Newtons

Category: Tax legislation

  • Zero Rated VAT: Exports and Services to Foreigners

    It is often confusing to determine when to charge Value Added Tax (VAT) on goods or services at zero rate (0%) instead of the standard rate of 14%. Below are some basic examples to illustrate the charging of the correct rate by South African VAT vendors. These are general illustrations and it is prudent to…

  • Taxation of Trusts

    In the budget speech during February 2013 the minister of finance mentioned that the taxation of trusts will come under review to control abuse. In the 2013 budget review published by National Treasury the following was said regarding the taxation of trusts. To curtail tax avoidance associated with trusts, government is proposing several legislative measures…

  • SARS 2015 Employer Interim Reconciliation

    The SARS Interim PAYE Reconciliation submission season opened on 1 September 2014 and employers must submit their 6 month PAYE,SDL and UIF reconciliation for the period 201408 by 31 October. The submission must include IRP5/IT3(a) tax certificates for the period 01 March 2014 to 31 August 2014. No manual submissions will be accepted from 25…

  • The validity of tax invoices: It is your responsibility

    The audits of Value-Added Tax (VAT) returns by the South African Revenue Service (SARS), have increased the focus on the validity of tax invoices for the purposes of VAT. A VAT vendor submitting VAT returns is responsible for ensuring that all invoices included in the returns comply with the relevant legislation. If valid tax invoices…

  • Proof required for income tax returns: Individuals

    Following the conclusion of the tax year on 28 February 2014 documents are issued to you that must be retained for tax purposes.  The following documents should, if applicable, be submitted to the accountant who completes your tax return and should be available if the South African Revenue Service (SARS) requests them: 1.  IRP5 and…

  • Assessed tax losses

    We all want to save tax and use every opportunity to utilise our losses in accordance with the income tax act. When can we carry forward these losses and what does the Act say? Section 20 of the Income Tax Act, 1962 (ITA). Set-off of assessed losses.—(1) For the purpose of determining the taxable income…

  • Capital gains tax on donations and bequests

    Paragraph 12(5) of the Eighth Schedule to the Income Tax Act was scrapped on 1 January 2013 and replaced with a new paragraph 12(A) which, in certain circumstances, provides relief on the payment of capital gains tax when debt is written off. These new provisions came into effect on 1 March 2013. In terms of…

  • Proof required for Income Tax Returns: Individuals

    Following the conclusion of the tax year on 28 February 2014 documents are issued to you that must be retained for tax purposes. The following documents should, if applicable, be submitted to the accountant who completes your tax return and should be available if the South African Revenue Service (SARS) requests them: 1. IRP5 and…

  • How does the new Employment Tax Incentive (ETI) work?

    What is ETI? ETI is a tax concession made to encourage employers to hire young people with no work experience. The employer may claim the ETI from the South African Revenue Service (SARS) by reducing the amount to be paid over in terms of PAYE by the total ETI calculated  on the basis of qualifying…

  • Tax Administration Act 2011

    The following are extracts from the SHORT GUIDE TO THE TAX ADMINISTRATION ACT, 2011  regarding records that are to be kept in terms of the Act.   Record retention: The duty to keep records This Act imposes a duty on a person to retain the records, books of account or documents needed to comply with…

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IC Marais

Professional experience:

IC Marais is a certified CA (SA) with public sector and private sector technical knowledge based on 5 years’ Public Sector accounting, auditing and financial management experience and 5 years audit, tax and accounting experience. Detailed knowledge of private and public sector accounting and auditing standards (GRAP, IPSAS, IFRS, IAS, ISA) and public sector financial legislation (MFMA, etc.)

He enjoys the outdoors, hunting and fishing.

ic@newtons-sa.co.za

SCHALK GOUWS

Professional experience:

In 1995, Schalk started as a trainee at Warner and Newton (which became Moores Rowland in 1997 and then Mazars Moores Rowland in 2007) in Bloemfontein. In 1998, Schalk was appointed as manager at Moores Rowland, where he became a partner in 2003. Schalk received his Postgraduate Certificate in Advanced Taxation in 2006 and in 2009 he received his Certificate in the Administration of Estates.

schalk@newtons-sa.co.za

CEDRIC PETERSON

Professional experience:

Cedric started as a trainee at Warner and Newton (which became Moores Rowland in 1997 and Mazars Moores Rowland in 2007), Bloemfontein, in 1986. After completion of his articles, he joined the Special Investigations Division of the Department of Finance (SA Revenue Services) as a senior inspector from 1990 to 1991.

cedric@newtons-sa.co.za

LUCHA GREYLING

Professional experience:

Lucha started her career as a tax inspector at the Inland Revenue Department of New Zealand. After this she worked in commerce in Canada, Mexico and the United States.

On her return to South Africa, she completed her CA training contract with us and has been with Newtons ever since. She became a Partner in 2012.

Apart from her CA(SA) qualification she also holds a postgraduate certificate in Advanced Taxation (2005) and has the overall responsibility for training as our Training Officer.

lucha@newtons-sa.co.za