by Tony Davey | Sep 9, 2020 | Davey's Locker
In 180 TSH 2018 I referred to what I described as a sui generis exception to s 7C of the Income Tax Act (deemed donation of non-charging of official rate of interest), namely a loan advance or credit in circumstances in which trustees vest an amount in a trust...
by Tony Davey | Jul 10, 2020 | Davey's Locker
Tax Ombud’s report 2020 Tucked away in point 38.2 of the sixty-one-page Report and occupying only a half-page is, in my experience of the tax dispute-resolution process, a valuable finding and recommendation by the Tax Ombud, on non-meritorious additional assessments:...
by Tony Davey | Jun 10, 2020 | Davey's Locker
Recent case In circumstances in which a taxpayer fails to pay a ‘tax debt’ (defined in s 1 read with s 169(1) of the Tax Administration Act as being an amount due or payable to SARS), a senior SARS official may, under s 179, issue a notice to a third party holding a...
by Tony Davey | May 3, 2020 | Davey's Locker
National Treasury, on 1 May 2020, issued an explanatory memorandum on the revised draft Disaster Management Tax Relief Bill, 2020 which, amongst other things, addresses a proposed increase in the living annuity commutation threshold. This is a draft Bill which is yet...
by Tony Davey | Apr 15, 2020 | Davey's Locker
Living annuity Generally a living annuity (as distinct from a conventional life annuity, under which a fixed rate of return for life is contractually agreed) is a compulsory purchased investment from a financial institution with a minimum two-thirds of a retirement...
