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Month: August 2017

Final and diluted legislation in relation to low interest loans and trust

The renewed focus by National Treasury on the taxation of trusts was widely anticipated and it came as little surprise earlier this year that the first version of the Draft Taxation Laws Amendment Bill, 2016, introduced what will become the

SAAudit August 24, 2017August 25, 2017 Litigation Read more

Interest free loans to directors

It is very often the case that a company extends an interest free or low interest loan to a director. This manifests either as a true incentive or benefit to that director (mostly the case in larger corporate environments) or

SAAudit August 24, 2017August 25, 2017 Tax Read more

Interest free loans cross border

A consideration of the tax consequences of interest free loans will be incomplete if not also considered in the context of interest free debt funding being provided cross-border. Typically, when “cheap debt” is encountered it is in the form of

SAAudit August 24, 2017August 25, 2017 Tax Read more

Provisional Tax Rules

Since the provisional tax season has arrived, it is important to remember the rules regarding your estimates. The provisional tax payment must be received by SARS on or before the due date, 28 February 2017. Failure to do so could result

SAAudit August 24, 2017August 25, 2017 Tax Read more

Beware of Capital Gains Tax when you emigrate

While many people immigrate to South Africa, we also see many of our clients emigrating from South Africa. And while formal migration-status is not necessarily linked to tax residency, the time of tax migration often coincides with formal emigration linked

SAAudit August 15, 2017August 15, 2017 Tax Read more

Crunching the numbers: Budget 2017

It is an astounding exercise to go through the numbers behind the annual national budget presented recently and to start to understand what it is that the various tax changes are aimed at achieving. On 22 February 2017, Finance Minister

SAAudit August 14, 2017August 15, 2017 Financial Read more

Dire provisional tax penalties on underestimation of income

Provisional taxpayers are generally those taxpayers who earn income from sources other than a salary. In other words, PAYE is not deducted from these other sources of income on a monthly basis and paid over to SARS. As is the

SAAudit August 14, 2017August 15, 2017 Financial Read more

Interest free loans with companies

The latest annual nation budget presented in Parliament proposed the dividends tax rate to be increased with almost immediate effect from 15% to 20%. The increased rate brings into renewed focus what anti-avoidance measures exist in the Income Tax Act[1]

SAAudit August 14, 2017August 15, 2017 Tax Read more

Provisional tax when you sell your property

The provisional tax regime operates as a continuous cash flow mechanism in favour of Government whereby tax on income earned is paid over provisionally in anticipation of the final tax liability to be calculated when a person is finally assessed

SAAudit August 3, 2017August 7, 2017 Property Read more

Reform on the taxation of pension funds

Some controversy surrounds one of the most significant amendments that would have been effected by the Taxation Laws Amendment Act, 25 of 2015, and the Tax Administration Laws Amendment Act, 23 of 2015, being how retirement type funds would have

SAAudit August 2, 2017August 7, 2017 Tax Read more
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