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PKF West Rand

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2017

21 09 2017

Employers: EMP501 submissions are due by 31 October

Every employer who is registered for Pay-as-you-earn(PAYE), Unemployment Insurance Fund(UIF) and/or Skills Development Levy(SDL), should submit an EMP501 by 31 October 2017. The Employer Interim Reconciliation period, referring to the period from 1 March 2017 to 31 August 2017, opened on 15 September and runs to 31 October 2017.

08 08 2017

Avoid Interest and Penalties! Submit your Provisional Tax Return by 31 August 2017

A provisional taxpayer must, during every period submit an estimate of the total taxable income which will be derived in that year of assessment. Provisional tax payments must be made by natural persons on or before 31 August each year.

17 07 2017

ASSET-FOR-SHARE TRANSACTIONS: TAX FREE RESTRUCTURE

The Income Tax Act, 58 of 1962, contains several so-called ‘group relief’ provisions in terms whereof corporate restructures can take place on a tax neutral basis. One of these is if a transaction comprises an ‘asset-for-share transaction’, or put simply: where a company purchases an asset in exchange for which that company agrees to issue shares to the seller.

17 07 2017

OFFSHORE COMPANIES AND DOING BUSINESS IN SOUTH AFRICA – A COMPANIES ACT PERSPECTIVE

According to the most recent statistics released by the South African Revenue Service, South Africa remains a net importer of goods and services. Put differently, one could say that South Africans are more often clients in cross-border transactions than they would be the service provider. Many of our clients operate in this space, including foreign incorporated companies which are doing business in South Africa. This article is aimed at those specific clients of ours: those clients doing business in South Africa through companies incorporated outside of South Africa.

17 07 2017

Submit your 2017 Income Tax Return #submityourreturn #avoidpenalties

The tax season for individuals to submit their Income Tax returns begins on 1 July 2017. We provide below answers to some of the most common queries individuals may have.

31 05 2017

Independent Trustees – How important are they?

Many family trusts are formed without the appointment of an independent trustee which can prove disastrous in instances where a dispute arises and the validity of the trust is questioned. In South Africa there have been many cases which allowed for the veneer of the trust to be pierced and the trust been deemed to be nothing more than the “alter-ego” of the person controlling such trust and the assets of the trust being deemed to belong to that person.

31 05 2017

Relaxation of Exchange Control Rules

On 19 April 2017, an amended Currency and Exchange Manual for Authorised Dealers (“the Manual”) was issued to give effect to the further amendments released pertaining to the permissions and conditions applicable to foreign exchange transactions.

31 05 2017

Capital Gains Tax Consequences on the Cancellation of Disposals

Generally for Capital Gains Tax (“CGT”) purposes when an asset is disposed of for more than the base cost, CGT is triggered in the year of the disposal. In the recent judgement of New Adventure Shelf V CSARS (310/2016) [2017] ZASCA 29 the Supreme Court of Appeal confirmed the tax the position where an asset is disposed of in a year of assessment and the sale is cancelled in a subsequent year.

31 05 2017

BEWARE OF CAPITAL GAINS TAX WHEN YOU EMIGRATE

While many people immigrate to South Africa, we also see many of our clients emigrating from South Africa. And while formal migration-status is not necessarily linked to tax residency, the time of tax migration often coincides with formal emigration linked to passport or visa status. Many are surprised to learn (often after the fact) that emigration for tax residency purposes gives rise to tax consequences in South Africa, and specifically to capital gains tax (“CGT”) consequences in the form of so-called “exit charges”.

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