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Accounting & Financial Reporting News

Tax Implications of Legal Fees Incurred as Part o...

07 April 2025
Accounting & Financial Reporting

A brief analysis of the tax treatment of legal fees within management services, focusing on deductib...

Clarification on VAT and Tax Implications of Lease...

31 January 2025
Accounting & Financial Reporting

Analysis of VAT and tax implications of lease agreements in South Africa, focusing on demand letters...

Blow to SARS

07 February 2025
Accounting & Financial Reporting

Recently, a landmark victory was achieved against SARS in the tax court, which sets a significant pr...

Loan to a Trust From a Company Where the Trust is...

12 December 2024
Accounting & Financial Reporting

Company A is fully owned by Trust E, which is a family trust.

Tax Exempt Institutions Connect Newsletter Special...

05 December 2024
Accounting & Financial Reporting

SARS appreciates and acknowledges the support from the Tax Exempt Institutions’ community in 2024, a...

CEO Security: Taxable Benefit or Business Necessit...

18 November 2024
Accounting & Financial Reporting

Is this arrangement considered a fringe benefit for the CEO, or is it classified as a normal securit...

Negotiating your Suspension of Payment

28 October 2024
Accounting & Financial Reporting

The pay-now-argue later principle is firmly entrenched in our tax law and embodied in section 164(1)...

Efficiency Hacks for Small Tax Practices

25 October 2024
Accounting & Financial Reporting

He says, she says: Timelines for record keeping and documentary proof as an efficiency “hack” for sm...

Why Tax Practitioners Can't Afford to Ignore Tax T...

17 October 2024
Accounting & Financial Reporting

As the tax landscape becomes increasingly complex, tax practitioners are facing new pressures to mee...

Income Tax Audit

27 September 2024
Accounting & Financial Reporting

We discovered errors in the calculation of capital gains during an income tax audit by SARS for the...

Valuation of Property

11 September 2024
Accounting & Financial Reporting

Can the company reflect the potential new value of the properties on the balance sheet, or would the...

Skills Development SARS Code 3718

21 August 2024
Accounting & Financial Reporting

A private company granted vested share options to its employees. Prior to the pay out, the company o...

Rent To Buy CGT

13 August 2024
Accounting & Financial Reporting

In a rent-to-buy agreement, monthly payments reduce the final purchase price, and these payments mus...

Commission Earners who Earn More than 50%

25 July 2024
Accounting & Financial Reporting

Commission earners who earn more than 50% of their total remuneration as the commission can claim ex...

Claiming Medical Expenses

23 July 2024
Accounting & Financial Reporting

Under the Income Tax Act 58 of 1962, Section 6B(3)(c), taxpayers under 65 without medical aid can cl...

Income Tax - Single Section 18A Receipt

23 July 2024
Accounting & Financial Reporting

The sum of the multiple bona fide donations reflected in separate section 18A receipts must be the s...

After Registering with the Financial Intelligence...

11 June 2024
Accounting & Financial Reporting

Registering with the FIC is a crucial step for any accounting firm aiming to combat financial crimes...

Why Must My Firm Register as an Accountable Insti...

06 June 2024
Accounting & Financial Reporting

Money laundering involves manipulating money or property to disguise its true origin. Criminal activ...

Sponsorships

20 May 2024
Accounting & Financial Reporting

A company purchases a motorcycle branded with the company’s logo and marketing material to sponsor i...

ITR 14: Get It Right the First Time!

13 May 2024
Accounting & Financial Reporting

Prior to the introduction of Tax Administration Act No 28 of 2011 (“TAA”) the role of the tax compli...

In-need Welfare Donations Within Families

08 May 2024
Accounting & Financial Reporting

Client A is considering avenues for financial aid for her son, who grapples with mental health chall...

Section 7C Loans To Trusts

02 May 2024
Accounting & Financial Reporting

Trustee A's loan for a primary residence is exempt from Section 7C, but Trustee B's non-primary resi...

Tax Residency Of Former South Africans Returning T...

11 April 2024
Accounting & Financial Reporting

This discusses tax implications for returning South Africans, including residency criteria, asset in...

En Commandite Partnership

11 April 2024
Accounting & Financial Reporting

En commandite partnerships tax both active and silent partners equally, with deductions limited by f...

Disputed or Undisputed Tax Debt, That is The Quest...

08 April 2024
Accounting & Financial Reporting

Taxpayers and their advisors often face challenges navigating between suspension requests for disput...

Film Entertainment Industry Tax

27 March 2024
Accounting & Financial Reporting

Seeking information on the current status of Tax Act Section 24F and the practical aspects of Sectio...

Independent Contractor and PAYE

26 February 2024
Accounting & Financial Reporting

Invoicing as an independent contractor while being a director and shareholder may cause tax issues i...

Your SARS Residency Status Impacts Your Taxes and...

22 February 2024
Accounting & Financial Reporting

Whether you are a South African tax resident looking to diversify your investments or a tax non-resi...

Beware: The characterisation of foreign exchange d...

22 February 2024
Accounting & Financial Reporting

In this article we highlight some of the noteworthy practical consequences of the amendments to be c...

Cessation of Tax Residency

02 February 2024
Accounting & Financial Reporting

A South African taxpayer in the UAE seeks to end tax residency in South Africa through the UAE/South...

You Could be Responsible for Your Spouses’ Tax Obl...

23 January 2024
Accounting & Financial Reporting

In South Africa, being married in community of property entails sharing 50% of each spouse's investm...

VAT and Disbursements

16 January 2024
Accounting & Financial Reporting

Correctly categorised attorney disbursements on separate invoices should not incur additional VAT, a...

VAT Invoice Requirements

07 December 2023
Accounting & Financial Reporting

The VAT Act mandates specific details on invoices, including supplier and recipient names, addresses...

Dividends interest on loan

04 December 2023
Accounting & Financial Reporting

Debit loan interest below the official rate creates a deemed dividend, leading to dividends tax unde...

Loans to Trusts - Section 7C

23 November 2023
Accounting & Financial Reporting

The trustee granted a loan to a trust for a holiday home, triggering Section 7C. However, as the hol...

CGT Exemption Applicable to Estate

22 November 2023
Accounting & Financial Reporting

A deceased individual's estate inherits a share portfolio, qualifying for spousal roll-over relief b...

CGT Roll-Over

15 November 2023
Accounting & Financial Reporting

Inheritance of property by a surviving spouse could trigger CGT, allowing a rollover for a resident...

Tax & Deceased Estate

15 November 2023
Accounting & Financial Reporting

Delays in obtaining a Deceased Estate Clearance (DEC) certificate from SARS are explored, revealing...

Business Expenses - Capital Gains Tax

07 November 2023
Accounting & Financial Reporting

The company can claim business expenses and deductions against its total income, including capital g...

ChatGPT and AI for Accountants

03 August 2023
Accounting & Financial Reporting

ChatGPT and AI for Accountants

[FAQ] Deemed input VAT on the purchase of property

14 January 2021
Accounting & Financial Reporting

A client purchased a property for R5million. Two valuations were obtained on the property of which t...

[FAQ] Input tax prior the effective date of regist...

06 November 2020
Accounting & Financial Reporting

When a new company registers for VAT can the company claim input tax on capital and standard rated p...

Deferred tax assets for tax losses

20 August 2020
Accounting & Financial Reporting

Entities that have tax losses are likely to find themselves in a position where they have to conside...

[FAQ] A loan by a natural person, or a connected p...

05 June 2020
Accounting & Financial Reporting

Trust A is a 100% shareholder of Company B. Trust C has a debit loan with Company B (no interest is...

Accounting & Financial Reporting News Articles

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