The latest Tax Practitioner newsletter (issue 24) has been published and deals with emergency tax relief measures, how to claim donations made to the Solidarity Fund, dispute resolution for PAYE penalties and turn-around times for verifications, risks of using unregistered individuals posing as tax practitioners and SARS’s new self-help SMS service for taxpayers.
On 30 August 2021 SARS issued the 16th issue of its Guide on Income Tax and the Individual, which provides for the latest tax amendments. The guide specifically relates to the 2021 year of assessment of individuals, which ended on 28 February 2021.
The word “cryptocurrency” was replaced with “crypto asset” in section 1 of the Income Tax Act
SARS has issued the general guide providing an overview of the most significant tax legislation administered in SA, including inter alia, the Customs and Excise Act, Disaster Management Tax Relief Act, Employment Tax Incentive Act, Estate Duty Act, Income Tax Act, Securities Transfer Tax Act, Tax Administration Act, Transfer Duty Act and VAT Act etc.
Peri Formwork (Pty) Ltd (“Peri”) appealed the decision of the Tax Court finding that a 10% penalty imposed by SARS for late payment of employees’ tax was correctly imposed and that no reasonable grounds existed for making the late payment. The High Court upheld the appeal.
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