OMHEINING VAN VERLIESE (ARTIKEL 20A) VIR NATUURLIKE PERSONE

Artikel 20A het met ingang van 1 Maart 2004 in werking getree. Hierdie artikel handel oor die omheiningsbepalings wat verhoed dat natuurlike persone hul belasbare inkomste verminder deur verliese uit sekondêre handel te gebruik.

Artikel 20A vervang altans nie artikels 11(a) en 23(g) nie. Alle uitgawes wat nie volgens artikel 11(a) kwalifiseer nie of wat as ’n aftrekking ingevolge artikel 23(g) geweier word, sal permanent verlore gaan. Artikel 20A is dus in teenstelling met artikel 11(a) en 23(g) aangesien uitgawes nie permanent geweier word nie, maar slegs omhein word deur dit as ’n aftrekking toe te laat teen toekomstige belasbare inkomste van die primêre bedryf.

Artikel 20A(2) stel die onderstaande vereistes waarvolgens aangeslane verliese omhein sal word:

  1. Indien ’n belastingbetaler teen die maksimum belastingkoers belas word, voor inagneming van enige aangeslane verliese en balanse van vasgestelde verliese van die vorige jare van aanslag, moet onderstaande punte 2 tot 4 oorweeg word.
  2. Artikel 20A(2) vereis dat die “3-uit-5-jaar”-toets toegepas word vir 2 kategorieë nl. wildsboerdery-aktiwiteite en die handel dryf in “verdagte aktiwiteite” –

2.1 Aangeslane verliese wat ontstaan uit wildsboerdery-aktiwiteite vir 3 van die voorafgaande 5 jare kan moontlik omhein word.

2.2 Artikel 20A(2)(b) verskaf ’n lys van “verdagte aktiwiteite” en indien aangeslane verliese gegenereer word uit een van die onderstaande aktiwiteite vir ten minste 3 van die voorafgaande 5 jare sal sodanige verliese moontlik omhein word:

  1. enige sportaktiwiteite beoefen deur die belastingbetaler;
  2. enige handel in versamelstukke;
  3. die verhuur van residensiële eiendom, tensy ten minste 80% van die akkommodasie gebruik word deur die persone wat nie verwant is aan die belastingbetaler nie, vir ten minste helfte van die jaar van aanslag;
  4. die verhuur van voertuie, vliegtuie of bote soos gedefinieer in die Agtste Bylae, tensy ten minste 80% van die voertuie, vliegtuie of bote gebruik word deur nie verwante persone, vir ten minste helfte van die jaar van aanslag nie;
  5. diere skou beoefen deur die belastingbetaler;
  6. boedery of stoetery, tensy die belastingbetaler hierdie aktiwiteite beoefen op ’n voltydse basis;
  7. enige vorm van beeldende of uitvoerende kunste beoefen deur die belastingbetaler; en
  8. enige vorm van dobbelary of weddery beoefen deur die belastingbetaler.
  1. Bogenoemde bepalings is nie van toepassing in die geval waar ’n verlies gely word vir die jaar van aanslag, uit ’n bedryf wat ’n redelike kans het om ’n belasbare inkomste (uitgesluit kapitaalwins) te genereer binne ’n redelike periode en ook voldoen aan sekere kriteria soos gelys onder artikel 20A(3) nie.
  2. Alhoewel omheining vrygespring kan word onder punt 3 kan verliese steeds omhein word as daar vir ten minste 6 van die voorafgaande 10 jare verliese gely word. Die onus is dan op die belastingbetaler om die SAID te oortuig dat besigheid bedryf word met ’n redelike vooruitsig om belasbare inkomste te genereer binne ’n redelike tydberk.

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Hierdie artikel is ’n algemene inligtingsblad en moenie as professionele advies gebruik of vertrou word nie. Geen aanspreeklikheid kan aanvaar word vir enige foute of weglatings, of vir enige verlies of skade wat voortspruit uit vertroue op enige inligting hierin nie. Behoudens foute en weglatings (BFW).

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2018 TAX SEASON: SARS SHORTENS SUBMISSION PERIOD

The annual tax filing season is upon us and acting SARS Commissioner, Mark Kingon, announced that the season will open on 1 July 2018 for eFilers. SARS branches will assist taxpayers from 2 July 2018. The filing season will then end on 31 October.

To improve efficiency, the season will be shortened by three weeks, which will allow additional time for SARS, taxpayers, and the tax fraternity in general, to deal with all tax verifications before the December holiday break.

Manual and provisional taxpayers submission deadlines:

Type of Taxpayer​​ ​Channel ​Deadline
​Non-provisional and provisional Manual – post or at SARS branch drop boxes​ ​21 September 2018
​Non-provisional eFiling or electronic filing at SARS branch ​ ​31 October 2018
​Provisional eFiling​ ​31 January 2019

Who does this shortened filing season impact?

  • All individual non-provisional taxpayers
  • Provisional taxpayers who opt to file at a branch
  • Provisional taxpayers who use eFiling

A taxpayer is completely exempt from submitting a tax return if all the following criteria apply:

  • The taxpayer’s total employment income/salary for the year of assessment (March 2017-February 2018) before tax was no more than R350 000.
  • Employment income/salary for the year of assessment was received from one employer.
  • The taxpayer has no other form of income, e.g.:
  • car allowance or company car fringe benefit
  • business income
  • taxable interest
  • rental income
  • income from another job.
  • The taxpayer does not want to claim for any additional allowable tax related deductions or rebates (e.g. medical expenses, retirement annuity contributions, travel expenses, etc).

Should you have any questions related to the 2018 tax return season, please feel free to contact us.

References:

Sars.gov.za. (2018). Tax Season. [online] Available at: http://www.sars.gov.za/TaxTypes/PIT/Tax-Season/Pages/default.aspx [Accessed 5 Jun. 2018].

Fin24. (2018). SARS cuts deadline for tax returns. [online] Available at: https://www.fin24.com/Money/Tax/sars-cuts-deadline-for-tax-returns-20180604 [Accessed 5 Jun. 2018].

Sars.gov.za. (2018). 4 June 2018 – Tax Season 2018. [online] Available at: http://www.sars.gov.za/Media/MediaReleases/Pages/4-June-2018—Tax-Season-2018.aspx [Accessed 5 Jun. 2018].

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE).

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VAT RATE INCREASE FROM 14% TO 15% – HOW TO COMPLETE THE VAT201

The Minister of Finance announced a VAT rate increase from 14% to 15% effective 1 April 2018 in the 2018 Budget Speech. To assist you in preparing your VAT return (VAT201) submission, the South African Revenue Service (SARS) would like to bring the following to your attention:

The new tax fraction applicable from 1 April 2018

The new tax fraction to calculate the amount of VAT is as follows:

Rate of tax 15
=
100 + rate of tax 115

For example, if the VAT-inclusive price (final consideration) is R1 150, the VAT amount is calculated as follows:

R1 150 × 15/115 = R150 VAT

Effect on VAT Vendors

Vendors should determine when supplies of goods and services are deemed to have taken place and also consider the special rules that apply when there is a change in the VAT rate to ensure that the correct rate of VAT is applied in respect of the supply, the acquisition and importation of goods and services. A comprehensive set of Frequently Asked Questions (FAQs) is available on the SARS website or you can click here to open the document.

How to prepare and submit your VAT201

Vendors whose tax periods span the old VAT rate of 14% and the new VAT rate of 15% (effective from 1 April 2018) will be required to declare these transactions on a single VAT201 return. The most impacted would be the Category B vendors whose tax periods are periods of two months ending on the last day of April 2018. Also impacted are the Category D vendors whose tax periods are periods of six months ending on the last day of August 2018. Category E vendors whose tax periods are periods of twelve months ending on the last day of the year of assessment will also be impacted.

Vendors who have tax periods that span the 14% and 15% VAT rate (Category B, D and E vendors) as well as future tax periods where the rate of 14% is applicable to certain supplies will be required to disclose their transactions as follows:

Output Tax

  • for all standard rated supplies where VAT at 15% has been levied, please use the standard rated fields on the VAT201 that you would normally use to declare the output tax.
  • for all standard rated supplies where VAT at 14% has been levied, please use Field 12 – “Other and Imported Services” on the VAT201, to declare the output tax.

Input tax

  • for all capital and other goods and/or services supplied to you and charged with VAT at a rate of 15%, please use fields 14 and 15 on the VAT201;
  • for all capital and other goods and/or services supplied to you and charged with VAT at a rate of 14%, please use Field 18 – “Other” on the VAT201, to deduct the VAT; and
  • for all imports, irrespective of whether the VAT was charged at 14% or 15%, please use Field 14A and 15A on the VAT201 to deduct the VAT.

Please note:

  • If you are using eFiling for the submission of your VAT201 and have saved a VAT201 for tax periods commencing on or after March 2018, the saved VAT201 will be removed so that the updated VAT201 with the correct rate of tax can be requested.
  • The updated VAT201 will be made available soon. Please monitor the website for updates regarding the VAT201.

For more information please visit the Value Added Tax page on the SARS website www.sars.gov.za where you will find guides to help you complete and submit your VAT return, or contact the SARS Contact Centre on 0800 00 7277. 

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE).

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ADDISIONELE MEDIESE KORTING VIR ’N INDIVIDU: WANNEER KAN EK MEDIESE UITGAWES UIT DIE SAK BETAAL AS ’N EIS INDIEN?:

Addisioneel tot die Artikel 6A mediese belastingkrediet is daar ook krediet beskikbaar vir individue (belastingpligtiges) wat mediese uitgawes self uit die sak uit betaal in terme van Artikel 6B van die Inkomstebelastingwet.

Die addisionele mediese uitgawes belastingkrediet kan deur die belastingpligtige geëis word vir  kwalifiserende mediese uitgawes aangengaan vir homself asook sy afhanklikes.

Volgens Artikel 6B(1) sluit “afhanklike” die volgende in:

  • Gade of lewensmaat van die belastingpligtige;
  • Belastingpligtige se kind, asook kind van gade;
  • Enige ander lid van die belastingpligtige se familie waarvoor die belastingpligtige aanspreeklik is vir die ondersteuning of familieversorging; en
  • Enige ander persoon waar die mediese skema se reëls ’n afhanklike erken.

Kwalifiserende mediese uitgawes sluit in:

  • Dokters, tandartse, fisioterapeute, oogkundiges en verkseie ander mediese praktisyn;
  • Geregistreede hospitale, of tuisverpleging deur ’n gekwalifiseerde verpleegkundige;
  • Voorgekrewe medisyne (“Oor-die-toonbank-medisyne” kwalifseer slegs indien dit deur ’n geregistreerde mediese praktisyn voorgeskryf is.);
  • Bogenoemde uitgawes aangegaan in die buiteland; en
  • Uitgawes soos voorgeskryf deur die Kommissaris noodsaaklikerwys aangegaan en betaal met betrekking tot liggaamlike gestremdheid of ongeskiktheid.

Vir die uitgawes om te kwalifiseer vir die addissionele mediese uitgawes belastingkrediet moes dit werkilk deur die belastingpligtige in die jaar van aanslag betaal word en nie verhaalbaar gewees het deur ’n mediese fonds of ’n gapingsdekkingplan nie.

Die addisionele mediese uitgawes belastingkrediet word op spesifieke formules bereken soos uiteengesit in Artikel 6B. Belastingpligtiges 65 jaar en ouer, asook belastingpligtiges met ’n gestremdeheid, of gade, of kind met gestremdheid kan die meeste voordeel uit Artikel 6B benut.

As u enige individu-verwante vrae het, staan ons vriendelike en bekwame span gereed om u te help. Moenie huiwer om ons te kontak nie.

Hierdie artikel is ’n algemene inligtingsblad en moenie as professionele advies gebruik of vertrou word nie. Geen aanspreeklikheid kan aanvaar word vir enige foute of weglatings, of vir enige verlies of skade wat voortspruit uit vertroue op enige inligting hierin nie. Behoudens foute en weglatings (BFW).

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“BOOKING” CAPITAL LOSSES ON SHARES IS NOT THAT EASY

There is a number of techniques that taxpayers use to reduce their capital gains tax (CGT) exposure on long-term share investments. A common practice is to utilise the annual exclusion of R40 000 provided for in paragraph 5 of the Eighth Schedule of the Income Tax Act[1] by selling shares that have been bought at a low base cost, at a higher market value and then immediately reacquiring those shares at the same higher value, thereby ensuring that the investments’ base cost is increased by as much as R40 000 per year. If the gain on those shares is managed and kept below the annual R40 000 exclusion, taxpayers receive the benefit of a ‘step-up’ in the base cost of the shares to the higher value for future CGT purposes, without having incurred any tax cost.

A reverse scenario is to build up capital losses for off-set against any future capital gains and taxpayers are often advised, especially during times of market volatility, to ‘lock-in’ capital losses created by the expected temporary reduction in share prices. This involves selling shares at a loss and then immediately reacquiring the same shares at the lower base cost, but with the advantage of having created a capital loss – a technique known as ‘bed-and-breakfasting’.

Without placing an absolute restriction on ‘bed-and-breakfasting’, paragraph 42 of the Eighth Schedule limits the benefit that could have been obtained from the ‘locked-in’ capital loss. The limitations of paragraph 42 apply if, during a 45-day period either before or after the sale of the shares, a taxpayer acquires shares (or enters into a contract to acquire shares) of the same kind and of the same or equivalent quality. ‘Same kind’ and ‘same or equivalent quality’ includes the company in which the shares are held, the nature of the shares (ordinary shares vs preference shares) and the rights attached thereto.

The effect of paragraph 42 is twofold. Firstly, the seller is treated as having sold the shares at the same amount as its base cost, effectively disregarding any loss that it would otherwise have been able to book on the sale of the shares and utilise against other capital gains. Secondly, the purchaser must add the seller’s realised capital loss to the purchase price of the reacquired shares. The loss is therefore not totally foregone, but the benefit thereof (being an increased base cost of the shares acquired) is postponed to a future date when paragraph 42-time limitations do not apply.

Unfortunately, taxpayers do not receive guidance on complex matters such as these on yearly IT3C certificates or broker notes, since these are generally very generic. Therefore, taxpayers wishing to fully capitalise CGT exposure on market fluctuations are advised to consult with their tax practitioners prior to the sale of shares.

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE).

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BELASTINGSKULD EN AFBETALINGSOOREENKOMSTE

Om by iemand in die rooi te wees is vir meeste ’n onaangename ervaring, veral as die skuldeiser die Suid-Afrikaanse Inkomstediens (die SAID) is.

Omstandighede lei egter soms na gevalle waar ’n belastingpligtige agter raak met bedrae wat aan die SAID verskuldig is. Ons ondervind egter dat die SAID se skuldinvorderaars (intern en nuut-aangestelde eksterne agente) al hoe meer aktief uitstaande skuld invorder – grootliks weens die tekorte soos wyd gepubliseer wat tesourie ervaar.

Belastingwetgewing maak voorsiening vir belastingpligtiges om alternatiewe reëlings met die SAID te tref om belastingbetalings uit te stel, af te betaal en selfs in sekere gevalle af te skryf.

Dit is egter belangrik om die SAID vroegtydig en pro-aktief te nader om sulke reëlings te tref.

Meestal is die SAID geneë om afbetalingsterme aan te gaan met belastingpligtiges. Dit stel die belastingbetaler in staat om hul skuld in paaiemente af te betaal. Alle tipe belasting betalings kan daarvoor aansoek doen, maar dit is ’n vereiste om te kan toon dat die belastingpligtige werklik in ’n posisie is om nie dadelik hul belastings te kan betaal nie.

Die SAID vereis gedetailleerde inligting ten opsigte van die belastingpligtige se finansiële posisie alvorens enige afbetalingsooreenkoms toegestaan sal word al dan nie. Oorweging word geskenk aan die betalingsgeskiedenis van die belastingpligtige, vorige oortredings van die belastingwet asook geldige redes waarom die belastingpligtige nie hul skuld ten volle kan betaal nie.

Belastingpligtiges moet egter in gedagte hou dat die SAID nie deur die ooreenkoms gebind sal wees indien die belastingpligtige nie aan die voorwaardes en terugbetalingsterme van die ooreenkoms gehoorsaam is nie.

In die geval waar die uitstaande aanspreeklikheid minder as R 50 000 is sal die SAID gewoonlik ’n 3-6 maande afbetalingsooreenkoms sonder te veel moeite toestaan. Die aansoek moet redes insluit waarom die skuld nie onmiddellik terugbetaal kan word nie.

In gevalle waar die skuld R 50 000 oorskry moet ’n aantal dokumente en inligting die aansoek vergesel.  Dit sluit in, maar is nie beperk nie, tot:

  • Laaste 6 maande se bankstate;
  • Finansiële state vir die mees onlangse finansiële jaar;
  • Nuutste beskikbare bestuurstate;
  • Kontantvloei-vooruitskatting vir die volgende 12 maande;
  • Motiveringsbrief vir die afbetalingsooreenkoms; en
  • Toepaslike aansoekvorms.

Ons nooi u uit om met ons belastingafdeling in verbinding te tree sou u enige verdere navrae met betrekking tot die afbetaling van u skuld hê.

Hierdie artikel is ’n algemene inligtingsblad en moenie as professionele advies gebruik of vertrou word nie. Geen aanspreeklikheid kan aanvaar word vir enige foute of weglatings, of vir enige verlies of skade wat voortspruit uit vertroue op enige inligting hierin nie. Behoudens foute en weglatings (BFW).

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CRYPTOCURRENCY

Cryptocurrency and blockchain has been the hot topic in the media the past year. It is a concept that few truly understand, and could change the future for everyone in a major way.

But what is cryptocurrency and blockchain?

Per the online dictionary:

A cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

The most popular currently in the market is Bitcoin; others include Eutherian and Litecoin. There are various platforms on which to trade in cryptocurrency, for example Luno. Luno functions like the JSE, where willing buyers and willing sellers transact in shares / cryptocurrencies.

Blockchain is a digital ledger in which transactions made in Bitcoin or another cryptocurrency are recorded chronologically and publicly.

An example to demontrate how blockchain works:

Pete wants to buy Bitcoin from Mary. They both use Luno as platform to trade on.

By joining Luno, Pete and Mary effectively each receives a copy of the big overall “ledger” that shows where each unit of Bitcoin is at that point in time and where each unit of Bitcoin has been.

Each transaction is represented as a block. Each time a transaction is authorised, a block is then added to the other blocks already in place creating a chain, hence the term blockchain technology”.

The chain is then compared between all the copies of the “ledgers” that are spread out over the world to validate them. You can actually add Bitcoin to your own account without actually purchasing any, but as soon as your ledger compares to the others around you, it will see the unauthorised transactions and reject your version.

Bitcoin is severly encrypted, therefore to be able to finalise a transaction, there are people in the market who solve very complex mathematical problems using a significant amount of expensive computing power to authorise the transaction. These people are called “miners”. They receive one Bitcoin for every transaction they finalise.

As soon as the transaction between Pete and Mary is authorised by the miner, the “ledger” is updated by adding another block to the chain.

The question that then arises is why would hackers not just hack and authorise transactions for themselves? This is where the magic of blockchain technology comes in – the computing power required to solve the complex problem is so expensive, that is more costly to hack than to rather just act as miners themselves and earn Bitcoin. Therefore, no one needs to trust each other and the technology allows the users to trust the system.

It is this level of technology that will regulate the future, effectively eliminating the need for lawyers and banks. The concept is throwing governments across the globe into a state of panic as there is currently no proper regulation inbedded in current tax laws.

Like Da Vinci’s inventions, the technology is a little ahead of its time and the rest of the world needs some time catching up. It is therefore critical to keep an eye on further developments as this will impact the way business is done in future.

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE).

 

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GELDIGE BTW-FAKTUURVEREISTES VIR BTW-ONDERNEMERS

Wanneer u iets vir u besigheid aankoop moet u verseker dat u ’n geldige belastingfaktuur ontvang. Dit stel u in staat om insetbelasting van die SAID te eis. Met die wysiging van die BTW-koers van 14% na 15% , het BTW nou weer onder die soeklig gekom. Hiermee saam word daar nou meer gefokus op BTW-nakoming en meer spesifiek na wanneer ons inset-BTW op ’n faktuur kan eis en wat ’n geldige BTW-faktuur behels. Dit is ’n kleinigheid wat baie verwaarloos word wanneer dit by maandelikse boekhouding kom. Dit is baie belangrik om aandag te skenk aan die fakture wat aan u boekhouers gestuur word omdat hierdie fakture “geldig”moet wees voordat inset-BTW van die Suid-Afrikaanse Inkomstediens (SAID) geëis kan word.

Lees asseblief noukeurig die volgende uiters belangrike inligting in verband met geldige BTW-fakture.

Suid-Afrika het ’n BTW-stelsel waarvolgens besighede wat vir BTW geregistreer is, toegelaat word om BTW (inset-BTW) wat aangegaan word op besigheidsuitgawes, te eis ten opsigte van die BTW wat ingevorder word (uitset-BTW) op die lewerings wat deur die besigheid gemaak is. Die belangrikste dokument in so ’n stelsel is ’n belastingfaktuur. Sonder ’n geldige belastingfaktuur kan ’n besigheid nie insetbelasting wat betaal is ten opsigte van besigheidsuitgawes, aftrek nie.

Die BTW-Wet bepaal dat ’n belastingfaktuur sekere besonderhede moet bevat oor die belasbare lewerings deur die besigheid gemaak asook die partye in die transaksie. Die BTW-Wet bepaal ook die tydraamwerk waarbinne ’n belastingfaktuur uitgereik moet word (21 dae vanaf die datum waarop die lewering gemaak is).

’n Besigheid moet ‘n volledige belastingfaktuur uitreik wanneer die prys meer as R5 000 is en mag ’n verkorte belastingfaktuur uitreik as die vergoeding vir die lewering R5 000 of minder is. As die lewering vir ’n bedrag van R50 of minder  gemaak word, is ’n belastingfaktuur nie nodig nie.  ’n Dokument soos  ’n betaalpuntstrokie of ’n verkoopbewys waarop die BTW wat deur die leweransier gehef is, aangedui word, sal wél nodig wees ten einde die belasting wat afgetrek is, te verifieer.

Sedert 8 Januarie 2016 moet die volgende inligting vermeld word op ’n belastingfaktuur om die SAID tevrede te stel dat dit ’n geldige faktuur is:

  • Bevat die woorde “Belastingfaktuur, “BTW-faktuur”of “Faktuur”;
  • Naam, adres en BTW-registrasienommer van die ondernemer;
  • Naam, adres en, waar die ontvanger ‘n ondernemer is, die ontvanger se BTW-registrasienommer;
  • Reeksnommer en uitreikdatum van die faktuur;
  • Korrekte beskrywing van die goedere en/of dienste (met aanduiding waar die toepaslike goedere tweedehands is);
  • Hoeveelheid of volume van die goedere of dienste wat gelewer word; en
  • Waarde van die lewering, die bedrag belasting wat gehef word en die vergoeding vir die lewering.

As u enige BTW-verwante vrae het, staan ons vriendelike en bekwame span gereed om u te help. Moenie huiwer om ons te kontak nie.

Hierdie artikel is ’n algemene inligtingsblad en moenie as professionele advies gebruik of vertrou word nie. Geen aanspreeklikheid kan aanvaar word vir enige foute of weglatings, of vir enige verlies of skade wat voortspruit uit vertroue op enige inligting hierin nie. Behoudens foute en weglatings (BFW).

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CHANGES TO INCOME TAX RETURNS FOR COMPANIES

The South African Revenue Service (“SARS”) implemented several changes to the annual income tax returns for companies (the ITR14) on 26 February 2018 as part of SARS’ ongoing efforts to promote efficiency and compliance.

Two new schedules were added to the ITR14. Firstly, companies that wish to claim the learnership allowance in terms of section 12H of the Income Tax Act[1] will now need to disclose details of its registered learnerships in a separate schedule. In terms of this schedule, separate disclosure is required for learners with a disability and learners without a disability for both NQF levels 1 to 6 and NQF levels 7 to 10. Also, the number of learners and the allowance amount for each of these fields must be completed.

The second schedule relates to controlled foreign companies (“CFCs”). In terms of section 72A of the Income Tax Act, resident companies that hold at least 10 percent of the participation rights in any CFC (otherwise than indirectly through a company which is a resident), must submit a return to SARS. The “old” IT10B Adobe PDF schedule has been replaced with a simplified MS Excel IT10B schedule, which enables companies to declare all CFC information in one consolidated schedule that can be uploaded to eFiling as a supporting document, regardless of the number of interests held in CFCs. The new IT10B schedule must be used and uploaded on eFiling for all ITR14s submitted from 1 June 2018 onwards. This is to accommodate taxpayers that already completed CFC information based on the old format.

Additional disclosure requirements were also introduced for groups of companies that prepare consolidated financial statements. In future, companies with subsidiaries are required to submit a complete group structure together with the ITR14. New questions with regards to the country-by-country reporting regulations have also been added. Companies that are subject to these regulations will have to specify the tax jurisdiction of the reporting entity for the multinational entity group as well as the name of the reporting entity. A number of additional line items have furthermore been added to the tax computation portion of the ITR14 to take other legislative amendments into account.

An example of this new ITR14 is available on SARS’ website for further consideration. Tax compliance officers of companies should carefully consider these new requirements in order to ensure that the relevant ITR14 is completed correctly and that all the required supporting documentation is submitted together with the ITR14. Companies that have already created new tax returns on eFiling but which have not yet been submitted should furthermore consider to what extent these changes will affect such returns.

[1] No. 58 of 1962

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE).

 

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DIE BTW-VERHOGING EN VERKOPE VAN VASTE EIENDOM

Op 21 Februarie 2018 het die vorige Minister van Finansies, Malusi Gigaba, aangekondig dat die Nasionale Tesourie besluit het om die BTW-koers met ingang 1 April 2018 van 14% tot 15% te verhoog. Sedertdien is ons praktyk toegeval met navrae oor die korrekte hantering van BTW, spesifiek in verband met die verkoop van residensiële eiendomme. Moet BTW gehef word teen 14% of 15% in gevalle waar ’n ooreenkoms reeds gesluit is vir die verkoop van eiendom deur ’n BTW-ondernemer? Die vraag is van besondere belang in die eiendomsmark, gegewe die hoë waardes wat tipies betrokke is by sulke transaksies.

Normaalweg sou uitsetbelasting betaalbaar wees wanneer vaste eiendom deur BTW-ondernemers verkoop word op die vroegste van twee datums, naamlik wanneer enige bedrag as deel van die transaksie betaal is of wanneer die oordrag van die eiendom by die Aktekantoor geregistreer is.[1] In die reël, dus, wanneer ’n ooreenkoms vir die verkoop van ’n eiendom (deur ’n BTW-ondernemer) deur albei partye onderteken is, moet uitset-BTW slegs gehef word sodra enige betaling deur die aankoper gemaak is (wat betaling van ’n deposito sou insluit) of wanneer die verkoop by die Aktekantoor geregistreer word.

Die kommer is dus dat eiendomme waarvoor ’n ooreenkoms reeds onderteken is, aan BTW teen 15% onderhewig mag wees as gevolg van die vertragende invloed wat die bogenoemde bepaling mag hê met die vasstelling van die tyd van lewering vir BTW-doeleindes.

In die geval van ’n verandering in die BTW-koers is die bogenoemde reël nie van toepassing nie. Watter BTW-koers dan toegepas moet word, word nie bepaal deur wanneer die onderliggende BTW betaalbaar is nie. Artikel 67A(4) van die BTW-Wet verskaf die nodige uitkoms.[2] Wesenlik bepaal dit dat waar enige residensiële eiendom verkoop word kragtens ’n ooreenkoms wat voor 1 April 2018 aangegaan en onderteken is, die transaksie steeds onderhewig sal wees aan BTW teen 14%.

Dit bring ten minste ’n bietjie verligting in die geval van transaksies vir die aankoop van residensiële eiendom wat aangegaan is voor die aankondiging van die BTW-verhoging.  Ons het egter verskeie meer komplekse scenario’s teëgekom en moedig betrokke partye aan om ons te kontak ten einde te verseker dat die toepassing van BTW op hulle vaste-eiendomstransaksies, korrek geskied.

[1] Artikel 9(3)(d) van die BTW-Wet, 89 van 1991

[2] (4)      … [W]here, before the date on which an increase in the rate of tax leviable … becomes effective, a written agreement is concluded for—

  • the sale of fixed property consisting of any dwelling together with land on which it is erected, or of any real right conferring a right of occupation of a dwelling or of any unit …; or
    (b)        the sale of fixed property consisting of land, or of any real right conferring a right of occupation of land for the sole or principal purpose of the erection by or for the purchaser of a dwelling … on the land, as confirmed by the purchaser in writing; or
    (c)        the construction by any vendor carrying on a construction enterprise of any new dwelling,
    and—
  • the price in respect of the sale or construction in question was determined and stated in the said agreement, as in force before the said date, and that agreement was signed by the parties thereto before the said date; and

(ii)        the supply of such fixed property or services under the said agreement is in terms of section 9 deemed to take place on or after the said date,

the rate at which tax is in … leviable in respect of that supply, shall be the rate at which tax would have been levied had the supply taken place on the date on which such agreement was concluded.

Hierdie artikel is ’n algemene inligtingsblad en moenie as professionele advies gebruik of vertrou word nie. Geen aanspreeklikheid kan aanvaar word vir enige foute of weglatings, of vir enige verlies of skade wat voortspruit uit vertroue op enige inligting hierin nie. Behoudens foute en weglatings (BFW).

 

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