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PKF South Africa

Global expertise with local knowledge

2016

01 07 2016

THE 2016 TAX SEASON IS OPEN

As is the case every year, the Commissioner for SARS recently published the annual notice to officially ‘open’ the 2016 tax season. Individuals and Trusts are now able to file their annual income tax returns for the 2016 year of assessment (which ended on 29 February 2016) from 1 July.

01 07 2016

REGISTRATION REQUIREMENTS FOR THE SKILLS DEVELOPMENT LEVY

We have recently become aware of an increased level of audits being conducted by the South African Revenue Service (‘SARS’) in relation to taxpayers’ obligations in terms of the Skills Development Levies Act, 9 of 1999 (‘SDL Act’).  The focus appears to be specifically on non-compliant taxpayers who fail to register as required in terms of section 5 of the SDL Act, and therefore for these employers to pay the requisite levy over to SARS.  The problem is perhaps amplified thereby that the skills development levy is often considered an ‘unimportant’ tax by taxpayers (primarily due to it being less costly compared to for example VAT or income tax).  Compliance with the SDL Act is therefore not a top priority to taxpayers, with the effect that taxpayers are also not apprised of their rights and obligations in terms of this Act when confronted by SARS to register and settle an ostensible skills development levy obligation.

01 07 2016

THE COMPANIES ACT’S SOLVENCY AND LIQUIDITY TEST

The solvency and liquidity test in section 4 of the Companies Act, 71 of 2008, presents arguably one of the most important requirements of that Act. Without satisfying this test, a company cannot declare dividends, cannot provide loans and other forms of financial assistance to directors or to prospective shareholders to enable the latter to subscribe for shares in the company, to name but a few examples. Where directors act in contravention of the prohibition in considering whether a company may enter into a transaction, they may be held personally liable for damages or losses suffered as a result (see section 77(3)(e)).

01 07 2016

APPORTIONMENT OF EXPENDITURE FOR INCOME TAX PURPOSES

For income tax purposes and in terms of section 11(a) of the Income Tax Act, 58 of 1962, expenditure is deductible from income to the extent that the expenditure in question has been actually incurred for the purposes of trade and in the production of income, such expenditure not being of a capital nature.  Income as used in the above sense is a reference to ‘income’ as defined in the Income Tax Act.  Briefly, ‘income’ comprises ‘gross income’ less ‘exempt’ income (such as dividend receipts for example).  It follows therefore that expenditure incurred to produce tax exempt income is not deductible for income tax purposes.

13 06 2016

PKF Partner Kobus Nell raising funds for CHOC in Rhodes Extreme Race

PKF partner, Kobus Nell, from the PKF Constantia Valley office in Cape Town, took part in the Rhodes Extreme mountain bike stage race and raised funds for CHOC, a charity in support of children with cancer.

16 03 2016

PKF Tax App now updated

PKF's handy Tax App has just been updated for the recently published 2016-2017 SA Tax Guide.

01 03 2016

PKF increases its footprint in the Western Cape

PKF South Africa is pleased to announce that as of 1 March 2016, PKF Constantia Valley Cape Town Inc and PKF Saldanha Inc will be part of their national professional services network of chartered accountants and business advisors. PKF Constantia Valley, formerly Alliott Andersen Nell Inc, is an independent five-partner firm with a 21-year pedigree, while PKF Saldanha is a well-established independent firm servicing the West Coast.

29 02 2016

PKF SA appoints new Technical Director

PKF has pleasure in announcing that Minette van der Merwe has been appointed as PKF SA's new Technical Director as of 1 March 2016.

25 02 2016

PKF Budget and Economic Update 2016

PKF Johannesburg had the honour of hosting some esteemed guests from diverse industries at their annual budget breakfast held in Johannesburg on 25 February 2016.

24 02 2016

PKF Tax Guide 2016-2017

PKF had a team of staff on stand by to put through the changes to the annual PKF tax guide straight after Pravin Gordhan's budget speech on 24 February 2016. The booklet was delivered hot off the press the very next morning.

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