Tax assessments must reach finality. For taxpayers this happens when SARS can no longer issue additional assessments for the...
When is SARS out of time to raise an assessment?
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General tax matters
Tax on cryptocurrency transactions
Cryptocurrencies present lucrative trading as their short-term values fluctuate wildly. They may however also prove to be...
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...
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...
Timing of accrual of proceeds from cash sales of property
A taxpayer is generally taxed on amounts at the earlier of accrual or receipt of those amounts. If one looks back at case law...
Valuation of trading stock for tax using IFRS as a basis
Income tax returns are often prepared using financial statements as a starting point and making some adjustments to reflect the...