disposing of share investments One of the underlying principles of Capital Gains Tax (CGT) is that a […]
February 6, 2023
The Institute of Directors in South Africa (IoDSA) lays out five key trends for boards and directors to focus on in 2023. Boards need to begin […]
February 6, 2023
How to overcome ‘change fatigue’ and create a winning working environment. Let’s be honest—we’re all tired. The truth is that fatigue is a very common feeling […]
January 10, 2023
A deceased estate takes on a (tax) life of its own while being wound up I started my first job back in September 1987 at the […]
January 10, 2023
What happens to the VAT that was paid over to SARS? Vendors often provide goods or services to clients on credit. In the current economic climate, […]
January 10, 2023
Dividend investing can be a solid strategy, so it’s worth knowing how dividends work. What is a dividend? A dividend is a payment made by a […]
November 28, 2022
Top-rate taxpayers need to watch out for Section 20A. Section 20 of the Income Tax Act 58 of 1962 deals with the set-off of losses from […]
November 28, 2022
SA’s major banks show a robust recovery, delivering strong financial performance despite complex conditions. Trading conditions in South Africa began 2022 with momentum, as the first […]
November 28, 2022
“A soothsayer bids you beware the ides of March”. These famous Shakespearean words forewarning the misfortune of Roman emperor Julius Caesar (which Caesar ultimately ignored and […]
October 24, 2022
The estate duty savings are compounded over several generations. Articles on trusts are often aimed at settlors or donors to highlight the benefit of trusts and […]
October 24, 2022
How you can protect your assets from predators—including SARS. Trusts have received a lot of bad press over the past few years, what with SARS taking […]
October 24, 2022
E-filing doesn’t allow ‘secured’ or password-protected documents to be uploaded—but there is a solution. Following SARS Commissioner Edward Kieswetter’s announcement that he intends to rebuild SARS’ […]
September 14, 2022
Section 9H of the Income Tax Act provides that a natural person’s year of assessment is deemed to have ended on the date immediately before the […]
September 14, 2022
The Draft Taxation Laws Amendment Bill was published on 29 July 2022. The bill’s publication marks the start of the tax legislative amendment season. The proposed […]
September 14, 2022
When remote workers are located outside of SA, the tax issues get complicated Remote working from foreign jurisdictions has become increasingly popular during the COVID-19 pandemic. […]
July 27, 2022
The VAT Act makes provision for the supply of residential fixed property by a VAT vendor (being a property developer) to be subject to VAT […]
July 27, 2022
Although there are several exclusions to the general rule, South Africa applies a withholding tax on dividends declared by companies at a rate of 20%. […]
July 27, 2022
Your business success relies on your interaction with clients/customers and other businesses. Your profit is directly proportional to the behaviour of these external role-players. Dealing with individual clients/customers does […]
July 7, 2022
Barter transactions are commonplace in today’s commercial environment. Parties exchange goods or services without a cash transaction underpinning it. The question is, “What happens when I sell the asset […]
July 7, 2022
As portrayed in the Tax Administration Act No 28 of 2011 (TAA), the dispute resolution rules lay out the legal framework to be followed by both […]
July 7, 2022
It is often the case that South African tax resident shareholders wish to reorganise their South African group of companies, for a multitude of commercial reasons, […]
July 7, 2022
Taxpayers who are salaried employees have limited deductions available to them. However, home office expenditure can be claimed as an income tax deduction, but the onus […]
June 8, 2022
In a matter of Legal Aid South Africa v Jansen, the Labour Appeal Court had to decide whether the Employer’s decision to dismiss Mr Jansen, who […]
June 7, 2022
In a Binding Private Ruling issued on 6 July 2021, SARS has made strict ruling on an Employment Tax Incentive Act (ETI) scheme that has been […]
June 7, 2022
Capital expenditure incurred in the production of income and in carrying on of a trade does not qualify for a deduction under the so-called general deduction […]
June 7, 2022
In today’s digital era, data has become an essential resource for businesses to grow and thrive in a competitive market. But not all companies are taking […]
May 10, 2022
Employer companies generally implement employee share incentive schemes to retain and incentivise their employees by enabling the latter to receive indirect benefits from the appreciation in […]
May 10, 2022
Employment income is generally taxed where the services are physically exercised. The place of contract conclusion, where the employer is based and where the remuneration is […]
May 10, 2022
The purpose of the Competition Act 89 of 1998(“the Act”) is to promote the efficiency, adaptability, and development of the economy, and to ensure that small […]
May 10, 2022
Section 9HB of the Income Tax Act provides for a roll-over of a capital gain or loss when an asset is transferred between spouses during their lifetimes. […]
April 8, 2022
Dividends are a valuable part of many shareholders’ income, but even though they are exempt from regular income tax, it does not mean that they are […]
April 8, 2022
On 11 March 2022, the Constitutional Court (CC) of South Africa granted leave to appeal and set aside an order from the High Court of South […]
April 8, 2022
It’s one thing to claim your company is customer-orientated, but talk can be cheap regarding what matters most to your business. The businesses that serve their […]
April 8, 2022
In December 2021, the Supreme Court of Appeal (SCA) handed down a judgment dismissing an appeal against a decision of the Tax Court. The issue before […]
March 15, 2022
Anyone who’s ever had the misfortune to fall prey to credit card fraud, knows that it’s a huge hassle. If you’re running a business, you should […]
March 15, 2022
Everyone handles life’s pressures differently, which is no exception at the workplace. Some job-related stress may be unavoidable, such as leading a meeting for the first […]
March 15, 2022
In 2013, the South African government introduced the Domestic Treasury Management Company (DTMC) regime to allow South African companies that are registered with the Financial Surveillance Department […]
March 15, 2022
The annual National Budget Speech was delivered on 23 February 2022 by Finance Minister Enoch Godongwana. Practitioners are getting to grips with some of the more […]
February 18, 2022
A usufruct is a limited real right in property. The usufruct construct takes the form of a common-law personal servitude, which, as a limited real right, […]
February 18, 2022
The COVID-19 pandemic has spread across the globe and left economic destruction in its path. Now, more than ever, it is of utmost importance to take […]