Section 10(1)(e)(i) of the Income Tax Act states the first requirement for tax compliance which consequently gives rise to the need for a Body Corporate, a Share Block scheme and Association of people to register as a taxpayer. A body corporate automatically receives exempt income status in terms of these sections, but a home owners’ association needs to apply for exemption.
As a relief measure, during the Covid-19 pandemic, the South African Revenue Service (hereafter SARS) has announced that the tax filing season has been postponed to the 1st of September 2020, and is not opening on the 1st of July 2020.
Feeling overloaded with all the Covid-19 information? For a break-down of the latest Covid-19 tax and financial relief measures, what it entails and how to make use thereof, read our article.
As a follow-up to our January article, (find the newsletter here: https://www.fhbc.co.za/2020/01/06/does-your-business-qualify-as-a-small-business-corporation-according-to-sars/) we determine whether a Personal Service Provider is able to make use of the tax benefits of a Small Business entity.
Are you aware of the requirements that need to be met by your business, in order to qualify for the “Small Business Relief” benefit? Our article assists you to determine if your company qualifies as a Small Business Corporation.
We’ve made it! Another year has gone by and most of us are ready to get into the holiday spirit, but before we wrap things up, let us have a look at our 2019’s tax topics.
Non-profit organisations have many forms and different variations (each with its own set of rules). The main topics mentioned in the article includes the requirements which must be met in order to qualify as a public benefit organisation, the difference between a public benefit organisation and an association, as well as the deductibility of certain donations made to public benefit organisations.
Are you curious about what the Naspers unbundling transaction is actually about? Are you perhaps a Naspers or Prosus shareholder? If you answered yes to one of these questions, please read further. This article can be seen as a summary of what the transformation, which Naspers is currently going through, actually entails. It also serves as a break-down of the different tax consequences for Naspers shareholders.
“Education is the most powerful weapon we can use to change the world.” Nelson Mandela
When it comes to bursaries, scholarships and study loans, the Income Tax Act 58 of 1962, makes provision for a tax-free benefit, to help employees save money, with regards to basic/higher education. In this article we list the statutory requirements.
This article aims to clarify what the newly announced and increased R500,000 threshold means, providing the prerequisites thereof as well as giving an overview of the 2019 filing season.
