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Panel Discussion: Decoding the 2025 Budget Speech

Date: 26 February 2025 | Location: Online webinar – link will be sent to registrants

Join us for our annual online panel discussion as our expert panellists set to work decoding the 2025 national budget from a legal, tax, accounting, fiduciary, and compliance perspective and discuss the implications it holds for individuals, trusts, and companies. 

Event Details
Date: 26 February 2025
Start Time: 26 February 2025 03:00 PM
End Time: 26 February 2025 04:00 PM

Panel Discussion: Decoding the 2025 Budget Speech

Date: 26 February 2025 | Location: Online webinar – link will be sent to registrants

Join us for our annual online panel discussion as our expert panellists set to work decoding the 2025 national budget from a legal, tax, accounting, fiduciary, and compliance perspective and discuss the implications it holds for individuals, trusts, and companies. 

Event Details
Date: 26 February 2025
Start Time: 26 February 2025 03:00 PM
End Time: 26 February 2025 04:00 PM

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Filter: Tax
The taxes applicable to a deceased estate

29 May 2024,  André van NiekerkTebello Setleko

When a person passes, their estate must be reported to SARS and so becomes a new taxpayer with various taxes... applicable. If the deceased had foreign assets, international taxes may also apply. The executor of the deceased estate is responsible for handling all tax matters related to the deceased estate, which can become quite complex, depending on the nature of the estate. In this article, we look at some of the most important taxes applicable to a deceased estate.

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Article
Three’s a crowd? SARS, Trusts and Beneficial Ownership

22 April 2024,  Dr Candice ReyndersElani Volschenk

The General Laws Amendment Act 22 of 2022 (“Amendment Act”) promulgated as part of legislative framework changes by South Africa... to curb money laundering, has introduced key changes to the trust environment, requiring extensive beneficial ownership and other reporting by trusts. SARS is also aligning its tax and data collection imperative with these changes by requiring similar reporting as part of trust tax submissions. In this article, we review the impact of these changes on trusts.

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Article
Is the trust dead? Long live the trust!

22 April 2024,  André van NiekerkDr Candice Reynders

Many clients, when we suggest using a trust for their estate or corporate structuring, enquire whether a trust is still... a safe option to consider. This question likely stems from the negative publicity trusts have received over the last few years, along with the high taxation imposed by SARS. However, our answer is always the same, if used correctly and for the right purpose, then 'Yes’, a trust is still a good option to be considered. In this article, we explain why we still consider a trust to be relevant.

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706
Article
Why a clean donation can have sticky consequences

21 February 2024,  Dr Candice Reynders

A donation, made with the best of intent, may still land you in ‘hot’ water with SARS. In this article,... we explain why a donation could result in donations tax being payable to SARS and when and how this could happen.

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Article
New SARS beneficial ownership disclosures when filing your trust tax returns

29 November 2023,  Elani Volschenk

Trustees should take note of additional requirements relating to the filing of provisional Trust tax returns in January 2024 as... SARS climbs on the beneficial ownership reporting train.

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Article
Tread carefully when considering debt-to-equity restructuring

26 July 2023,  Dr Candice Reynders

Converting or exchanging debt that is owed by a company into shares in that same company has long been used... as a debt restructuring tool. There are, however, very fine lines that surround this solution and it needs to be structured correctly to ensure that no unintended tax consequences arise. In this article, we briefly highlight a few considerations in relation to such restructuring.

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Article
Important notice for trustees: Enhanced requirements for filing tax returns with SARS

03 July 2023,  Elani Volschenk

With the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022 (“Amendment Act”) having come into... full effect on 1 April 2023, SARS has updated its Income Tax Return Wizard system to enable SARS to intensely verify the information submitted during tax return season.

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Article
When two become one, there are tax benefits

15 July 2022,  Dr Candice Reynders

When dealing with mergers and acquisitions, the one question that always arises is what tax relief, if any, exists for... companies that are contemplating a merger?

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Article
Why your commercial transaction may need to be reported to SARS

08 June 2022,  Luhann Prinsloo

Commercial transactions can often involve a range of corporate structuring which in turn could have tax implications for participants. With... all the focus on getting the deal done, often participants forget that a tax benefit a participant derives from the commercial arrangement may need to be disclosed to SARS. 

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Article
Accounting and taxation of your offshore investments: are you doing it right?

27 April 2022,  Tanya Strauss

In these unprecedented times, the old saying that nothing is certain except death and taxes, feels truer than ever. This... is particularly the case for taxes of South African residents given the South African Revenue Services’ renewed focus and energy, displayed in the establishment of its Unit for High-Net-Worth Individuals.

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Blog
Using S42 to restructure your company tax efficiently

28 March 2022,  Dr Candice Reynders

Don’t let the fear of tax consequences make you hesitant to consider important changes to your company structure. Clients are... generally not aware of section 42 of the Income Tax Act and the roll-over relief it can provide when assets are exchanged for shares in a company – a section 42 asset-for-share transaction as it’s commonly referred to. 

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Blog
2022 Budget speech: the most important tax changes you should know about

24 February 2022,  Johnny Davis

“Now is not the time to increase taxes and put the recovery at risk! Accordingly, we have decided to keep... money in the pockets of South Africans”.Finance Minister Enoch Godongwana’s budget speech on Wednesday brought welcome news to South Africans from a tax perspective, with the ongoing impact of the Covid-19 pandemic and the resulting financial strain that most South Africans are struggling with being the reason for the most significant tax changes implemented.The most important tax proposals and amendments tabled, are as follows:1. Personal Income TaxThe personal income tax brackets and rebates will be adjusted by 4.5%, in line with inflation. This allows for above-inflation increases in tax brackets, effectively decreasing personal income tax rates. Here is a summary of the tax rates applicable from 01 March 2022 to 28 February 2023: Taxable income (R) Rates of tax (R)  1 – 226 000 18% of taxable income  226 001 – 353 100 40 680 + 26% of taxable income above 226 000  353 101 – 488 700 73 726 + 31% of taxable income above 353 100  488 701– 641 400 115 762 + 36% of taxable income above 488 700  641 401 – 817 600 170 734 + 39% of taxable income above 641 400  817 601 – 1 731 600 239 452 + 41% of taxable income above 817 600  1 731 601 and above 614 192 + 45% of taxable income above 1 731 600  Medical tax credits will increase from R332 to R347 per month for the first two members, and from R224 to R234 per month for additional members. 2. Employment tax incentiveThe employment tax incentive will be expanded through a 50% increase in the maximum monthly value, to R1 500.3. Corporate TaxMinister Godongwana correctly stated that “restructuring the corporate income tax system is an important part of our efforts to create a conducive environment for businesses to grow, increase investment and employ more people.”As alluded to in the 2021 budget, the corporate tax rate is to reduce to 27% for tax years ending on or after 31 March 2023.The following rates remained unchanged; VAT at 15% Dividends withholdings tax at 20%  All inclusion rates for Capital Gains Tax (CGT)  Interest and royalty withholding tax rates at 15%   4. Excise duties  Excise duties on alcohol and tobacco will increase by between 4.5% and 6.5%.5. Fuel LeviesTo provide some relief to households, no increases will be made to the general fuel levy on petrol and diesel for 2022/23.6. Retirement reformMinister Godongwana announced that draft legislation that proposes partial access to retirement funds, while encouraging a preservation of a bulk of individual retirement savings, will be published by mid-year.“Government has also proposed a fundamental restructuring of the retirement system for individuals to allow for greater preservation and partial access to funds through a 'two-pot' system.“Part of this proposal includes the possibility of short-term access, which would be dependent on the approval by trustees of each fund,” he stated.Overall, the 2022 Budget Speech focused on collective participation and buy-in that will enable South Africa to steer the ship in the right direction. Though as Minister Godongwana reminds us, “a swallow does not a summer make”. The journey to recovery may still be long, but it seems as though we are off to a good start.As soon as the new financial year starts, we will keep a close eye on exactly how these changes are implemented and bwill further advise on how this may affect you. Watch this space!

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