Corporate Income Tax: Verification of Income Tax returns
Effective from 16 September 2022 the South African Revenue Service (SARS) discontinued the requirement to submit an IT14SD when a corporate tax return (ITR14) is identified for a verification. The IT14SD was consequently replaced with a letter requesting relevant supporting documents based on the reason for verification of the ITR14. What does this mean? […]
Trust developments in 2023, almost more changes than the interest rate
The operation of trusts in South Africa and the roles and responsibilities of trustees underwent a wide variety of changes from various sources this year. The changes place additional responsibilities and obligations on trustees and their roles in the administration of a trust. The changes can also pose significant risks for trustees if they fail […]
Trustverwikkelinge in 2023, byna meer veranderinge as die rentekoers
Die werking van trusts in Suid-Afrika en die rolle en verantwoordelikhede van trustees het die jaar ‘n wye verskeidenheid veranderinge vanuit verskeie oorde ondergaan. Die veranderinge plaas addisionele verantwoordelikhede en verpligtinge op trustees en hul rolle in die administrasie van ‘n trust. Die veranderinge kan ook wesenlike risiko’s vir trustees inhou indien hulle versuim om […]
Enhancements to the Tax Compliance Status process and externalising funds abroad
On 24 April 2023 the South African Revenue Service (SARS) announced enhancements to the Tax Compliance Status (TCS) process with immediate effect. The changes apply to persons (resident or non-resident) requesting their Tax Compliance Status certificates from SARS in order to externalise funds abroad. The new, more comprehensive TCS process, now features a new dynamic […]
Voorwoord
Beste Leser Met die halfpadmerk van die jaar wat ons vinnig nader, veg Suid-Afrika verbete voort teen die langtermyn sosio-ekonomiese stormwinde. Tesame met die internasionale manifestasie van tendense soos klimaatsverandering, tegnologiese ontwrigting, demografiese verskuiwings en sosiale onstabiliteit, deurstaan Suid- Afrikaners ook die storm van beurtkrag, die agteruitgang van ons vervoerinfrastruktuur, stygende rentekoerse en die onlangse […]
Foreword
Dear reader As we are almost nearing the halfway mark of this year, South Africa continues to grapple against the country’s long-term social economic headwinds. Together with international manifestation of trends such as climate change, technological disruptions, demographic shifts and social instability, South Africans are also weathering the storm of load-shedding, the deterioration of our […]
ASL Staff News
We say farewell to Frances Burger The joy of children’s feet in the house and the prospect of a second baby on the horizon, Frances made the decision to take a step back from her professional career to give her fulltime attention to her family and invest more quality time in their children. After almost […]
ASL Personeelnuus
Ons sê totsiens aan Frances Burger Die vreugde van klein kindervoetjies in die huis en die vooruitsig van ‘n tweede baba op die horison, het Frances die besluit laat neem om ‘n tree terug te tree van haar professionele loopbaan om haar voltydse aandag op haar gesin toe te spits en meer kwaliteittyd in haar […]
Embracing Xero
We would like to draw your attention to Xero, a powerful accounting software package designed specifically for small and medium- sized businesses. Xero is a cloud-based platform that simplifies your accounting processes, improves your financial management, and saves you time and money.Here are some of the key benefits of using Xero for Small andMedium-sized Enterprises […]
New tax reporting obligations of trusts
A strong theme emerging from the South African Revenue Service (SARS) and National Treasury for the 2024 financial year, is that of reporting and trusts are not left behind. Beneficial ownership To comply with the Financial Action Task Force (FATF) requirements, SARS aims to record all beneficial owners of newly registered Trusts. SARS’s online query […]