Donations Tax

What is Donations Tax? Donations tax is a tax that is payable at a flat rate on the value of property disposed of by a donation. Donations tax is calculated at flat a rate of 20% on the value of the property donated. A donation includes property disposed of for an inadequate consideration. Exemptions Please …

Excise Duties and Levies

What is Excise Duties and Levies? Excise duties and levies are imposed mostly on high-volume daily consumable products as well as certain non-essential or luxury items. The goal of these duties and levies is to ensure a constant stream of revenue for the State. It also serves a secondary function is to discourage consumption of …

Do you have to submit a tax return?

Depending on your age and how much income or money you have earned in the year you may or may not have to submit a tax return. So, do you have to submit a tax return? If you are under the age of 65 and you earn MORE than R67 111  between 1 March 2013 …

Dividends Tax

What is dividends tax? Dividends Tax is a tax charged at 15% on shareholders when dividends are paid to them. Under normal circumstances, it is withheld from their dividend payment by a withholding agent. A dividend is explained in section 1 of the Act.  In short it means that any payment by a company for …

Directors PAYE

DIRECTOR – MEMBER Any member of a Close Corporation who holds any office or performs functions similar to the office or functions of a director of a company is also considered to be a director for the purposes of the Income Tax Act. PAYE As from 1 March 2002 private companies and close corporations will …

Are you a resident in South Africa for tax purposes?

CHANGE OF TAX SYSTEM The income tax system in South Africa changed from a source-based system of taxation to a residents-based basis of taxation with effect from years of assessment commencing on or after 1 January 2001. The effect of this change in the tax system is that South African residents are but for certain …

Capital gains tax

Capital Gains Tax (CGT) EFFECTIVE DATE The proposed effective date for the implementation of Capital Gains Tax (CGT) is 1 October 2001 CGT APPLIES TO a residents worldwide assets a non-residents immovable property or assets of a permanent establishment in the Republic DISPOSALS CGT is triggered on disposals of an asset Important disposals include A …

Beskou die keiser jou as n boer

Deur HA Coetzee GR(SA) H Dip Belastingreg MCom DCompt voormalige hoogleraar by RAU Synopsis The Receiver of Revenue has tried unsuccessfully to add an objective factor to the interpretation of a farmer for the purposes of the Income Tax Act (the Act). His reasoning was that farming like any other venture must have a prospect …