April 24, 2019

TRANSITIONAL RULES FOR INTEREST PAYABLE BY SARS

The South African income tax system is not cash-based. This means that a person can effectively be taxed on amounts that they have not yet received […]
April 24, 2019

TAXPAYERS’ RIGHT TO HAVE DISPUTES RESOLVED

In a recent Tax Court decision[1], the Tax Court confirmed that taxpayers have a right to have their disputes resolved in a court of law as […]
April 24, 2019

EFFICIENT AND COST-EFFECTIVE AUDITS

An efficient audit is one that reduces the audit risk to the targeted level, ensures that there are no errors contained in the financial statements while […]
April 24, 2019

DEPRECIATION VS WEAR & TEAR

Deterioration, obsolescence and wear and tear are among the reasons why assets decrease in value. By realising a deduction on depreciation for tax purposes, your company […]
March 25, 2019

SECTION 24 – CREDIT AGREEMENTS AND DEBTORS’ ALLOWANCES

Section 24(1) of the Income Tax Act[1] deals with an agreement between a taxpayer and another person in respect of movable or immovable property. In the […]
March 25, 2019

THINKING OF SELLING AN ASSET?

What happens when you sell an asset? When you sell or dispose of an asset, you either realise a profit or a loss from the exchange. […]
March 25, 2019

FIXED AND REIMBURSIVE TRAVEL ALLOWANCES

When determining the best remuneration package for travelling employees, South African employers and employees are continuously considering the benefits between a travel allowance, a reimbursive travel […]
March 25, 2019

REQUESTS FOR SUSPENSION OF PAYMENT FROM SARS

Since its introduction, the “pay now, argue later” rule relating to disputed amounts of tax has been and remains to be the subject of much controversy, […]
September 20, 2018

WHEN SHOULD FINANCIAL STATEMENTS BE AUDITED, REVIEWED OR COMPILED?

The Companies Act of South Africa (the Act) requires all companies to prepare financial statements within 6 months after the end of its financial year. A […]
September 20, 2018

BAD DEBTS AND VAT

While there is currently a focus on the income tax considerations of bad and doubtful debts (given that National Treasury has proposed changes to section 11(j) […]