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Andrew Duncan, of Andrew Duncan & Associates points out that a significant tax loophole exits in regard to Section 7(8) of the Income Tax Act vis-à-vis the Amnesty.
The question whether there can ever be a recoupment by a partner to the extent that he disposes of his interest in a partnership as opposed to a partnership disposing of assets, has always been contentious.
This article discusses Income tax, Capital Gains tax, Donations tax and other forms of taxation
CGT only taxes the profit one makes on a property when it is disposed of, and not the entire value of the property.
Farm owners can minimise their property tax bill through conservation. Recently passed property tax legislation means that for the first time all rural areas are included.
It has always been a contentious issue as to the extent to which foreigners working in South Africa should be subject to tax in South Africa. In the absence of a double taxation agreement ("Treaty") which governs the payment to the foreigners, one of the issues is whether remuneration is received by the foreigner in South Africa to the extent that it is actually paid by the South African employer to the foreigner.
The decision could hit families, parents who make loans to children, loans to family trusts, and companies that commonly use interest-free loans for business reasons.
With internationalisation of the South African workforce, employees taking up employment abroad on fixed-term contracts or indefinitely need to consider the implications of ceasing tax residency in South Africa.
As the world economy continues to rely ever more on mobile skills it is unsurprising that South Africans are increasingly taking up opportunities to relocate to various destinations abroad.
The recent tax judgment in the Supreme Court of Appeal (SARS v Brummeria Renaissance (Pty) Ltd (2007) SCA 99 (RSA)), has created uncertainty regarding the tax implications of interest-free loans.
SARS to charge hefty tax for changing your trust's beneficiaries