Tax Law

We will be able to provide explanation, guidance and advice on the following topics:

  • The liability of tax of individuals, partnerships, companies, close corporations and farming operations.
  • The definition of ‘Gross Income’ in terms of the Income Tax Act.
  • Partial and absolute Income Tax exemptions.
  • The General Deduction Formula which sets out what may and may not be deducted in terms of the Income Tax Act.
  • Special deductions and double deductions.
  • Capital Allowances and Recoupments.
  • Taxation of married couples.
  • The taxable value of fringe benefits.
  • Retirement benefits and the rating formula.
  • The tax treatment of foreign exchange gains and losses as governed by the provisions of section 24 I of the Income Tax Act.
  • Special provisions governing the taxation of income derived under qualifying suspensive or credit agreements.
  • Employee’s tax namely, PAYE and SITE.
  • Liability or exemption to pay provisional tax.
  • Donations Tax.
  • Taxation of the income of deceased and insolvent estates.
  • Taxation of a trust.
  • Capital Gains Tax.
  • VAT and Transfer Duty.

 

Interest to be Charged on a Loan to a Trust - Tax Law South Africa

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As from 1 March 2017 S7C of the Taxation Laws Amendment Act will come into effect.

There will be some important changes which will come into effect. S7C will apply to any loan, advance or credit provided directly or indirectly to the trust by certain persons.

The persons referred to are any natural person who is a connected person in relation to the trust or a company that is a connected person in relation to that natural person, i.e. a company in which that natural person, either individually or together with a connected person or persons, holds an interest of at least 20%.

These changes add to the anti-avoidance provisions that are already in S7 and 8 of the Act.

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Posted by Rohan Greyvenstein on Thursday, August 10, 2017 Views: 519