by Pieter van der Zwan | Feb 15, 2019 | Corporate and business tax
Taxpayers are taxed on income at the earlier of the date of receipt or accrual and are entitled to deduct expenditure to produce this income when such expenditure has been incurred. While the these two sets of events may in some instances fall in the same year of...
by Pieter van der Zwan | Feb 3, 2019 | General tax matters
A taxpayer is generally taxed on amounts at the earlier of accrual or receipt of those amounts. If one looks back at case law over the years, the timing of accrual of amounts has often been a contentious matter. The recent judgment in Milnerton Estates Ltd v CSARS in...
by Pieter van der Zwan | Jan 28, 2019 | Amendments, Corporate and business tax
The Income Tax Act contains specific rules that determine the tax implications if a taxpayer is relieved of its debts obligations. These rules were significantly amended during the 2017 legislative cycle. The National Treasury acknowledged various concerns with the...
by Pieter van der Zwan | Jan 13, 2019 | Corporate and business tax, Individuals and wealth planning
The South African National Treasury introduced the venture capital company (VCC) regime in section 12J of the Income Tax Act in 2008 as an incentive for investors to make equity funding available to small and upcoming businesses housed in qualifying companies. Despite...
by Pieter van der Zwan | Nov 7, 2018 | Corporate and business tax, General tax matters
Income tax returns are often prepared using financial statements as a starting point and making some adjustments to reflect the differences between accounting profits and taxable income. In C:SARS v Volkswagen SA (Pty) Ltd the SCA considered whether a taxpayer could...
