Tag Archives: Taxpayers

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

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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 … Continue reading

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THE 2016 TAX SEASON IS OPEN

As is the case every year, the Commissioner for SARS recently published the annual notice to officially ‘open’ the 2016 tax season. Individuals are now able to file their annual income tax returns for the 2016 year of assessment (which … Continue reading

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TAX PENALTIES: UNDERSTATEMENT PENALTIES IN THE TAX ADMINISTRATION ACT

The Tax Administration Act, 28 of 2011, introduced the notion of ‘understatement penalties’ which are levied on a percentage based method. The penalties are levied depending on which behaviour is exhibited by the taxpayer, to be classified in terms of … Continue reading

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