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PKF signs global partnership with Xero
2022 - 2022-04-28

PKF signs global partnership with Xero

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.

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Capital Gains Tax: At what point in time is it triggered?
2022 - 2022-04-26

Capital Gains Tax: At what point in time is it triggered?

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.

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Not to be overlooked: The importance of an accurate tax return
2022 - 2022-04-26

Not to be overlooked: The importance of an accurate tax return

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.

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Variable remuneration – important principles
2022 - 2022-04-26

Variable remuneration – important principles

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.

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2022 - 2022-03-30

Employment Tax Incentive (“ETI”)

During the February 2022 budget speech, the Minister of Finance announced a 50% increase in the (ETI) value which came into effect on the 1st of March 2022.

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2022 - 2022-03-30

Tax effect on lumpsum benefits received from a provident fund

The Minister of Finance announced Government’s intention to introduce extensive retirement reforms to promote a culture of retirement savings approximately eight years ago.

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2022 - 2022-03-30

Residency, emigration, the impact on your taxes

South African tax resident individuals are taxed on their worldwide income. You will be classified as a South African tax resident because, your intention is to be a tax resident in South Africa (your true home test) or you spend most of your time in South Africa on a continuous basis (physical presence test).

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2022 - 2022-02-23

Highlights 2022/2023 National Budget

Our Minister of Finance, Mr Enoch Godongwana has delivered his first maiden budget speech for the 2022 / 2023 fiscal year on Wednesday, 23 February 2022.

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2022 - 2022-02-23

Disclosure of Wealth

Currently, provisional taxpayers with business interests are required to disclose assets and liabilities on their tax return.

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2022 - 2022-02-11

Tax treatment of insurance claims arising from the July riots

KwaZulu-Natal and parts of Gauteng were severely affected by the unrest in July 2021 with many businesses seriously impacted or completely destroyed. 

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