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VAT on temporary letting by residential property developers
Persons who develop residential property for purposes of selling it are often not able to immediately sell the property as intended. If they are unable to do so for extended periods of time, developers often resort to renting the property to tenants in the interim to...
When is SARS out of time to raise an assessment?
Tax assessments must reach finality. For taxpayers this happens when SARS can no longer issue additional assessments for the specific tax period. Section 99 of the Tax Administration Act limits the periods for issuance of assessments by SARS. This article considers...
What is your South African tax residence status?
Many South Africans leave the country. Some do so permanently, while others temporarily work and gain experience abroad. These persons often grapple with the question whether they are still considered to be South African tax residents. SARS recently added guidance on...
Tax on cryptocurrency transactions
Cryptocurrencies present lucrative trading as their short-term values fluctuate wildly. They may however also prove to be good longer term investments if the value ultimately grows substantially when held over a longer period of time. Over the past few months,...
Section 24C: The ‘contractual sameness’ requirement
Taxpayers may deduct an allowance for expenditure not yet incurred in the circumstances set out in section 24C of the Income Tax Act. This provision has been the subject of two disputes that proceeded to the Constitutional Court (‘CC’), which in itself is...
Exposure to penalties while in an assessed loss position
Introduction Taxpayers who find themselves in a loss-making position often intuitively assume that as long as they are not liable to pay tax due to the fact that they have an assessed loss, they would not be exposed to understatement penalties (‘USPs’). This...
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