by Tony Davey | Sep 14, 2020 | Davey's Locker
Access upon emigration National Treasury has issued a draft Explanatory Memorandum on the Draft Taxation Laws Amendment Bill 2020, dated 31 July 2020. Under para 1.4 of the Explanatory Memorandum, the proposal is made to amend the definitions of a ‘pension...
by Tony Davey | Sep 9, 2020 | Davey's Locker
In 180 TSH 2018 I referred to what I described as a sui generis exception to s 7C of the Income Tax Act (deemed donation of non-charging of official rate of interest), namely a loan advance or credit in circumstances in which trustees vest an amount in a trust...
by Tony Davey | Jul 10, 2020 | Davey's Locker
Tax Ombud’s report 2020 Tucked away in point 38.2 of the sixty-one-page Report and occupying only a half-page is, in my experience of the tax dispute-resolution process, a valuable finding and recommendation by the Tax Ombud, on non-meritorious additional assessments:...
by Tony Davey | Jun 10, 2020 | Davey's Locker
Recent case In circumstances in which a taxpayer fails to pay a ‘tax debt’ (defined in s 1 read with s 169(1) of the Tax Administration Act as being an amount due or payable to SARS), a senior SARS official may, under s 179, issue a notice to a third party holding a...
by Tony Davey | May 3, 2020 | Davey's Locker
National Treasury, on 1 May 2020, issued an explanatory memorandum on the revised draft Disaster Management Tax Relief Bill, 2020 which, amongst other things, addresses a proposed increase in the living annuity commutation threshold. This is a draft Bill which is yet...
by Tony Davey | Apr 15, 2020 | Davey's Locker
Living annuity Generally a living annuity (as distinct from a conventional life annuity, under which a fixed rate of return for life is contractually agreed) is a compulsory purchased investment from a financial institution with a minimum two-thirds of a retirement...
