In general, all registered companies must submit corporate income tax (“CIT”) returns within 12 months of the end of the company’s financial yea...
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2018-12-13
South African taxes are inherently complex and often involve interpretation, consulting and in exceptional cases, a fair amount of educated guessing o...
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2018-12-12
Persons are generally allowed to set off any losses incurred in respect of one trade against the income derived from another trade, thereby reducing t...
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2018-12-12
Voordat u jaarlikse opgawe voltooi word, is dit belangrik om seker te maak dat kontak-, adres-, bank- en openbare offisiersbesonderhede van die entite...
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2018-12-12
Section 20A of the Income Tax Act[1]ring-fences losses incurred by natural persons from certain trades under specific circumstances. If applicable, th...
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2018-12-12
Being selected for an audit and being selected for verification are two different processes. Verification: Once you have submitted your return, it c...
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2018-10-23
Since it is illegal to issue more than one tax invoice per taxable supply, and another tax invoice may not be issued to alter any consideration in res...
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2018-10-23
Debts, Income Tax Act, Credit risk
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2018-10-23
The Companies Act of South Africa (the Act) requires all companies to prepare financial statements within 6 months after the end of its financial year...
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2018-10-23
The Companies and Intellectual Property Commission (CIPC) has recently posted Notice 52 regarding the Extensible Business Reporting Language (XBRL) re...
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2018-09-07
For there to be an obligation for PAYE to be withheld is typically dependent on three elements being present. These elements are all defined in the Fo...
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2018-08-22
The South African Revenue Service (SARS) recently published a media release to clarify the confusion about the customs requirements for South African ...
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2018-08-22
With the 2018 tax-filing season for individuals in full swing, it is worthwhile looking at a common misconception regarding the determination of capit...
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2018-08-22
On 1 July 2018, the South African Revenue Service (‘SARS’) released a new version of its Service Charter. The release of the Service Charter has b...
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2018-08-22
There is a number of techniques that taxpayers use to reduce their capital gains tax (CGT) exposure on long-term share investments.
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2018-06-22
During the registration of a company or close corporation that entity acquires a legal personality. This legal personality comes to an end when the di...
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2018-06-22
Section 20A came into effect on 1 March 2018. This section deals with the ring-fencing provisions that prevent natural persons reducing their taxable...
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2018-06-22
In order to prevent fraud, the South African Revenue Service (“SARS”) requires confirmation of new or any changes to existing banking details and ...
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2018-06-22
The Seventh Schedule to the Income Tax Act lists various benefits that employers may grant to employees which will attract income tax for the employe...
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2018-04-18
The South African Revenue Service (“SARS”) implemented several changes to the annual income tax returns for companies (the ITR14) on 26 February 2...
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2018-04-18
On 21 February 2018, former Finance Minister, Malusi Gigaba announced National Treasury’s decision to increase the VAT rate from 14% to 15%, with ef...
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2018-04-18
We are glad to announce that we have signed an Association Agreement with Vision Insurance Group, and we are confident that this Association will incr...
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2018-04-18
As you are aware, the National Treasury announced an increase in Value Added Tax (VAT) from 14% to 15% effective 1 April 2018.
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2018-03-19
On 21 February 2018, Finance Minister Malusi Gigaba delivered the maiden budget speech. Following President Ramaphosa’s State of the Nation Address ...
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2018-02-22
Having a successful business means ensuring that it continues to grow. Without growth, your business will eventually run dry and stagnant. But with th...
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2018-02-19
A recent judgment of the Tax Court sitting in Pretoria highlighted yet again the very broad nature of the employment fringe benefit regime governed b...
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2018-02-19
Where a person borrows money to purchase shares, the general rule would be that the interest paid on the funds borrowed to fund that acquisition would...
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2018-02-19
It has become popular commercial practice for many employers to design employment incentive schemes whereby employees are remunerated for services ren...
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2018-02-19
Taxpayers may require SARS to issue them with a tax clearance certificate for various reasons. This includes a general confirmation that the relevant ...
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2017-12-14
The South African Revenue Service (“SARS”) recently issued a binding private ruling (“BPR”) in which the income tax consequences of expenditu...
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2017-12-14
When a registered VAT vendor sells a property, that transaction is subject to VAT and not to transfer duty. Where the purchaser of the property is it...
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2017-12-14
When it comes to looking after the welfare of a business, accounting tops the list as being the most important. Without proper accounting, a business ...
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2017-12-14
Of all the roles a small business owner takes on, often the most challenging is managing the business’s finances. You can improve your chances for s...
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2017-10-09
The latest annual nation budget presented in Parliament proposed the dividends tax rate to be increased with almost immediate effect from 15% to 20%. ...
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2017-10-09
It happens ever so often that a business would purchase goods, and subsequently apply those goods in a different manner than it had initially intended...
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2017-10-09
It is very important for you to plan your estate, which could include a living will, a last will and a living trust. This can help families prepare fo...
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2017-10-09
Payroll is typically the number one concern for many small business owners worried about getting it right. But it needn’t be difficult – here are ...
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2017-08-17
We previously reported on the introduction of section 7C of the Income Tax Act, 58 of 1962. In terms of this targeted anti-avoidance provision, Nation...
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2017-08-17
Many South African taxpayers earning a salary abroad have for many years been able to benefit from so-called “double non-taxation”. This would be ...
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2017-08-17
With the focus on skills development and job creation, the existing allowance for learnership agreements has been extended to all agreements entered i...
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2017-08-17
Ideally the candidate to appoint as financial manager must be qualified for the post in terms of sufficient knowledge and relevant experience. There i...
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2017-06-19
The KwaZulu-Natal High Court previously granted an application brought by Van der Merwe and others (acting as liquidators) requiring the Commissioner ...
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2017-06-19
The Trust Property Control Act 57 of 1988 defines a trustee as meaning “any person (including the founder of the trust) who acts as a trustee by vir...
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2017-06-19
It is an unfortunate reality that marriages may after many years end up in divorce. When this happens the parties either have to agree on how assets a...
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2017-06-19
With current day realities manifesting in ever increasing distances required to be travelled to get to an office, traffic congestion, etc.
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2017-04-12
Many would have noted reports in the national media that the Taxation Laws Amendment Act, 16 of 2016, was signed into law by President Zuma on 11 Janu...
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2017-04-12
The deductibility of interest for income tax purposes recently came under scrutiny in Mr X v CSARS, and specifically the application of SARS’ Pract...
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2017-04-12
It is very often the case that a company extends an interest free or low interest loan to a director. This manifests either as a true incentive or ben...
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2017-04-12
Some controversy surrounds one of the most significant amendments that would have been effected by the Taxation Laws Amendment Act, 25 of 2015, and th...
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2017-02-27
Employees’ remuneration packages are often comprised of more than only a monthly cash salary component. Many employees also receive various other be...
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2017-02-27
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 t...
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2017-02-27
We take out short term insurance for peace of mind. You pay your premiums regularly and feel safe because you know you are covered should any of your ...
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2017-02-27
On 10 Nov GA MacLachlan Inc held a golf day to celebrate our 20 years of excellence. We thank each and every client for your contribution to a very su...
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2016-12-06
Value-Added Tax, or VAT, is currently typically charged at 14% on all taxable supplies of goods or services rendered by registered VAT vendors. Taxabl...
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2016-12-06
In February 2015 the South Atlantic Jazz Festival (Pty) Ltd successfully appealed a judgment of the Tax Court to the Full Bench of the Western Cape Hi...
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2016-12-06
Owning a business requires careful succession planning and is part of your estate planning as you have to determine who will succeed you, or who will ...
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2016-12-06
Capital gains tax is somewhat of a misnomer in that it does not represent a tax in and of itself, but rather operates to include a portion of a person...
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2016-10-25
Many of our clients are not registered for provisional tax, nor are they required to be so registered. These non-provisional taxpayers should however...
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2016-10-25
The Companies Act, 71 of 2008, requires that the business and affairs of any company be managed by or under the direction of its board, which has the ...
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2016-10-25
Natural person taxpayers who earns a salary have very few items of expenditure available to them which they may deduct for income tax purposes (sectio...
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2016-10-25
As is the case every year, the Commissioner for SARS recently published the annual notice to officially ‘open’ the 2016 tax season. Individuals ar...
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2016-08-25
We have recently become aware of an increased level of audits being conducted by the South African Revenue Service in relation to taxpayers’ obligat...
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2016-08-25
National Treasury published its much anticipated proposed annual amendments to tax legislation earlier in July. This year the proposed amendments were...
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2016-08-25
Many taxpayers file their tax returns on an annual basis unaware thereof that they may be regarded as provisional taxpayers in terms of the Income Tax...
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2016-08-25
Retirement annuities are often misunderstood and many people, or their parents, have had bad experiences with tem in the past. This sentiment often re...
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2016-06-27
Many people dream of starting their own business. Few of the dreamers get as far as actually starting a business. Even fewer of the businesses surviv...
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2016-06-27
Alice recently lost her job. She is feeling very despondent since she has no income to provide for her family and cover her monthly expenses. She reca...
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2016-06-27
There are various circumstances in which a company (or close corporation) can become deregistered at the CIPC.
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2016-06-27
In the current economic climate effective management of your business's finances is more important than ever. The following tips will assist you i...
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2016-04-14
A company lending money to its directors may not be as simple a process as it may initially appear to be – not even in the case of so-called “one-...
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2016-04-14
Often people say wistfully “I wish I had my own business”. Some of them take it further and decide what kind of product or service they will offer...
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2016-04-14
When the economy is slow, small business owners struggle to survive, many for the first time. Financial problems consume valuable time and business re...
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2016-04-14
Provisional tax payments is not a separate tax but pre-payments of income tax for a specific tax year. These pre-payments ensure that the tax load is ...
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2016-04-01
Proposed tax changes by the Davis Tax Commission are threatening the taxation of trusts and people are starting to wonder if they should move assets o...
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2016-04-01
GA Mac Lachlan Inc

Office Hours: Mon - Thu 8am - 4:30pm
Fri 8am - 4pm
Telephone: 021 975 7735/6
Fax: 021 975 4652
Email: germac@maclachlan.co.za
Physical: Loumarie House 1st floor
Wellington Park, Wellington Road
Durbanville, 7550
Postal: PO Box 3052
Durbanville
7550

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