Death Is Unavoidable, But Estate Taxes Can Be Planned For
Estate duty is one of those taxes that many people know about in theory, but very few actively plan for. It only becomes real when a loved one passes away and the estate is wound up, often revealing how much value quietly leaks away to taxes, fees, and avoidable inefficiencies. The reality, however, is that […]
How trusts preserve generational wealth
The estate duty savings are compounded over several generations ARTICLES ON trusts are often aimed at settlors or donors to highlight the benefit of trusts and the role they play in estate planning at the ‘first-generation’ level. In this article, the author aims to illustrate to second-generation beneficiaries the effect of the decisions their parents […]
VAT and the Export of Second-Hand Goods
When second-hand goods such as vehicles, machinery, or artworks are bought and exported from South Africa, the VAT implications depend on several factors, in particular, whether notional input tax has been claimed, and who is responsible for the export. Understanding these distinctions is critical for vendors and purchasers to ensure full compliance with the Value-Added […]
VAT treatment of irrecoverable debts
What happens to the VAT that was paid over to SARS? VENDORS OFTEN provide goods or services to clients on credit. In the current economic climate, clients are more likely to acquire goods or services on credit and may thereafter be unable to settle these debts. Other factors, for example disputes, may also result in […]
Capital Gains Tax Considerations for Retiring Small Business Owners
Retirement for small business owners is not simply a case of handing in your resignation letter and having a big party at which the company presents you with a gold watch. It often involves the not inconsiderable task of selling your business—particularly if there is no ‘heir apparent’ to take over the reins. And then […]
Ten Easy Ways to Save Tax
No fancy schemes, loopholes, or expensive lawyers required – and it’s all perfectly legal! Paying tax is a legal responsibility, but that doesn’t mean you can’t make the most of legal avenues to reduce your tax burden. SARS provides a number of tax-efficient strategies that individuals and businesses can use to reduce their taxable income. […]
The Gap Year: Adolescent Indulgence or a Valuable Life Experience?
Taking a year off after school may not put your child in the ‘pound seats’, but it could provide valuable life lessons. It seems like just yesterday your little darlings were in diapers. Now they’re finishing high school and talking about spending the next year overseas in order to “discover” themselves. Being the sensible parent […]
What to Do if You Owe SARS Money
Owing money to the South African Revenue Service (SARS) can be stressful, but don’t panic. By understanding your options and taking prompt action, you can resolve the issue and minimise the impact. This guide will equip you with the knowledge you need to navigate a tax debt situation. The importance of addressing tax debt Take […]
Tax and Retrenchment: A Potential Minefield
Retrenchment can be extremely taxing … in more ways than one! Being retrenched is a traumatic experience regardless of your place on the corporate totem pole. However, the stakes tend to be higher for more senior employees—not only in terms of the larger sums involved when it comes to separation packages, but also the significant […]