What you need to know regarding home office expenses
The way we work on a day-to-day basis changed significantly since the Covid-19 pandemic with many employers adopting a more hybrid working model. This new economic environment and new ways of working created an environment where SARS and taxpayers had to adapt accordingly with new focus on salaried employees working from home to claim certain […]
Home office expenditure
Taxpayers who are salaried employees have limited deductions available to them. However, home office expenditure can be claimed as an income tax deduction, but the onus is on the taxpayer to prove that the expenses are in fact deductible. For employment to constitute a “trade” and to qualify to deduct home office expenditure, the taxpayer […]
Correction of an assessment: Section 93
As portrayed in the Tax Administration Act No 28 of 2011 (TAA), the dispute resolution rules lay out the legal framework to be followed by both the taxpayer and the South African Revenue Service (SARS) to resolve disputes. Section 93 of the TAA lists a number of circumstances under which SARS can reduce a taxpayer’s […]
How a data-driven culture can transform your business
In today’s digital era, data has become an essential resource for businesses to grow and thrive in a competitive market. But not all companies are taking advantage of this opportunity. In fact, many organisations are still struggling to understand how they can benefit from their data assets and use them effectively to improve their performance. […]
Wear-and-tear allowance
Capital expenditure incurred in the production of income and in carrying on of a trade does not qualify for a deduction under the so-called general deduction formula in section 11(a) of the Income Tax Act No 58 of 1962 (the Act). The Act does, however, grant deductions or allowances for specific types of capital expenditure […]
Transfer duty. No surprises. Part I
Transfer duty is a duty levied for the benefit of the National Revenue Fund on the value of any property acquired by any person by way of a transaction or in any other way, or on the amount by which the value of any property is enhanced by the renunciation of an interest or restriction […]
Handelsmerke: Om te registreer of nie te registreer nie
Ons het al almal daardie klein handelsmerksimbole, die klein ® en ™, langs die handelsname en logo’s gesien wat ons in ons daaglikse lewens verwelkom het. Maar hoekom is daar twéé simbole waar ‘n enkele een sou kon werk? Die antwoord is eintlik baie eenvoudiger as wat jy dalk dink. Om iets uniek te skep, […]
Who is held responsible for payments lost due to cybercrime?
This is exactly what happened in Fourie v Van der Spuy and De Jongh Inc. and others. The First Respondent was a law firm and the Second and Third Respondents were practising Attorneys. The Applicant claimed payment of R1 744 599.45 from the Respondents. The First Respondent had a mandate to deal with money paid […]
How will the 2022 budget changes affect you?
The annual National Budget Speech was delivered on 23 February 2022 by Finance Minister Enoch Godongwana. Practitioners are getting to grips with some of the more pertinent changes that will become a reality for taxpayers, particularly in the individuals, employment and savings areas. Reviewing the timing of accrual and incurral of variable remuneration Section 7B […]
What to do if you suspect credit card fraud
Anyone who’s ever had the misfortune to fall prey to credit card fraud, knows that it’s a huge hassle. If you’re running a business, you should be aware that your business may be at an even greater risk of having its financial data compromised, which can have much more serious implications compared to that of […]