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…
Paragraph 51A of the Eighth Schedule of the Income Tax Act, introduced in 2010, pertains to companies and trusts being used to purchase residences to avoid the imposition of transfer duty. Read more…
Section 7 of the Income Tax Act targets assets which are donated by a taxpaying person to another person with the intention of avoiding tax on the profits derived from these assets. Keeping Section 7 in mind is therefore crucial for effective annual tax planning. Read more…
For many years, employers were allowed to deduct their contributions made to employee disability or death policies on behalf of their employees, with no matching accounting for a fringe benefit in the hands of their employees. This changed on 1 January this year. Read more…
From 1 March 2011, all estate agents have had to meet the requirements of the Financial Intelligence Centre Act 38 of 2001 (FICA). Read more…
According to the Draft Taxation Laws Amendment Bill published in June 2011, a new venture capital company (VCC) regime will apply from 1 January 2012, should the draft amendments be implemented. Read more…
Exceed Tax and Advisory Services has announced that it is making CIMA management accounting staff available to perform cost and management accounting functions for clients. Read more…
Read more for an update on the FTSE/JSE All Share Index for the period 01 August 2011 – 18 August 2011 which includes an update on market and funds.