The Special Voluntary Disclosure Programme

And estate duty on the assets in a nonresident trust Election and deemed holding For SVDP purposes, under s 18 of the Rates and Monetary Amounts and Amendment of Revenue Laws Act 13 of 2016, relief was granted to an applicant (donor or beneficiary) in circumstances in...

Understatement penalties – The SARS guide

A tax penalty, described in the Tax Administration Act as the ‘understatement penalty’ is imposed in circumstances dependent upon the taxpayer’s behaviour vis-à-vis an understatement. In essence, an understatement is a default, omission or incorrect statement in a...

Section 7C – Beneficiary awards and loans

Time for an advance ruling? The general rule under s 7C of the Income Tax Act is that a loan, advance or provision of credit by a natural person to a trust (or company) to which the lender is ‘connected’ (for example, a beneficiary) at a soft rate is subject to the...
Section 7C – Soft Loans to Trusts

Section 7C – Soft Loans to Trusts

PRACTICAL CONSIDERATIONS Timing provisions—dates A ‘s 7C donation’, as from 1 March 2017, is regarded as being made to a trust on the last day of each year of assessment of the trust, that is, for the first time, on the last day of February 2018 (s 7C(3)(b) of the...

Budget Speech 2018/2019

1. INDIVIDUALS The maximum marginal rate for natural persons remains at 45% and is reached when taxable income exceeds R1 500 000. The minimum rate of tax remains at 18% on taxable income not exceeding R195 850. The primary rebate for all natural persons has been...