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Month: April 2018

Research and development

The research and development (R&D) tax incentive contained in section 11D of the Income Tax Act[1] was introduced to encourage private sector investment in scientific or technological R&D undertaken in South Africa. It includes a 150% income tax deduction for

SAAudit April 11, 2018April 11, 2018 Tax Read more

Medical scheme fees tax credit

Section 6A of the Income Tax Act[1] provides for a medical scheme fees tax credit (“MTC”), or rebate, which reduces the amount of income tax payable by a natural person (hereinafter referred to as the “taxpayer”). The MTC applies to

SAAudit April 11, 2018April 11, 2018 Tax Read more

Growing your business and adapting to change

Growing a business takes several important characteristics that require a dedicated leader driving it at the helm. These characteristics include vision, change and people. An effective leader will also engage others in the business to embrace and adapt to change

SAAudit April 11, 2018April 11, 2018 Business planning Read more

Accounting best practices for small businesses

When it comes to looking after the welfare of a business, accounting tops the list as being the most important. Without proper accounting, a business runs the risk of losing everything. The following are a few best practices that are

SAAudit April 11, 2018April 11, 2018 Business planning Read more

Transfer duty

Transfer duty is a tax levied upon the purchaser of immovable property situated in South Africa.[1] The duty is levied in accordance with the following sliding scale and is based on the value of the property which is the subject

SAAudit April 10, 2018April 10, 2018 Property Read more

Income tax recoupments

In the ordinary course of business, assets used by taxpayers to conduct their trade are often written down over a number of years in the form of accounting depreciation. The Income Tax Act[1] provides similarly for assets to be written

SAAudit April 10, 2018April 10, 2018 Tax Read more

Tax consultancy services: A fringe benefit?

A recent judgment of the Tax Court sitting in Pretoria[1] highlighted yet again the very broad nature of the employment fringe benefit regime governed by the Seventh Schedule of the Income Tax Act[2] and applies to goods and services provided

SAAudit April 10, 2018April 10, 2018 Tax Read more

Welcoming tax news for franchise owners

The Tax Court has upheld a decision that a tax deduction allowed by section 24C of the Income Tax Act may be applied to franchisee costs. Section 24C permits the deduction of certain expenses in the current tax year of

SAAudit April 10, 2018April 10, 2018 Uncategorized Read more

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