New green energy fund offers investors a tax break of up to 100%
As with the similar section 12J investment incentive schemes, the barrier to entry is high.
Income Tax Act
Beneficiary nomination updates and crypto assets in a will
New trends call for new requirements. Help your clients to fulfil their wishes when the time comes.
Bad-debt relief for tax purposes is possible without legal proceedings
The two core components that must be met to claim a bad-debt write-off from Sars
Crypto assets as a financial product: what are the exchange control and tax implications?
It’s possible that, at some point, providers of crypto asset services will be required to submit third-party data to Sars.
Treasury agrees to three of Cosatu’s responses to the proposed two-pot system
National Treasury has “loosened the lids” on the pots in the two-pot retirement system, agreeing to amend the draft legislation so that fund members will be able to access the savings they accumulated […]
Other concessions by Treasury on potentially ambiguous two-pot provisions
National Treasury has proposed amending the draft two-pot retirement legislation to clear up a number of grey areas identified by stakeholders. The proposed changes were announced on Tuesday, when Treasury addressed the National […]
Administrators, funds will need 18 months to prepare for two-pot system, says Asisa
The Association for Savings and Investment South Africa (Asisa) says retirement funds and administrators would like at least 18 months from the date on which the final legislation is gazetted in which to […]
Sars ruling highlights need to understand implications of investing in hybrid offshore pension products
South Africans are increasingly mobile, either working abroad, staying abroad for extended periods, or opting to retire outside of South Africa. This has increased the focus on foreign pension products because South African […]
Limitation on set-off of assessed losses may increase companies’ cash-flow burden
The limitation on companies setting off any assessed losses against taxable income is about to hit home. Companies that are making a loss will have to find the cash to pay tax on […]
Tax implications of property transactions involving non-residents
There are no restrictions on tax non-residents acquiring and selling immovable property in South Africa. However, buyers and sellers should be aware of the tax requirements when property is sold to non-residents. In […]
Tax considerations for cross-border workforces
Given the ever-changing landscape of the past two years, the adage that nothing is certain except death and taxes is perhaps more apposite than ever. Although it may appear that a semblance of […]
Budget proposes changes to the tax regime of retirement funds
The government proposes to address anomalies in the Income Tax Act to ensure that members of pension and provident funds are treated alike, according to proposals announced in the Budget Review. The anomalies […]
No more ‘double dipping’ when ceasing tax residency
National Treasury intends to close an anomaly in the Income Tax Act that enables individuals whose tax residency ceases to double dip into certain exemptions and exclusions, according to the 2022 Budget Review. […]
Discussion document coming on tax treatment of collective investment schemes
National Treasury will publish a discussion document dealing with the tax treatment of collective investment schemes’ trading profits before proposing amendments to the Income Tax Act, the 2022 Budget Review says. CIS distributions […]
How taxing annuities at the fixed PAYE rate will affect pensioners
The latest move by the South African Revenue Service (Sars) to require the withholding of PAYE from annuity payments at an “effective tax rate” as required in directives issued to payers of annuities […]
New Sars conditions on buying an annuity at retirement
The SA Revenue Service (Sars) has issued Binding General Ruling 58, which sets out the approvals by the Sars Commissioner when purchasing an annuity at retirement. This follows the withdrawal of General Notice […]
