Donations tax – Draft SARS binding general ruling
SARS has recently issued a draft binding general ruling on the two-tier donations tax regime (see the Monthly Listing). Dual rate of donations tax An amendment came into operation on 1 March 2018, to the effect that a 20% rate applies to the aggregate value of...
Excess contributions to provident funds
Relief coming soon In circumstances in which annual tax-deduction limits to retirement fund contributions are exceeded, a taxpayer may carry forward the nondeductible portion to the following tax year, under s 11F of the Income Tax Act. Ultimately, upon retirement,...
Provident fund annuitisation revisited
Tax harmonisation of retirement fund contributions As from 1 March 2016, all contributions to retirement funds (pension, provident and retirement annuity funds) are treated similarly for tax-deduction purposes, under s 11F of the Income Tax Act. The tax-deduction...
Soft loans to nonresident trusts revisited
And more on s 7C of the Income Tax Act In 168 TSH 2017, I examined the interaction between the various sections of the Income Tax Act pertaining to resident funders of nonresident trusts. It is time to revisit this topic. Attribution rules (s 7(8))Section 7(8)...
State-capture beneficiaries and tax
An Al Capone strategy better than problematical prosecution An Al Capone strategy better than problematical prosecution In 189 TSH 2018 I canvassed aspects of donations tax relevant to ‘state capture’. Now it is time to look at its income tax implications. SARS’s...
Emigration and retirement fund access
In my previous article ‘Foreign employment income amendments’ (192 tsh 2019), I focused on the tax tests allowing one to achieve nonresident status. The further issue arises of the ability of an emigrant to access his or her retirement funds, and the tax treatment of...
Adv. Anthony (Tony) Harding Davey
Editor
Tony is a co-author of Broomberg on Tax Strategy (Lexis Nexis). He is also the columnist for Costa Divaris’ (ex Silke on Income Tax) monthly tax newsletter as well as the South African contributing author to two international publications Planning and Administration of Offshore and Onshore Trusts (Bloomsbury Publishing Plc) and Tolley’s International Succession Laws (STEP). He appears as a guest tax adviser on Summit T.V. Prior to establishing the firm, Tony acted as General Counsel to three JSE-listed financial services companies. As a member (honorary Status Conferred in 2014) of the National Bar Council of SA (previously IAASA), Tony negotiates Alternate Dispute Resolution and litigates before the Tax Board and Court.