The Personal Income Tax Insolvency page on the SARS website has been updated. The webpage now provides information on when an individual is regarded as insolvent, what the effect of sequestration is and identifies who would be responsible for the tax affairs of an insolvent estate.
This draft guide provides general guidance on the approval of small business funding entities under section 30C, and taxation under section 10(1)(cQ). An entity will enjoy preferential tax treatment under section 10(1)(cQ) if it is granted approval by the Commissioner and if it continues to comply with the relevant prescribed requirements as set out in the Income Tax Act.
SARS has issued an alert stating that a once-off penalty will be imposed for late submission of Personal Income Tax returns where a taxpayer responded to an auto assessment after SARS has issued an original assessment based on an estimate.
SARS has published the draft interpretation note in respect of the “funding” requirement for associations for a second round of public comment. Comments should be submitted before 5 November 2021.
SARS has answered the frequently asked question: “What is the difference between a verification and an audit?”
This website uses cookies.
Some of these cookies are necessary, while others help us analyse our traffic, serve advertising and deliver customised experiences for you.
For more information on the cookies we use, please refer to our Privacy Policy.
This website cannot function properly without these cookies.
Analytical cookies help us enhance our website by collecting information on its usage.
We use marketing cookies to increase the relevancy of our advertising campaigns.