Is ‘bona fide inadvertent error’ a good defence when you’re slapped with an understatement penalty?
The Supreme Court of Appeal and the SA Revenue Service have different views on what exactly this term means.
Author: Amanda Visser
Videos
Watch: MBSE launches RE training for FAIS representatives
Watch: FPI Financial Planner of the Year on key issues shaping the financial landscape
Animated video explains the two-pot retirement system
NCA Credit providers’ FICA obligations
NCR Desktop Audits
Is South Africa on track to getting off the grey list?
Looking back at this year’s FPI Professional’s Convention
Enhance your HR skills by attending our insightful webinars in November
Webinars on how to investigate misconduct and address poor performance
Bad-debt relief for tax purposes is possible without legal proceedings
The two core components that must be met to claim a bad-debt write-off from Sars
Tax change may increase the real cost of debt for credit providers
Companies that incur finance charges should also take note of a recent court case regarding the tax treatment of related or similar finance charges.
Important expenses not factored into the medium-term budget
A major concern is the contingent liability guarantees of municipalities and some of the state-owned enterprises.
Trusts under the magnifying glass of local and international financial watchdogs
If a trust is not valid, the trustees can be held personally liable for any taxes related to the trust activities.
More clarity required for an efficient voluntary disclosure programme
The South African Revenue Service (Sars) collected an additional R3 billion through its voluntary disclosure programme (VDP) and prevented tax leakage of another R865 million during the 2021 tax year. However, the latest […]
Sars ruling highlights need to understand implications of investing in hybrid offshore pension products
South Africans are increasingly mobile, either working abroad, staying abroad for extended periods, or opting to retire outside of South Africa. This has increased the focus on foreign pension products because South African […]
Limitation on set-off of assessed losses may increase companies’ cash-flow burden
The limitation on companies setting off any assessed losses against taxable income is about to hit home. Companies that are making a loss will have to find the cash to pay tax on […]
Failure to update tax law is bad news for employees trying to claim home office expenses
Many taxpayers will again hit a wall when trying to claim any home office expenses during the current tax filing season, despite having worked mainly from home since the start of the Covid-19 […]
Taxpayers are losing out in disputes with Sars by not going to the Tax Ombud sooner
The imbalance between the South African Revenue Service (Sars) and taxpayers, particularly when it comes to the dispute resolution process, remains a major concern for the Office of the Tax Ombud (OTO). Some […]
How to increase the likelihood that your objection to a tax assessment will succeed
Benjamin Franklin said, “diligence is the mother of good luck”, and that is exactly what is required when drafting an objection to an assessment or additional assessment issued by the South African Revenue […]
