Taxation

Our taxation department utilizes leading edge software to administer and track your tax affairs. The legal requirements and potential pitfalls are becoming more and more onerous and the potential penalties more harsh.

Corporate tax

Corporate tax returns are due to be submitted within 60 days of an entities fiscal year end. From a practical point of view this may not always be possible. Our tax department will arrange the necessary extension for submission of the return, timeous completion and submission of the return and completion of necessary schedules. We can also advise on any potential pitfalls which may be awaiting one.

Individual tax

Individual tax returns are due to be submitted at a date promulgated by SARS every year. This date normally occurs sometime in June or July of each year. From a practical point of view this may not always be possible. Our tax department will arrange the necessary extension for submission of the return, timeous completion and submission of the return and completion of necessary schedules. We can also advise on any potential pitfalls which may be awaiting one.

Trust tax

Trust tax returns are due to be submitted at a date promulgated by SARS every year. This date normally occurs sometime in June or July of each year. From a practical point of view this may not always be possible. Our tax department will arrange the necessary extension for submission of the return, timeous completion and submission of the return and completion of necessary schedules. We can also advise on any potential pitfalls which may be awaiting one.

Capital gains tax and valuations

Capital gains tax or CGT is somewhat of a misnomer as the Capital Gains legislation does not prescribe a capital gains tax, but an amount of a capital gain which must be added to ones income before calculating the taxes payable.

Different types of taxpayer therefore pay different effective rates of tax upon capital gains. CGT Effective Rates.

The effective date of CGT was 1 October 2001 and all assets, which include shares in private companies and members interests in close corporations, must have a base cost at that date. Various methods of arriving at a base cost have been defined and the taxpayer may elect to use any one of them.

However the method of "Open market value" as at 1 October 2001 may only be utilized if the valuation is carried out by no later than 30 September 2003. Should the valuation not be carried out before then this method of establishing the base cost will not be allowed?

We can assist you in valuing your private entity shares or members interest so that you do not lose this method of establishing the base cost of an asset.