Newtons

Category: Tax

  • Explanatory Notes On Further COVID-19 Tax Measures

    1 INCREASE IN THE EXPANDED EMPLOYMENT TAX INCENTIVE AMOUNT ALLOWABLEI. BACKGROUND The first tax measures announced by the Minister on 29 March 2020 and included in the 2020 Draft Disaster Management Tax Relief Bill and 2020 Draft Disaster Management Tax Relief Administration Bill published for public comment on 1 April 2020 made provision for the…

  • Belastingbeplanning: Minder ja, maar nie niks nie

    Belastingbeplanning is noodsaaklik om te verseker dat jou welverdiende Rande, binne alle wette en regulasies van die Suid-Afrikaanse Inkomstediens en die Inkomstebelastingwet, te rek vir die nabye toekoms maar ook vir jou goue jare. Dit is ‘n gegewe dat almal iewers belasting sal betaal, ongeag hoe haarfyn jou beplanning is. Daar is ‘n diverse verskeidenheid…

  • Rating formula for farming income

    The Income Tax Act[1] provides for a natural person who derives income from farming operations to elect (within three months after a year of assessment) to be subject to tax according to a rating formula, instead of the normal income tax tables. The reason for this option is the (sometimes) abnormal and unpredictable way in…

  • Is there tax on gift cards?

    The Cape Town Tax Court delivered a judgement on 17 April 2019 on the timing of income tax in relation to gift cards issued by a retailer.[1] Here, the taxpayer “sold” gift cards to its customers to be redeemed at any of the taxpayer’s stores. The question under consideration was whether the revenue from the…

  • Section 7C: What is it all about?

    Section 7C of the Income Tax Act, No 58 of 1962 (the Act), was enacted effective 1 March 2017 and serves as an anti-avoidance measure aimed at curbing the tax-free transfer of wealth to trusts through the use of low interest or interest-free loans, advances or credits. The Explanatory Memorandum on the Taxation Laws Amendment…

  • 2019 Tax legislative amendment

    The 2019 tax legislation amendment cycle commenced on 25 June, when National Treasury issued the initial batch of the Draft Taxation Laws Amendment Bill which covers specific provisions that require further consultation. National Treasury will be publishing the full text of the 2019 Draft Taxation Laws Amendment Bill for public comment in mid-July 2019. One…

  • Belasting op buitelandse indiensnemingsinkomstes

    Agtergrond Artikel 10(1)(o)(ii) bied verligting aan belastingbetalers deur nie op buitelandse indiensnemingsinkomste (“employment income”) belas te word nie aangesien die buitelandse maatskappy reeds LBS / belasting op daardie inkomste aftrek. Daar is egter sommige lande waar hul eie belastingwette bepaal dat geen belasting op buitelandse indiensnemingsinkomste afgetrek word nie. Die effek daarvan is dat sekere…

  • Calculating your foreign currency capital gain

    With the fast approaching 2019 tax season, taxpayers who have realised a capital gain in a foreign currency should take note of the special rules that apply to the translation of those gains to Rand. Generally, there are two ways of translating a capital gain or loss into Rand – a “simple method” and a…

  • Deduction for photovoltaic solar energy plants

    Section 12B(1) and (2) of the Income Tax Act[1] provides for a 50/30/20 income tax deduction in respect of certain machinery or plant owned by the taxpayer and which was or is brought into use for the first time by that taxpayer, for the purpose of his or her trade to be used by that…

  • Jou lewende hawe voer Jan Taks

    Die gesegde lui, daar is net twee dinge in die lewe wat seker is: die dood en belasting. Die twee loop dikwels hand-aan-hand en beide is (ongelukkig) onafwendbaar. Die wysiging van artikel 9HA van die Inkomstebelastingwet, Nr. 58 van 1962 (“die Wet”) het ’n negatiewe implikasie vir enige boer wat ’n vorm van lewende hawe…

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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