“SARS is tightening tax collection on cryptocurrency transactions, which makes it important to distinguish between events that will trigger income tax rates or CGT rates.” Thus notes Webber Wentzel’s Joon Chong and Lumen Moolman in an article titled No Doge-ing the tax bill on cryptocurrency transactions. Below is an abbreviated summary. The South African Revenue […]
Filing season opened on 1 July 2021, with a significant number of taxpayers being assessed automatically. Key dates to diarise: 1 July to 23 November 2021 – for non-provisional taxpayers filing online. 16 August to 23 November 2021 – for non-provisional taxpayers who require assistance filing at a SARS branch (by appointment only). 1 July […]
So called high-net-worth-individuals came under the spotlight during the announcement by the South African Revenue Service (SARS) of its preliminary revenue results on 1 April 2021 after a year of National COVID-19 lockdown regulations. “The extra out-of-ordinary pandemic circumstances changed the economic landscape and the way SARS operates to collect the tax revenue due. The […]
“The days of wealthy taxpayers’ tax compliance status not being fully tested by SARS are well and truly over,” Peter Dachs, head of ENSafrica’s tax department writes in Business Day. According to SARS commissioner Edward Kieswetter, improved tax collection and administration “continues to be an important element in achieving fiscal consolidation as SARS continues to […]
The role of the Tax Ombud (OTO) is to review taxpayers’ complaints against SARS and help resolve them through mediation or conciliation. OTO’s CEO, Prof Thabo Legwaila, recently reiterated the importance of fairness in tax collection and the independent role his office plays in the resolution of taxpayers’ complaints against SARS when he launched its […]
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 […]
