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 with laws and regulations. Fittingly, the long-awaited Public Audit Amendment Act, Act 5 of 2018
2018: A year in tax
As 2018 has come to an end, we reflect on some of the significant highlights (and lowlights) of the 2018 tax year. Davis Tax Committee concludes its work The Davis Tax Committee (DTC) was appointed by the Minister of Finance
Management’s responsibility
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 auditor’s report. But what does it mean? Management is responsible for the management of
Helpful tax resources
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 intended when the various acts were drafted. However, in order to assist taxpayers through
S129 notice to the consumer and “delivery”
There are many reasons why a consumer may default in his payments to a credit provider. Notwithstanding these reasons, the credit provider must follow certain procedures to enforce the agreement. The first step, is for the credit provider to deliver
SARS interest on provisional tax
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 from SARS. Apart from knowing which of the various SARS interest rates are applicable
Different interest rates in tax
The Income Tax Act[1] contains definitions for various interest rates. These interest rates serve as the basis for interest calculations in income tax in different circumstances and can broadly be categorised into three main areas. Knowing the difference between these
Additional changes to income tax returns for trusts
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 addition to the changes already made on 26 February 2018. The September 2018 changes
Tax on retirement lump sums
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 last few years, to regulate and align the tax treatment of these benefits. Lump
Correction of tax invoices
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 in respect of an original tax invoice issued, the Value-Added Tax Act[1] prescribes very