Taxation Blog
1 March 2017: New legislation will prevent (perceived) tax avoidance using trusts
The 2016 Taxation Laws Amendment Act (TLAA) will come into effect on 1 March 2017, the revised draft of the Taxation Laws Amendment Bill ('TLAB') in October. The final version of the TLAB was published in December 2016, promulgated on 19 January 2017, and will come...
Breaking News – The current status of ETI Legislation
The previous ETI legislation expired on 31 December 2016. For this reason, there has been a flurry of activity on this website, asking if the ETI legislation has been extended, and If so, in what format. As a courtesy, the following excerpt ought to provide readers...
Breaking News: Amendments to Unemployment Insurance Act
Last week President Jacob Zuma signed a number of acts into law. One was the Employment Tax Incentive Act (see related article) and the other related to amendments made to the Unemployment Insurance Act. This article serves to outline the changes related to the...
Employment Tax Incentives and Unemployment Insurance Fund changes
Recently the President signed 6 bills which gave rise to payroll adjustments that affect you immediately and include the following: 1. Employment Tax Incentive (ETI) programme The ETI system was due to expire on 31/12/2016 but has now been extended to 28/02/2019....
2nd 2017 Provisional Tax Information Request
We are in the process of preparing the second provisional tax returns for the 2017 tax year, due for submission to SARS by 28 February 2017. We would therefore, appreciate it if you could furnish us with either a copy of your latest payslip OR the total of your PAYE...
Round two: Interest free loan accounts
On 8 July 2016, the National Treasury and the South African Revenue Service (SARS) published a draft Taxation Laws Amendment Bill (First Draft) for public comment. Our Alert of 20 July 2016 (The fate of interest free loans?) provided an exposition of the proposed...
National Treasury releases Media Statement relating to ETI’s, Learnerships, Interest-free loans in Trusts and Restricted Equity Shares
Mid-year recon – August 2016 due to SARS by 31 October 2016
The Bi-annual August 2016 PAYE reconciliation period is from 1 September 2016 - 31 October 2016. All employers must prepare and submit their declaration (EMP501) and employees’ IRP5’s to SARS reconciling the PAYE/SDL/UIF paid during the period 1 March 2016 to 31...
Summary of the recommendations contained in the Davis Tax Committee Second Interim Report on Estate Duty
Chapter 1: Estate Duty lntroduction The estate duty regime must be reviewed in order to establish an effective and equitable package of major abatements and rates. Retirement fund abatement Following the "capping" of retirement fund contributions the retirement fund...
The fate of interest free loans?
The draft Taxation Law Amendment Bill became available to the public for comment on 8 July 2016. The Amendment Bill contains the proposed incorporation of a new s7C, headed: “Loan or Credit Advance to a Trust by a Connected Person”. On promulgation, s7C is expected to...
Exchange control circular issued in respect of special voluntary disclosure programme
Exchange control circular issued in respect of special voluntary disclosure programme - Cliffe Dekker Hofmeyr On 13 July 2016 the Financial Surveillance Department (FinSurv) of the South African Reserve Bank (SARB) issued exchange control circular no. 6/2016...
Do you need to submit an income tax return to SARS?
The new Tax Season starts on 1 July and taxpayers can submit their 2016 annual Income Tax Return (ITR12) to the South African Revenue Service (SARS). There is certain criteria which needs to be met before you are required to submit an income tax return – to make sure...
Employee Tax Incentive Scheme – Are you taking advantage of this tax break?
We have recently identified that a large number of our clients and companies closely associated with them, have not been calculating and claiming their ETI. In some cases, this has resulted in a significant loss of tax free income and an overpayment of PAYE. What is...
Zuma signs law to appease provident fund members
Zuma signs law to appease provident fund members May 24 2016 10:26 Matthew le Cordeur Article courtesy of Matthew le Cordeur/Fin24
New SARS Tax Compliance System – made simpler and easier
SARS has now improved compliance by introducing the enhanced Tax Compliance Status System, making it even easier for taxpayers to manage their tax affairs. On the 18th of this month, SARS rolled out their final phase of TCS. Taxpayers are now able to log onto eFiling,...
SARS payments – no longer accepted at SARS offices from 01 May 2016 onwards
With effect from 01 May 2016, SARS branch offices will no longer accept any form of tax payments – ALL payments are to be done via electronic methods (Electronic Funds Transfer (EFT) or SARS E-filing payment methods), or via a physical bank deposit at an approved...
Get ahead of the rush – Annual EMP501 February 2016 reconciliation opens 18 April 2016 – deadline is 31 May 2016!
All employers must prepare and submit their Annual EMP501 declaration (EMP501) and employees’ IRP5’s to SARS reconciling the PAYE/SDL/UIF paid during the tax year 01 March 2015 to 29 February 2016 before 31 May 2016. Late submission of the EMP501 return AND...
MD Tax Card 2016/2017
MD Tax Guide 2016/2017
NOTICE TO ALL EMPLOYERS – W.As8/Return of Earnings 2015
The 2015 W.As 8 Return of Earnings for Compensation for Occupational Injuries and Diseases Act (COIDA) submission deadline is 31 May 2016. (This relates to the payroll tax year 01/03/2015 – 29/02/2016). Please note that the 2015 assessment period will only be opened...