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Proposed tax law change on foreign employment income exemption – Expect a lot of South Africans returning home/emigrating

20 July 2017 | Tax

The draft tax law amendments for 2017 has been published by National Treasury on 19 Jul 2017, which contains the much-anticipated details on tax treatment of South Africans performing their employment abroad.

More knowledge, less excuses this tax season

13 July 2017 | Tax

Tax filing season has officially opened and with it comes the responsibilities of compliance for the South African taxpayers. Nobody is exempt from tax unless the person is earning below the threshold and there is no free pass if a practitioner is not filing their forms correctly, so now is the time to ensure compliance, get tax right and avoid fines and unnecessary penalties.

SARS sets sights on high-net-worth individuals

05 July 2017 | Tax

High-net-worth individuals (HNWIs) will find themselves under greater scrutiny from SARS in the immediate future says Jerry Botha, Managing Partner at Tax Consulting South Africa. “In reviewing the SARS Annual Performance Plan for 2017 to 2018,” he states, “one will notice that they have highlighted low compliance of HNWIs as a strategic risk.”

Taxing income on the sale of properties

26 June 2017 | Tax

When does income accrue to a taxpayer from the sale of immovable properties in the course of its trade? This question was recently addressed by the Tax Court in M v the Commissioner for SARS. In 2013 the taxpayer, in the course of its trade, entered into 25 agreements for the sale of properties. Although the agreements were concluded in the taxpayer’s 2013 year of assessment, it only received payment against transfer of the properties in the 2014 tax year.

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