Steinberg Inc

Disclose your defaults before SARS finds them!

A grim warning for South African taxpayers. Long gone are the days when tax fraudsters could run circles around SARS, which has intensified its efforts to crack down on tax evasion by pursuing criminal action against non-compliant taxpayers. One example is when SARS came knocking on the door of a private hospital and its director, […]

Your retirement ‘gift’ to SARS

Tax payable on your retirement lump sum. In last month’s issue of Tax Breaks, we dealt with the tax treatment of retirement lump sums when one resigns or is dismissed (prior to reaching normal retirement age). However, when you actually retire from a retirement fund, the rules are a bit different – and SARS gives […]

Wear-and-tear allowance

Capital expenditure incurred in the production of income and in carrying on of a trade does not qualify for a deduction under the so-called general deduction formula in section 11(a) of the Income Tax Act No 58 of 1962 (the Act). The Act does, however, grant deductions or allowances for specific types of capital expenditure […]

LBS en nie-inwoners

Indiensnemingsinkomste word oor die algemeen belas waar die dienste fisies uitgeoefen word. Die plek van kontraksluiting, waar die werkgewer gevestig is en waar die vergoeding betaal word, is irrelevant wanneer diensinkomstebelasting bepaal word. Hierdie beginsel word deur Suid-Afrikaanse wetgewing en regspraak ondersteun. Inkomste wat van Suid-Afrikaanse werkgewers verdien word vir dienste wat in Suid-Afrika gelewer […]

Is siviele vonnisse vatbaar vir herroeping?

Op 11 Maart 2022 het die Konstitusionele Hof van Suid-Afrika verlof tot appèl toegestaan ​​en ’n bevel van die Hooggeregshof van Suid-Afrika, Wes-Kaap Afdeling, tersyde gestel. Die kwessie voor die hof in Barnard Labuschagne Incorporated v SARS was of ’n gesertifiseerde verklaring wat deur SARS ingedien is en as ’n siviele vonnis hanteer is, vir […]

Old McDonald het ‘n plaas gehad en was belas

Boerdery in Suid-Afrika is soos tweede natuur vir baie Suid-Afrikaners, maar die  belastingimplikasies van boerderybedrywighede laat ‘n paar vrae ontstaan wanneer ‘n belastingpligtige se belasbare inkomste bepaal word. Die belasting van boerderybedrywighede is onderhewig aan ‘n unieke stel belastingreëls. SARS vereis dat alle inkomste en uitgawes wat verband hou met boerderybedrywighede afsonderlik openbaar word sodat […]

Does it matter in which country you set up shop?

Many people who own business face a frustrating fate every year when the tax man comes a-knocking, as a large portion of their profit is taxed by the South African Revenue Service (SARS). Not only that, but businesses who trade internationally take the brunt of the burden for exchange rate conversions that further diminish their […]

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