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2019 - 19 09 2019

BASE COST OF IMPROVED ASSETS

Capital gains tax may be triggered upon the disposal of an asset by a taxpayer in circumstances where the proceeds or deemed proceeds arising from such disposal exceeds the base cost of the asset in the hands of the taxpayer.

2019 - 19 09 2019

PROPOSED EXPANSION OF THE VAT CORPORATE REORGANISATION RULES

The corporate reorganisation rules of the Income Tax Act No. 58 of 1962 (“the ITA”) provide for a “rollover” mechanism when, for example, assets are transferred from one group company to another. Provided the various requirements of the applicable provisions are adhered to, no capital gains tax, transfer duty or securities transfer tax (to the extent applicable) is triggered at the time of such transactions – rather the transferee is regarded as “stepping into the shoes” of the transferor in relation to the assets transferred.

2019 - 19 09 2019

VENTURE CAPITAL COMPANIES: RE-INTRODUCTION OF DEDUCTION LIMITATION

The venture capital company (“VCC”) regime was introduced into the Income Tax Act No. 58 of 1962 more than a decade ago. The purpose of this regime is to raise equity funding in support of small businesses which would otherwise not have access to market funding.

2019 - 19 09 2019

MAG EK MY HUISKANTOOR KOSTES AFTREK VIR INKOMSTEBELASTING DOELEINDES?

Ten einde produktiwiteit te verbeter, laat al hoe meer werkgewers hul werknemers toe om vanaf hul privaat wonings hul werk te verrig. Ons word dus gereeld gevra of ‘n belastingaftrekking hiervoor bestaan. Gegewe dat daar aan die streng vereistes voldoen word, kan werknemers hul huiskantoor kostes aftrek vir inkomstebelasting doeleindes (waarvoor daar voorsiening gemaak word onder die afdeling "Ander aftrekkings" van die persoonlike inkomstebelastingopgawe of ITR12-vorm).

2019 - 23 07 2019

BTW EN ANDER BELASTING KWESSIES

Geagte kliënt, Die jaar is besig om tot ‘n einde te hardloop! Ons vier hierdie jaar ons 25ste bestaansjaar en ag dit ‘n voorreg om ‘n pad met elkeen van ons kliënte te kan stap. Ons het die afgelope jare ervaar dat belasting baie maal dit is waaroor kliënte die meeste vrae het, ons poog dus om relevante inligting in ons Nuusbrief deur te gee. Ons begin hierdie Nuusbrief met ‘n BTW kwessie waaroor ons al verskeie kere geraadpleeg is:

2019 - 23 07 2019

THE INCOME TAX IMPLICATIONS OF DEBT WRITE-OFFS

Where a creditor and a debtor enter into an arrangement whereby debt is cancelled or waived, such an arrangement is a concession or compromise as defined in the Income Tax Act. A concession or compromise is a debt benefit which carries income tax consequences.

2019 - 23 07 2019

WITHDRAWALS FROM RETIREMENT ANNUITY FUNDS, PRESERVATION PENSION FUNDS AND PRESERVATION PROVIDENT FUNDS UPON EMIGRATION

Prior to the change in tax legislation effective from 1 March 2020, South African tax residents who are employed outside of South Africa were (subject to certain criteria) exempt from South African tax on their foreign earnings.

2019 - 23 07 2019

VAT ON ELECTRONIC SERVICES PROVIDED BY A FOREIGN GROUP OF COMPANIES

The VAT Act provides that VAT is levied on important services. Of late the focus has been on electronic services provided by non-residents to residents. Examples of these electronic services will be the provision of cloud computing as well as online services.

2019 - 17 05 2019

DIVIDENDS VERSUS RETURNS OF CAPITAL MADE BY COMPANIES

Not all distributions made by companies to their shareholders constitute dividends for purposes of the Income Tax Act No. 58 of 1962. To the extent that a distribution made by a company reduces the “contributed tax capital” (a concept defined with reference to inter alia the subscription consideration received by the company on the issue of shares) of a company, such would may give rise to a “return of capital” as opposed to a dividend.

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