From the PKF Newsflash The Minister of Finance announced in his recent Budget speech that the Capital Gains Tax (CGT) inclusion rate for companies will increase from the current 50% to 66.6% for all disposals of assets after 1 March 2012. This will increase the effective CGT rate for companies from the current 14% to [...]
Tag Archives | tax
The yin and yang of the Tax Administration Bill
The Tax Administration Bill is currently before Parliament. This Bill will introduce significant changes to our tax system. The Bill has been a work-in-progress for a few years now, with SARS engaging public comment and stakeholder discussions throughout its development. The Bill has had its share of criticism with regards to the extension of powers [...]
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Judgement in favour of taxpayer
By Tim Desmond, Garlicke & Bousfield Inc. The South Gauteng High Court recently gave judgement in an appeal from the Tax Court. The matter related to the deductibility of audit fees incurred by an intermediary holding company in the MTN group. The case related to the taxpayer’s 2001 to 2004 years of assessment. [...]
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Transfer of residence from an entity
By Victoria Hodgon, a Director in the conveyancing department at Garlicke & Bousfield Inc. In 2009 a grace period was introduced by the Income Tax Act No. 58 of 1962 (“the Act”) which allowed for a primary residence owned by a company, close corporation or trust, to be transferred to the relevant individuals without incurring [...]
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New company car legislation
New Company Car Legislation Results in Increased Taxation and Administration Nightmare Amended legislation has resulted in an increase in the percentage rate used to calculate the monthly fringe benefit for all company cars and a radical change in the taxation of company cars from 1st March 2011, making the keeping of a log [...]
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Birth of a new tax professional says PwC
The Annual National Budget Speech is one of the most anticipated events in every tax professional’s diary, as they keep abreast of potential tax proposals, legislative changes and compliance developments. But with the business and economic landscape changes in the global community the actions for tax are growing beyond the requirements of the Income Tax [...]
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End of SITE takes away tax benefits for pensioners
The discontinuation of the Standard Income Tax on Employees (SITE) being phased out over two years from 1 March 2011 will remove existing tax advantages for pensioners earning R60,000 or less per annum. This is according to Ron Warren, tax expert and chairman of payroll software company NuQ, who says that SITE tax, which [...]
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Don’t miss tax breaks
Hard-working salary- and commission-earners run a high risk of missing out on tax breaks at the end of the tax year, according to Imara Asset Management, South Africa, a wealth adviser to numerous corporate executives. “The harder you work the softer you’re likely to be when it comes to tax planning,” says Lara Warburton, MD [...]
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Provisional tax – to file or not to file?
Have you checked the provisional tax status of your eFiling profile yet? If not, you might be surprised to see that all taxpayers are now loaded as provisional taxpayers i.e. with the ability to submit a provisional tax return. Why is this? SARS issued a media statement last year indicating that one needs only submit [...]
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Tax Guide 2012
Latest Issue - 30 April 2012
In This Issue:
- Local and offshore ETFs
- Why stock selection is key
- Medical Survey - the cost of healthcare
- New player in life insurance market
Newsletters
Newsletter 17 May 2012: Lump sum versus debit order, 3 essentials for a confident investor
In today’s newsletter we look at investing with a lump sum or regular contributions – how do they stack up against each other? We also share three investment tips to cope with uncertainty. Being right about muddle-through hasn’t made investing any easier Most predicted that politically and often economically the year 2012 would be a [...]
