June 13, 2017

The Basics of Estate Duty

The Basics of Estate Duty When a person dies, they leave behind an estate which includes everything they own. Estate Duty is payable on the estate of every person who dies and whose nett estate is in excess of R3,5 million. It is charged at the rate of 20%. Currently, SARS is responsible for collecting the Estate […]
October 20, 2016

Can SARS re-assess a tax return several years old?

Can SARS re-assess a tax return several years old? Imagine the following scenario: a taxpayer named Andrew is on his annual vacation for four weeks. On the fifth day of his vacation, he is lying carefree in the sun with his toes wiggled into the warm beach sand.  A thought crosses his mind: perhaps he […]
August 25, 2016

Transfer of a property: Is VAT or transfer duty payable?

Transfer of a property: Is VAT or transfer duty payable? A purchaser is responsible for payment of transfer cost when acquiring an immovable property, but it should further be established if the transaction is subject to the payment of VAT or transfer duty to SARS. When an immovable property is transferred, either VAT or transfer […]
July 26, 2016

Provisional tax for individuals: Did you know?

Provisional tax for individuals: Did you know? Provisional tax is not a separate type of tax but pre-payments on income tax for a specific tax year. The aim of provisional tax payments is to help taxpayers to fulfil their tax responsibilities by spreading tax payments over a tax year. After SARS has assessed a taxpayer […]

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