Disclose your defaults before SARS finds them!
A grim warning for South African taxpayers. Long gone are the days when tax fraudsters could run circles around SARS, which has intensified its efforts to crack down on tax evasion by pursuing criminal action against non-compliant taxpayers. One example is when SARS came knocking on the door of a private hospital and its director, […]
Home office expenditure
Taxpayers who are salaried employees have limited deductions available to them. However, home office expenditure can be claimed as an income tax deduction, but the onus is on the taxpayer to prove that the expenses are in fact deductible. For employment to constitute a “trade” and to qualify to deduct home office expenditure, the taxpayer […]
Intra-group transactions and the subsequent sale of assets
The South African Revenue Service (“SARS”) issued a private binding ruling (BPR329) on 27 September 2019 on the tax implications of intra-group transactions and the subsequent sale of the relevant assets to a third party outside the group of companies. The taxpayer in this regard wants to implement a Broad-Based Black Economic Empowerment transaction in […]