All Articles
Budget 2021: Tax proposals
The National Treasury published the Budget Review 2021 on 24 February 2021. This document contains the announcements of tax rates and scales, but also proposals for various tax amendments of a more technical nature that the National Treasury intends to make as part...
The 2020 tax amendments
The National Treasury recently published a number of bills that contain the amendments to the tax laws for the 2020 legislative cycle. This article reviews a selection of amendments that are likely to be of broad relevance to taxpayers and advisors. It is not intended...
The mechanics of asset-for-share transactions
Asset-for-share transactions qualify for relief under the corporate rule in section 42 of the Income Tax Act (‘the ITA’). In the course of advising on these transactions or reviewing transactions proposed to taxpayers, I realised that taxpayers are often not aware of...
Relevance of accounting standards to South African taxpayers
Income tax legislation and accounting standards generally operate independently. Despite the fact that both ultimately aim to determine a measure of profitability, each has its own definitions and methodology to achieve a specific purpose. There have always been clear...
Tax deductions for future expenses
Taxpayers are generally only entitled to deduct expenses in determining their taxable income when they actually incur the expenditure. Section 24C of the Income Tax Act provides an exception to this rule. This article provides a brief overview of the provision and...
Tax treatment of bad and doubtful debts
In the current business conditions lenders increasingly face the prospect of not being able to fully recover debts. These debts may include trade debts, for example, trade receivables, but also longer-term debts. This article provides an overview of the relevant tax...
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