Too often, taxpayers seem to forget that the most important aspect of dealing with SARS is to ensure that they can discharge their burden of proof. As a taxpayer, it is on you to provide SARS with the relevant material that, on a balance of probabilities, supports your position. Taxpayers are required to retain relevant …
Mastering record keeping: How to meet SARS’s electronic documentation standards Read More »
The South African Revenue Service (SARS) has implemented new disclosure requirements for company and trust tax returns with effect from 16 September 2024. The most significant change involves the mandatory disclosure of ultimate beneficial ownership (UBO). This new rule requires businesses to provide detailed prescribed information about the ultimate beneficial owners of their shareholders – …
In accordance with the strategic objectives of the South African Revenue Service (SARS) to facilitate the fulfilment of taxpayers’ legal responsibilities in a convenient and straightforward manner, individuals (both provisional and non-provisional taxpayers) as well as trusts will be able to commence with filing their income tax returns on Friday, 7 July 2023, from 20:00. …
New Notice of Objection rules came into effect on 10 March 2023 according to the Government Gazette 48188. Among other changes, Rule 7 “Objection against assessment” now determines that the taxpayer must deliver a notice of objection within 80 days (an extension from the previous 30 days). This allows taxpayers and tax practitioners a significantly …
On 24 April 2023, SARS announced that they have made some enhancements to the Tax Compliance Status (TCS) process, with immediate effect. Previously, SARS made provision for an Emigration TCS Pin and for a Foreign Investment Allowance (“FIA”) TCS Pin. These two applications are now, effectively, one and the same, and will be referred to …
A recent decision by the Supreme Court of Appeal (SCA) in the case of Commissioner, SARS v Thistle Trust [516/2021][2022] ZASCA 153, had far-reaching implications for structures involving the layering of trusts and essentially, the continued application of the “conduit principle” or “look-through principle”. In this case, the conduit principle has been rendered inapplicable to …
It is important to prepare yourself for the new SARS requirements. SARS will now require third-party data from Trusts and Public Benefit Organisations. Currently, banks, financial institutions, medical schemes, attorneys, estate agents, and issuers of bonds, debentures, and financial products are required to file third-party returns to SARS. The third-party returns, containing information about a …
This note sets out the basic characteristics and requirements for the solar panel incentive announced by the Minister of Finance on 22 February 2023. This is meant to help individuals in their immediate decision-making, rather than postponing any solar installation until the legislative process can be finalised. What is the objective of the incentive? Government …
Solar panel tax incentive for individuals: Frequently asked questions Read More »
Condonation for the late filing of legal documentation depends on whether the interests of justice will be served by the court granting such condonation IN TAXPAYER M v CSARS (Case Number VAT1826) heard by the Gauteng Tax court, Windell, J handed down an important decision regarding the validity of a default notice (and the resultant …
A deceased estate takes on a (tax) life of its own while being wound up I STARTED my first job back in September 1987 at the tender age of 18, and approximately nine months later I received my very first income tax return from the Receiver of Revenue (as SARS was known in those days), …
