A taxpayer is generally taxed on amounts at the earlier of accrual or receipt of those amounts. If one looks back at case law...
Timing of accrual of proceeds from cash sales of property
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General tax matters
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...
Kangra Group case: Deductibility of damages settlement payment
The tax implications of arrangements involving claims for damages are often complex, whether viewed from the perspective of the...
The tax effect of terms of financing instruments
The case of Crookes Brothers Limited v C:SARS was widely commented as a rare case that deals with the South African transfer...
Prescription of self-assessed taxes arising from low-interest loans
The Tax Administration Act (TAA) makes provision for prescription of tax assessments. This provides taxpayers with finality in...
Understatement penalties – Part 2: Evaluating advice obtained
The previous article on the topic of understatement penalties (USP) concluded that taxpayers need to carefully consider the...