Latest News

SARS now has access to all one’s bank details, including all payments made or amounts received in one’s accounts. Read more…

One of the draft regulations to the new Tax Administration Act deals with the keeping of records in electronic format. Should these regulations come into force, taxpayers might be well advised to seek the assistance of an IT specialist when compiling certain documents. Read more…

Joining a professional organisation may represent an outstanding return on what amounts to a modest, manageable investment of time, money and effort. The connections you make, the resources you have access to and the ideas and advice you’ll discover may turn out to be beneficial to both your professional development and your career. Read more…

The Tax Administration Act, No. 28 of 2011, which came into effect on 1 October 2012, has given the South African Revenue Services (SARS) certain information gathering powers. This article gives a broad overview of the rights and limitations to the powers of SARS when visiting a taxpayer’s premises without prior notice. Read more…

In October this year, the Department of Trade and Industry (DTI) issued revised Black Economic Empowerment (BEE) Codes for comment. The proposed changes will have some positive and various severely negative effects. Read more…

When a business is sold, goodwill qualifies as an asset for capital gains tax purposes. It is therefore important to establish the value of the proceeds of the sale and the base cost of the goodwill. Read more…

The Tax Administration Bill (TAB) is expected to come into effect during the last quarter of 2012. Some of the most noteworthy advantages and disadvantages of several new provisions of the Bill are discussed here. Read more…

Amendments to the tax legislation on key person insurance policies require employers to take action in respect of certain policies before 31 August 2012. Read more…

The Promotion of Access to Information Act (PAIA) requires all public and private companies to make specific information about the company, close corporation, private or public entity available on request. Read more…

In an effort to achieve greater equality in the treatment of medical expenses across income groups, the medical scheme contribution deduction (limited to a prescribed capped amount) is replaced by a medical scheme contribution tax credit for taxpayers under the age of 65. Read more…