Aurthor: Hugo Van Zyl (Cross Border Tax and Exchange Control Specialist) The first and very important note to make, in dealing with South African tax issues: tax year 2014 ends on the last day of FEBRUARY 2014. The South African tax year for most individuals, are 1 March until the last day of February in the next calendar year. Corporates can change their tax year-end to align with the last day of their financial year-end, yet Trusts partners in a JV or partnership, are obliged to file assuming a tax year-end on the last day of February, despite their financial year-end being the last day of another month. Yes, sadly this date, Friday 28th 2014, is not even listed on the SARS webpage on important dates, yet is an extremely important tax deadline.
Author: Fin24.com The tax season opened officially on July 1 and many law-abiding taxpayers are getting ready to do their bit. Unfortunately, so too are the shady individuals and gangs who operate phishing scams.
A “last minute” amendment in the Taxation Laws Amendment Act No. 22 of 2012, relating to the income tax treatment of dividends received by a company in certain circumstances, may have far-reaching tax implications for companies and therefore need to be taken into account for all dividends received or accrued on or after 25 October 2012.
Over the years tax implications on tips received by waiters had always been a grey area, SARS published a draft note that discusses and clarifies the potential income tax, SDL and UIF implications in respect of the receipt of tips encountered in (but not limited to) the service industry. The Note will focus on a “tripartite” tipping relationship between the following three parties: The patron, The recipient and The owner.