Amanda Visser – Page 5 – Moonstone Information Refinery

Budget: Key changes for taxpayers and investors

Trusts that have failed to comply with the rules are exposed to penalties and fines.

Clarity on when a gain is considered revenue or capital.

There is still a high threshold to meet before access to an individual’s tax records will be granted.

Meanwhile, a change in the VAT registration process may inconvenience taxpayers.

‘The new process comes down to more detailed and targeted requests for information regarding exit capital.’

Questions remain whether the automation of certain procedures will have the desired results.

They concern two deductions: non-business-related interest expenses and fees paid to tax practitioners for completing tax returns.

A failure to file tax returns may result in penalties, for which the directors may be held personally liable.

Trustees will have to report directly to Sars, outside of the current trust tax return process, and before the trust tax return is due.

Grey-listing reduces a country’s GDP growth by between 0.5% and 1.5%, says economist Iraj Abedian.

How the limitation on setting off assessed losses against taxable income affects life insurers and policyholders.

Taxpayers should formulate comprehensive grounds of objection and appeal from the beginning of the dispute resolution process.

One of the unforeseen consequences could be the premature acquisition of rights.

The Supreme Court of Appeal and the SA Revenue Service have different views on what exactly this term means.

The two core components that must be met to claim a bad-debt write-off from Sars

Companies that incur finance charges should also take note of a recent court case regarding the tax treatment of related or similar finance charges.

A major concern is the contingent liability guarantees of municipalities and some of the state-owned enterprises.