Retirement savings not immune to SARS tax collection orders, court rules
SARS can appoint third parties to deduct tax debts directly from retirement funds, overriding the protections under the Pension Funds Act.
#IncomeTaxAct
Videos
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
Treasury accepts most of the industry’s two-pot proposed amendments
Among other things, the revised Amendment Bill will clarify how funds should calculate seeding when provident fund members choose to join the system.
ASISA flags ‘problematic’ amendments to two-pot legislation
Funds made different calls on the conditions for the exclusion of provident preservation fund members and the seeding date for members who opt in.
Final legacy RA exemption conditions published
Commentators did not raise any significant concerns in their responses to the draft conditions, the FSCA says.
Dividend windfall for Coronation shareholders
The declaration follows the Constitutional Court’s ruling in the asset manager’s favour in a tax dispute with SARS.
FSCA publishes ‘two pots’ guidance for defined-benefit funds
If a fund cannot follow the standard allocation methods, it must apply for FSCA approval to use an alternative, reasonable method.
Tweaking needed to tighten anti-avoidance rules on loans to trusts
The draft Taxation Laws Amendment Bill addresses a critical anomaly in trust anti-avoidance legislation. By narrowing the transfer pricing exemption, the Bill ensures that only the correct portion of cross-border trust loans escapes double taxation.
SARS clarifies change to retirement fund contribution deduction
If a person’s year of assessment is less than 12 months, the allowable retirement contribution deduction will be applied pro rata.
Proposed conditions for legacy RAs to be exempted from two-pot system
Among other things, funds will have to show that participating in the two-pot system will negatively impact members’ benefits.
Important lessons from the Constitutional Court in the Coronation case
The departure point in determining whether a company qualifies for the foreign business establishment tax exemption is what it actually does.
Constitutional Court’s ruling in tax dispute a relief for SA multinationals
Coronation withdraws cautionary to shareholders following victory in litigation with SARS over the foreign business establishment tax exemption.
Stack up the evidence when claiming interest expenses
Taxpayers carrying on trade as an investment holding company should ensure they can demonstrate a high degree of involvement in the operations of the subsidiaries.
Social media firestorm: what went wrong and how Old Mutual is responding
Old Mutual provides context to the Molefi complaint, and how the group is planning to address the alleged non-payment.
Not understanding tax residency may result in significant tax liabilities
You can break tax residency via the SARS tax emigration process or annually via the application of a double taxation agreement.
Ruling sheds light on SARS’s application of section 12B tax incentive
Binding Class Ruling 88 provides guidance on what qualifies as a ‘generation asset’ and how the allowance applies to limited partners investing in solar PV energy assets.
Another amendment coming to curb tax avoidance when making an interest-free loan to a non-resident trust
The context to Treasury’s concern is where the arm’s length interest rate is lower than the official rate of interest.
Tax-smart giving: support education with section 18A amid funding challenges
Danielle Luwes, tax director at Hobbs Sinclair Advisory, provides clarity on the process and benefits of section 18A donations.
