November 2021

We would like to bring to your attention the following important notice issued by SARS. THE NEW PENALTY RULE FOR NON-COMPLIANT TAXPAYERS In line with the South African Revenue Service’s (SARS) strategic objective of making non-compliance hard and costly, it is imperative that SARS enhances its ability to impose administrative penalties in a more responsive […]

Since 2001, taxpayers in South Africa have been liable for Capital Gains Tax (CGT) on profits (capital gains) arising from the disposal of assets – at a hefty 18% for individuals. There is a less well-known specific exclusion to the CGT payable on the disposal of a small business or its active business assets that

For taxpayers who have been auto-assessed by SARS, the 23 November deadline to accept or edit the return/auto-assessment result is less than three short weeks away. Failing to accept or edit the return by the deadline; or simply accepting the result of an auto-assessment on the assumption that SARS must be correct; or submitting an