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October 8, 2019
Published by client-admin at October 8, 2019
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Section 2(1) of the Transfer Duty Act[1] imposes transfer duty on the value of any property acquired by any person by way of a transaction, or […]
October 8, 2019
Published by client-admin at October 8, 2019
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The distinction between amounts received of a capital nature as opposed to a revenue (or income) nature is essential for income tax purposes. Non-capital amounts received, […]
October 8, 2019
Published by client-admin at October 8, 2019
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Investing in a business is a daunting decision. Whether you are investing in a new or established enterprise, there will always be risk involved. The best […]
October 8, 2019
Published by client-admin at October 8, 2019
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Non-profit organisations can apply for approval as a “public benefit organisation” (“PBO”) in terms of section 30(3) of the Income Tax Act[1] in order to qualify […]
September 25, 2019
More and more employers are allowing salaried employees to work from home to avoid wasting productive hours while commuting. Such employees may claim a home office […]
September 25, 2019
Companies, particularly listed companies, offer employees so-called share options (also referred to as share incentive schemes or employee share ownership plans (ESOPs)) as a form of […]
September 25, 2019
There are a few instances where VAT is not charged at the standard rate of 15%. In the following newsletter, we distinguish between the different supplies […]
September 25, 2019
Bitcoin, Ether and Litecoin. These are some of the most prominent cryptocurrencies on the market today. Bitcoin is by far the best-known cryptocurrency due to the […]
August 12, 2019
Published by 123-Admin at August 12, 2019
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The South African Revenue Service (“SARS”) issued Interpretation Note 112 on 21 June 2019 to provide guidance on the interpretation and application of the audit certificate […]
August 12, 2019
As payroll administrators ourselves, we encounter a few frequently asked questions that employers, business owners or those responsible for payroll administration within organisations struggle with. Below […]
August 12, 2019
Published by 123-Admin at August 12, 2019
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The 2019 tax legislation amendment cycle commenced on 25 June, when National Treasury issued the initial batch of the Draft Taxation Laws Amendment Bill which covers […]
August 12, 2019
Published by 123-Admin at August 12, 2019
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The South African Reserve Bank (“SARB”) is the central bank of the Republic of South Africa and the primary purpose is to achieve and maintain price […]
June 27, 2019
The South African Revenue Service (“SARS”) has recently made changes with regards to the management of payroll taxes in order for employers to more effectively manage […]
June 27, 2019
Published by 123-Admin at June 27, 2019
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The distinction between amounts of a capital nature as opposed to a revenue (or income) nature is essential, and over the years, few other topics have […]
June 27, 2019
Published by 123-Admin at June 27, 2019
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Section 7C of the Income Tax Act, No 58 of 1962 (the Act), was enacted effective 1 March 2017 and serves as an anti-avoidance measure aimed […]
June 27, 2019
The South African Reserve Bank (“SARB”) is the central bank of the Republic of South Africa and the primary purpose is to achieve and maintain price […]
May 23, 2019
Published by 123-Admin at May 23, 2019
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Paragraph 2(e) of the Seventh Schedule to the Income Tax Act[1] deems an employer to grant a taxable benefit to an employee if any service has, […]
May 22, 2019
May 22, 2019
Published by 123-Admin at May 22, 2019
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The majority of financial statements in South Africa are arguably compiled by implementing the International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs) […]
May 22, 2019
Since 2015, foreign suppliers of electronic services (such as audio-visual content, e-books etc.) in South Africa are deemed to operate an enterprise for VAT locally. Although […]
April 17, 2019
Published by 123-Admin at April 17, 2019
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Deterioration, obsolescence and wear and tear are among the reasons why assets decrease in value. By realising a deduction on depreciation for tax purposes, your company […]
April 17, 2019
April 17, 2019
Published by 123-Admin at April 17, 2019
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In a recent Tax Court decision[1], the Tax Court confirmed that taxpayers have a right to have their disputes resolved in a court of law as […]
April 16, 2019
Published by 123-Admin at April 16, 2019
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Persons are generally allowed to set off any losses incurred in respect of one trade against the income derived from another trade, thereby reducing their overall […]
February 19, 2019
This article discusses claims making use of the Small Claims Court. It specifies what the benefits are of approaching the Small Claims Court and who would […]
February 19, 2019
Dispute resolution with the South African Revenue Service (SARS) generally has a two-pronged approach. Firstly, taxpayers must present their case on the merits – this will […]
February 19, 2019
A consumer who enters into a valid credit agreement with a credit provider, is obliged to pay in respect of the terms of the credit agreement. […]
February 19, 2019
Section 35A of the Income Tax Act[1] came into effect on 1 September 2007 and sets out the capital gains tax consequences of the sale of […]
February 14, 2019
The Executive Teams of 1.2.3. Consulting, Brincon, Wolfe-Coote and Xstream Accounting are delighted to announce the merger of our firms. The merger is an exciting growth […]
January 23, 2019
Published by 123-Admin at January 23, 2019
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Introduction On 21 November 2018, the 2017/2018 consolidated national and provincial audit outcomes report was released, which indicated a discouraging fourth consecutive year of regressive compliance […]
January 23, 2019
In general, all registered companies must submit corporate income tax (“CIT”) returns within 12 months of the end of the company’s financial year-end. This is applicable […]
January 23, 2019
Published by 123-Admin at January 23, 2019
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In addition to specific anti-avoidance provisions and the general anti-avoidance provisions (GAAR) in the Income Tax Act,[1] the South African Revenue Service can apply another established […]
January 23, 2019
South African taxes are inherently complex and often involve interpretation, consulting and in exceptional cases, a fair amount of educated guessing on exactly what the legislature […]
January 17, 2019
Published by 123-Admin at January 17, 2019
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The February financial year-end is in sight and natural persons registered for provisional tax and all companies whose year-end falls in February 2019, must pay the […]
November 26, 2018
Throughout the audit of a set of financial statements, the phrase “management/director’s responsibility” appears. It is included in the engagement letter, the financial statements and the […]
November 23, 2018
As with various other business transactions, taxes in their various forms also attract interest, either payable by the taxpayer to SARS, or due to the taxpayer […]
November 23, 2018
The South African Revenue Service (“SARS”) implemented several changes to the income tax returns for trusts (the ITR12T) on 17 September 2018. These changes are in […]
November 23, 2018
While there is currently a focus on the income tax considerations of bad and doubtful debts (given that National Treasury has proposed changes to section 11(j) […]
October 24, 2018
The Income Tax Act[1] provides for a natural person who derives income from farming operations to elect (within three months after a year of assessment) to […]
October 24, 2018
Published by 123-Admin at October 24, 2018
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Since it is illegal to issue more than one tax invoice per taxable supply, and another tax invoice may not be issued to alter any consideration […]
October 24, 2018
Determining the tax consequences in respect of any lump sum benefits from retirement funds can be complex and various legislative changes have been incorporated over the […]
October 24, 2018
The Income Tax Act[1] includes specific provisions for “special trusts”. These trusts are taxed on the same sliding scale applicable to natural persons, which could be […]
October 16, 2018
Published by 123-Admin at October 16, 2018
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Non-Provisional Individuals: For all non-provisional taxpayers, filing season for the period 1 March 2017 – 28 February 2018, closes on 31 October 2018. Tips for filing […]
October 3, 2018
Published by 123-Admin at October 3, 2018
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PROFILE: Belinda has over 15 years’ experience in Human Resources and Employee Benefits. She is passionate about making a difference in people’s lives and being an […]
September 19, 2018
The Companies Act of South Africa (the Act) requires all companies to prepare financial statements within 6 months after the end of its financial year. A […]
September 19, 2018
Most South African businesses are at some point in time exposed to credit risk in the form of bad debts. Although taxpayers would undoubtedly prefer to […]
September 19, 2018
Published by 123-Admin at September 19, 2018
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In income tax, the question of valuation of shares often causes a great deal of uncertainty, especially where shares are not traded on a recognised exchange. […]
September 19, 2018
Published by 123-Admin at September 19, 2018
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With the 2018 tax-filing season for individuals in full swing, it is worthwhile looking at a common misconception regarding the determination of capital gains tax for […]
September 17, 2018
Say Y.E.S To empowering South African youth On the 28th August 2018 The Department of Trade and Industry (DTI) finalised and gazetted the Youth Employment Service (Y.E.S.) […]
August 23, 2018
The Income Tax Act[1] allows for various income tax allowances to be claimed in respect of moveable assets used for purposes of a taxpayer’s trade. Most […]
August 23, 2018
The South African Income Tax Act contains a number of rules which give rise to onerous tax consequences where a taxpayer’s debts owing is forgiven. These […]
August 23, 2018
Published by 123-Admin at August 23, 2018
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The recent Cape Town Tax Court judgment of S G Taxpayer v The Commissioner for the South African Revenue Service,[1] delivered on 9 May 2018, re-affirmed […]
August 23, 2018
We are often approached by clients to advise on the most tax efficient manner in which a shareholder can sell an investment in a private company. […]
July 24, 2018
You have worked hard for many years, and have finally saved enough funds and mustered the courage to take the big leap that you have been […]
July 24, 2018
Published by 123-Admin at July 24, 2018
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For there to be an obligation for PAYE to be withheld is typically dependent on three elements being present. These elements are all defined in the […]
July 24, 2018
The South African Revenue Service (SARS) recently published a media release to clarify the confusion about the customs requirements for South African travellers returning from abroad […]
July 24, 2018
SARS Practice Note 31.2 (PN31.2) provides for a person to be able to deduct interest paid, even where that person is not a moneylender or doesn’t […]
June 27, 2018
IFRS 15 recently became effective for financial periods beginning on or after 1 January 2018. IFRS 15 is only applicable to entities that have implemented International […]
June 27, 2018
Published by 123-Admin at June 27, 2018
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In order to prevent fraud, the South African Revenue Service (“SARS”) requires confirmation of new or any changes to existing banking details and will only process […]
June 27, 2018
Our clients who earn only a salary will know that very few tax deductions are available against salary income for income tax purposes and whereby they […]
June 27, 2018
During the registration of a company or close corporation that entity acquires a legal personality. This legal personality comes to an end when the directors and/or […]
June 8, 2018
The annual tax filing season is upon us and acting SARS Commissioner, Mark Kingon, announced that the season will open on 1 July 2018 for eFilers. […]
May 23, 2018
A popular question which comes up during a consultation with a client when the drafting of commercial documents is discussed is, “what is the effective date […]
May 23, 2018
Consumers and suppliers have by now had an opportunity to familiarise themselves with the increased Value-Added Tax (VAT) rate of 15% since 1 April 2018. There […]
May 23, 2018
Published by 123-Admin at May 23, 2018
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Cryptocurrency and blockchain has been the hot topic in the media the past year. It is a concept that few truly understand, and could change the […]
May 23, 2018
When making a purchase for your business, you should always ensure you receive a valid VAT invoice. This enables you to claim input VAT from SARS. […]
April 12, 2018
The purpose of calculating ratios is to get a bird’s eyeview of the financial situation of a business by analysing the relationships between different amounts on […]
June 8, 2017
Published by 123-Admin at June 8, 2017
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The main aim of planning your estate is to ensure that as much of the accumulated wealth is utilised for your own benefit and for the […]
June 8, 2017
Published by 123-Admin at June 8, 2017
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It is very important for you to plan your estate, which could include a living will, a last will and a living trust. This can help […]
May 22, 2017
Many taxpayers file their tax returns on an annual basis unaware thereof that they may be regarded as provisional taxpayers in terms of the Income Tax […]
May 22, 2017
Published by 123-Admin at May 22, 2017
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In terms of the stipulations of section 4 of the Estate Duty Act No 45 of 1955 certain deductions from the value of an estate are […]
May 22, 2017
The purpose of ratio analysis is to simplify the financial situation of a business by looking at the relationships between different categories of accounting data. The […]
May 22, 2017
Dividends received by a South African taxpayer are generally exempt from income tax. The major exemption though being dividends received from so-called REITs (these being some […]
May 16, 2017
SARS recently published two Binding General Rulings (number 40 and 41) that have put the tax treatment of non-executive director’s fees to bed, which will come […]
April 12, 2017
Value-Added Tax, or VAT, is currently typically charged at 14% on all taxable supplies of goods or services rendered by registered VAT vendors. Taxable supplies exclude […]
April 12, 2017
One of the questions that we are most confronted with by our clients is what the future of trusts are in South Africa. Some questions even […]
April 12, 2017
Donations tax is levied in terms of section 54 of the Income Tax Act, 58 of 1962 (‘Income Tax Act’). The rate of tax is currently […]
March 24, 2017
A lot of small businesses are managed by the owner, especially in the early years of a business’s existence. As the owner is intimately involved in […]
March 24, 2017
Trusts have various advantages, but unfortunately there are also disadvantages. Although this is not a complete synopsis of all the pros and cons, our experience may […]
March 24, 2017
Published by 123-Admin at March 24, 2017
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A taxpayer or representative taxpayer must grant a tax practitioner power of attorney before the tax practitioner can legally work on the taxpayer’s tax affairs. A […]
March 24, 2017
Published by 123-Admin at March 24, 2017
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It is an unfortunate reality that marriages may after many years end up in divorce. When this happens the parties either have to agree on how […]
February 28, 2017
It is difficult to determine the selling price of a small business as such a valuation is very subjective. If you are buying a small business, […]
February 28, 2017
The Trust Property Control Act 57 of 1988 defines a trustee as meaning “any person (including the founder of the trust) who acts as a trustee […]
February 28, 2017
Published by 123-Admin at February 28, 2017
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In terms of South African law natural persons (individuals) and legal persons all enjoy legal personality: in other words, both groups represent “persons” capable of e.g. […]
February 28, 2017
Provisional tax is not a separate type of tax but pre-payments on income tax for a specific tax year. The aim of provisional tax payments is […]
January 27, 2017
Individuals may donate up to R 100,000 per annum tax free, to their Trust or dependents. The benefit of this donation is to reduce the […]
January 27, 2017
As we embark on a new year, we reflect on our weaknesses from last year and promise ourselves to strive to be better this year. We […]
January 27, 2017
Published by SRA at January 27, 2017
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There was a memorable scene in the movie American Sniper where an extract from a book written by Lieutenant Colonel David Grossman called On Combat which […]
January 27, 2017
This article serves as a reminder to do your VAT Turnover Reconciliation before submission of the last vat return. The VAT turnover reconciliation aims to reconcile […]
November 23, 2016
Published by SRA at November 23, 2016
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Being a Certified Financial Planner/Wealth Manager at Harbour Wealth is the ‘easiest’ hardest job in the world. The easy part being that if you can build […]
November 23, 2016
Sage One is currently trending as South Africa’s top online accounting and bookkeeping software, providing its customers with seamless access to their data from anywhere, at […]
November 23, 2016
With SARS continued effort to improve compliance they have made it even easier for taxpayers to manage their tax affairs by introducing an enhanced Tax Compliance […]
November 23, 2016
Dear Clients We are excited to announce our collaboration with LabourNet to provide you with the ultimate HR solution for your business!We are continuously searching for […]
October 31, 2016
Published by SRA at October 31, 2016
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Estimated Annual Cost Harbour Wealth clients may have already noticed a new acronym floating around the financial services space – EAC! At first glance it may […]
October 31, 2016
Lucro has joined in association with Little LogBook to provide our clients with a solution that automates one of the most mundane, […]
October 31, 2016
The term virtual office often implies many things, which include provision of communication and address services without actually having a physical office space or meeting rooms. […]
October 31, 2016
Dividends Tax is imposed at a rate or 15% on the receipt of dividends. It is a withholding tax, as it must be withheld and paid […]
October 3, 2016
Major tax implication for Trusts (1 March 2017)The 2016 Draft Tax Amendment Bill introduces a new section to prevent Estate Duty and Donations Tax avoidance through […]
October 3, 2016
Are you aware that the Companies Act (No71 of 2008 section30) requires companies to prepare Annual Financial Statements within six months after the end of its […]