We are delighted to announce our multi-year global partnership with Xero, a cloud-based accounting software platform. This follows many years of Xero working locally with our member firms.

Mr. S concludes an agreement to sell fixed property (“Property S”) to Mr. P on 20 January 2021, subject to Mr. P concluding an unconditional agreement of sale to sell his own fixed property (“Property P”) by 20 February 2021. Mr P concludes an unconditional agreement for the sale of Property P on 2 February 2021. The Deeds Office registers the transfer of Property S on 20 May 2021.

Recent South African case law emphasises the extreme importance of ensuring tax returns are completed accurately. The incorrect disclosure of factual information in a tax return could have far-reaching consequences for the taxpayer – despite such incorrect disclosure being innocently made.

In terms of section 7B of the Income Tax Act No. 58 of 1962 (“the Act”), “variable remuneration” should be deducted by an employer, and should accrue to the employee, on the date upon which such amount is paid by the employer to the employee.