Various recent media reports commented on the planned changes to the tax legislation which could see common errors on tax returns resulting in jail time. “New draft legislation seeks to scrap the concept of “intention” from tax crimes – this means the prosecutors don’t have to prove that you wilfully broke the law, and the […]
“Amid some uncertainty, SARS has confirmed that full-time employees will be able to claim home-office expenses during lockdown. But you have to work from home for at least six months of the tax year. And you can’t just work from your dining room table,” a SARS spokesperson confirmed to Business Insider SA. In a recent […]
I had two dear friends who were just good people. One day they came to me and introduced me to their new cause; an orphanage taking care of young children. You do not have to be cynical to be a financial adviser, but it helps, sometimes. The most cynical are those doing estate planning such […]
If a taxpayer has outstanding tax debts (including penalties), the Tax Administration Act empowers the Commissioner for the South African Revenue Service (SARS) to appoint a third party, i.e. an employee of a bank, to recover money held by third parties, on behalf of SARS. The Act also defines the criteria which SARS must comply […]
The deadline for non-provisional taxpayers to file their tax return is just around the corner. Taxpayers have until 4 December to submit their return and avoid unwanted penalties and interest. SARS recently announced that it will be clamping down on taxpayers who miss the deadline to submit their tax return. “Should the extended electronic filing period […]
In the December issue of MoneyMarketing, Jonti Osher and Dino Zuccollo, Section 12 fund managers of Westbrooke Alternative Asset Management give an overview of the current Section 12J market. Section 12J was introduced by the South African Revenue Services under Section 12J of the Income Tax Act in 2009 as an investment tax incentive. The […]
In these times of rapidly diminishing action against wrongdoers, it is refreshing to read the Tax Ombud’s findings after an investigation into “…alleged delayed payment of refunds as a systemic and emerging issue.” Taxpayers have over the years been complaining that SARS unduly delays the payment of verified refunds. The complaints reached their peak in […]
This Elton John song came to mind when I read two publications on retirement planning last week: “Who’ll walk me down to church when I’m 60 years of age/When the ragged dog they gave has been ten years in the grave…” The results of Sanlam’s authoritative Retirement Benchmark Survey showed a lot of similarities to […]
We came across this article in the June edition of the Logista newsletter. The 2011 Tax Administration Act indicated that SARS would be looking to third parties, such as banks, medical aids etc, for information to verify your tax submissions. Now they have gazetted what they actually require from these third parties. These third parties […]
When I lived on the West Coast, the first day of the crayfish season was a joyous occasion. Somehow, I do not share the same elation when I read about the opening of the Tax season. It must have something to do with this neologism I came across: Intaxication: Euphoria at getting a tax refund, […]
