Category «Tax»

Special concessions to farmers

Farmers are not taxed in the same manner as other taxpayers and are subject to the provisions of the First Schedule to the Income Tax Act. This sets out the procedure for taxing income from agricultural pastoral and other farming activities.  Farmers are also allowed to average their farming income in determining their tax liability. …

Predikante, hul eggenote, die Keiser en belasting

Predikante, hul eggenote, die Keiser en belasting Wie kon weet dat predikante die welbekende spreuk om aan die Keiser belasting te gee wat hom toekom, in die praktyk sukesvol toepas? Daar is ‘n gevestigde beginsel in belastingreg dat ‘n persoon sy eie sake so kan rel dat hy die minste belasting betaal. Bygese, die beplanning …

Save energy and pay less tax

In terms of the soon to be published tax relief, tax payers expect to receive and amount deduction on taxable income per kilowatt hour of energy they have saved This tax relief will be in terms of the Income Tax Act, section 12L,  where the minister of finance, in consultation with, in consultation with the …

Interest free loan

The preamble to Income Tax case 1791 published in 67 SATC 230 reads as follows Gross income Interest free loan Right of use of Whether such benefit received by taxpayer i.e. the right of use of the interest free loan constituted a reward in a form other than cash which was taxable in terms of …

Personal income tax

An individual is personally liable to register as a taxpayer for personal income tax with the Receiver of Revenue in whose area he she resides. The request may be made in person or in writing. WHEN MUST A TAX RETURN BE SUBMITTED? A taxpayer is required to submit an income tax return if he she …

Important tax dates for 2015

The following is the important tax dates for December and 2015. We have taken the liberty to draw up a table which will show all of the dates which are applicable. This will ensure that we pay on time. Important tax dates. Date: Item: 05-12-2014. Submission and Payment of EMP201. 24-12-2014 Submission and Payment of …

Interest as a deduction

In a recently published Special Board decision the Commissioners practice note was challenged. Practice note number 31 reads as follows To qualify as a deduction in terms of section 11(a) of the Income Tax Act ( the Act ) expenditure must be incurred in the carrying on of any trade as defined in section 1 …

Independent Subcontractors and PAYE

Independent Subcontractors and PAYE. The Building Industries Federation of South Africa has a standard contract for subcontracts. This standard contract contains the following clauses: The contractor shall pay to the subcontractor the sum or sums and at the interval agreed upon for work properly done. When payments are made periodically the amount shall be determined …

Foreign travel allowance limits per calender year

Individuals The total amount of foreign exchange which may be availed of by South African residents with regard to traveling expenses during a calender year in respect of one or more visits outside the Common Monetary Area Foreign Exchange Control Applicable to South African citizens and South African residents are as follows for 2013/14: Residents …