In terms of section 4 of the South African Revenue Service (SARS) Act,[1] one of the objectives of SARS is to secure the efficient, effective and widest possible enforcement of tax and related acts. One of the methods employed by
Tax deductions against salary earnings
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 may reduce the taxable income derived ultimately from such remunerations. Section 23(m) of the
Deductibility of interest for non-trading individuals
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 carry on any other trade, where that interest expense is incurred in the production
Customs for individuals travelling abroad and returning to South Africa
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 regarding their personal effects (such as laptops and other electronic equipment). The confusion stems
How to evict an illegal tenant
Landlords who have tenants that they believe are occupying their premises illegally may not forcefully remove such tenants. The Prevention of Illegal Eviction from and Unlawful Occupation of Land Act (No. 19 of 1998) provides for the prohibition of unlawful
What should you consider when investing in a business
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 dreaming about for such a long time… you are going to invest in your
Cancelling a contract? The Do’s and Dont’s to consider!
Every person, whether an individual or a juristic person, will find themselves in a situation where they will want to terminate a contract. The aim of this article is to set out the requirements for terminating a contract as well
Changing banking details with SARS
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 any refunds due once these new details have been verified. (This often leads to
When can you deregister a private company or CC?
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 members decide to deregister the entity. A company or close corporation can be deregistered
Buying out shareholders
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. Typically, the parties involve a majority shareholder of a company that is interested in