Individuals Tax
...

Interest – To Charge Or Not To Charge

Duration: 2 hours

Price: R475.00


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Title / Topic

Interest – To Charge Or Not To Charge

Presenters : Carmen Westermeyer


Overview

Interest expenses and interest income are line items for almost all taxpayers. It is however also a section that creates serious confusion. When are we required to charge interest? Can SARS force us into it? What is the difference between deemed and actual interest and how does this impact taxable income?
 Join Carmen Westermeyer in this session that will unpack the following key questions:

  • What are the common law requirements and rules with respect to debt and charging interest?
  • Can charging/not charging interest give rise to donations tax?
  • What is s24J and how do we calculate interest for income tax purposes?
  • How can SARS penalize us for charging interest?
    • o   Section 8F and 8FA
    • o   Disallowance of interest deductions
  • How can SARS penalize us for not charging interest?
    • The Brummeria principle
    • Section 7C
    • Section 64E(4)
  • What transfer pricing principles should be considered?

Delegates will have an understanding of and exposure to the following:

  • Understanding the legal requirements with respect to interest
  • Understanding how to calculate the interest amount per s24J
  • Understanding the anti-avoidance provisions in the Income Tax Act tie in

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