123 Consulting

WHO SHOULD I ASSIGN AS INFORMATION OFFICER TO COMPLY WITH POPI?

When, in the early 1990s, the personal computer was becoming popular in South Africa, people were slowly but surely starting to migrate physical activity to a digital form. Soon, programs like Microsoft Word became a home and office staple. After the shift from physical data processing to digital data processing, came the shift from manual digital processes to automated […]

REVIEWING THE RECORD OF REVIEW

In a judgment delivered on 17 February 2020, the Gauteng High Court dealt with a matter regarding a “record of review”, and its relevance relating to a review application brought by the Applicant in the matter, Medtronic International (“Medtronic”), on the South African Revenue Service’s (“SARS”) refusal to reduce certain interests and penalties imposed on […]

TAX LAW FOR EMPLOYER-PROVIDED TRANSPORT SERVICES

Many business transactions are concluded in terms of section 42 of the Income Tax Act. This section essentially allows a transfer of an asset by a person to a company, in exchange for equity shares in that company, allowing for a tax neutral transaction. The South African Revenue Service has recently issued Binding Private Ruling […]

CAPITAL GAINS TAX ON DEATH

Section 9HA of the Income Tax Act deals with deemed disposals by a deceased person. This section of the Act often causes some confusion, especially where there are heirs or legatees other than the surviving spouse. In terms of the provision, a deceased person is treated as having disposed of his or her assets at […]

HOW WILL EXPAT TAX AFFECT YOU?

One of the most important announcements made by Finance Minister Tito Mboweni in his 2020 Budget Speech is the tax exemption threshold on “expat tax” that is being raised to R1.25 million as of 1 March 2020.   “Expat tax” will henceforth be deducted from any foreign employment income (in excess of R1.25 million) garnered in by a South African tax resident who works abroad for 183 full days of a year (of […]

SOUTH AFRICAN RESERVE BANK PROCEDURES

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 stability in the interest of balanced and sustainable economic growth in South Africa. Part of the SARB’s functions is to maintain a database of all loan commitments by South African […]

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