Retirement Tax Fund

Provident fund annuitization I canvassed the harmonization of all retirement funds (pension, provident and retirement annuity funds) in 153 TSH 2015. In essence, as from 1 March 2016, contributions to such funds are treated similarly for tax purposes. Thus provident...

Natural Persons

Ordinarily resident status SARS interpretation note SARS has on 20 June 2018 reissued Interpretation Note 3 (Issue 2) (see 183 TSH 2018), setting out its interpretation of the expression ‘ordinarily resident’, appearing in the definition of ‘resident’ in s 1(1) of the...

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...