When a taxpayer disposes of property by way of a donation, a donations tax will be levied on the value of property disposed. This donations tax is levied at a rate of 20% on the value of the property donated and payable to the Commissioner within three months or a period that the SARS Commissioner…
Category: Tax Tips & Advice For You & Your Business
Medical Tax Credits
Medical tax credits came into effect on the 1st of March 2012 and replace the medical scheme contribution deduction. This was introduced to achieve great equality in the treatment of medical expenses across income groups in taxpayers below the age of 65. The difference is that the medical tax credit will not be allowed as…
Taxpayers Married in Community of Property
One of the many reasons that people may need an accountant is to assist with ante nuptial contracts and community of property negotiations. The ‘half is yours, half is mine’ form of marriage is a popular approach to nuptials; however both parties should always ensure that they understand the advantages and disadvantages of choosing this…
Business Mileage
Most of us use our personal vehicle for business purposes, it is therefore important to log the total distances travelled for all for business trips in order to claim back these expenses. What can you claim? The income tax system allows taxpayers who receive a travel allowance to claim a deduction for the use of…
How Can A Trust Help Protect Against CGT (Capital Gains Tax)?
Professional Accountant, Gavin Bacon discusses the benefits – and shortfalls – of having your assets in a Trust in terms of Capital Gains Tax. Well to be honest it can’t really – especially if you want to put your residential property into a trust. The main reason for setting up a trust is to protect…
