Tag Archives: Income Tax Act

EMPLOYEES’ TAX (PART II): ARE YOU A LABOUR BROKER FOR TAX PURPOSES?

The deduction of employees’ tax is dependent upon three elements being present. These elements are all defined in the Fourth Schedule to the Income Tax Act[1] and include i) the presence of an employer, ii) an employee and iii) the … Continue reading

Posted in Finansiele | Financial | Tagged , , , | Leave a comment

TAX DEDUCTIONS AGAINST SALARY EARNINGS

Our clients who earn only a salary will know that very few tax deductions are available against salary income for income tax purposes and whereby they may reduce the taxable income derived ultimately from such remunerations. Section 23(m) of the … Continue reading

Posted in Tax | Tagged , , | Leave a comment

ADDITIONAL MEDICAL EXPENSES TAX CREDIT

Section 6B of the Income Tax Act[1] provides for an additional medical expenses tax credit (“AMTC”) which is calculated against qualifying “out of pocket” medical expenses. This tax credit reduces the amount of income tax a natural person (hereinafter referred … Continue reading

Posted in Tax | Tagged , , | Leave a comment

MEDICAL SCHEME FEES TAX CREDIT

Section 6A of the Income Tax Act[1] provides for a medical scheme fees tax credit (“MTC”), or rebate, which reduces the amount of income tax payable by a natural person (hereinafter referred to as the “taxpayer”). The MTC applies to … Continue reading

Posted in Tax | Tagged , , | Leave a comment

MISUSE OF ASSESSED LOSSES

An assessed loss for income tax purposes is a potentially valuable asset: it represents past losses made by a taxpayer which is able of being carried forward to subsequent tax years against which future taxable profits are able of being … Continue reading

Posted in Tax | Tagged , , | Leave a comment

ARE YOU A SOUTH AFRICAN TAX RESIDENT INDIVIDUAL?

The question of TT for individuals has always been relevant in South Africa. It appears as though we find ourselves in a country which has always been a popular destination to which people from across the globe flock to set up … Continue reading

Posted in Tax | Tagged , , | Leave a comment

THE GENERAL ANTI-AVOIDANCE RULES

The Income Tax Act, 58 of 1962 (‘Income Tax Act’) contains various specific anti-avoidance rules aimed at preventing the abuse of certain specific sections in the Income Tax Act. However, over and above these specific anti-abuse provisions, the general anti-avoidance … Continue reading

Posted in Tax | Tagged , , | Leave a comment

REFORM ON THE TAXATION OF PENSION FUNDS

Some controversy surrounds one of the most significant amendments that would have been effected by the Taxation Laws Amendment Act, 25 of 2015, and the Tax Administration Laws Amendment Act, 23 of 2015, being how retirement type funds would have … Continue reading

Posted in Tax | Tagged , , | Leave a comment