Newtons

Tag: SARS

  • Provisional TAX

    Provisional TAX What is provisional tax? Provisional tax is not a separate tax.  It is an estimate of tax for the first six months of the tax year payable in August and then an estimate of the tax payable for the year payable in February. In essence therefore paid after six months of the year…

  • Recent legislative changes relating to Trusts

    Important information relating to recent legislative changes relating to trusts There have been significant changes made to legislation that affect trusts of which all trustees should be aware of.  The majority of these came about after the recent grey-listing of South Africa by the Financial Action Task Force (FATF) and Treasury introduced measures to improve…

  • The facts on Provisional Tax

    The facts on Provisional Tax Understanding the ins and outs of taxes can seem daunting as an everyday taxpayer. It should not be a painstaking process to understand why your hard-earned money is allocated to certain taxes, and that is why we have taken it upon ourselves to explain some of the terminology and criteria.…

  • Tax compliance lives beyond death

    Tax compliance lives beyond death A deceased estate takes on a (tax) life of its own while being wound up I started my first job back in September 1987 at the tender age of 18, and approximately nine months later I received my very first income tax return from the Receiver of Revenue (as SARS…

  • Testamentary trusts still have their place

    How you can protect your assets from predators—including SARS Trusts have received a lot of bad press over the past few years, what with SARS taking a dim view of the use of trusts as a means of avoiding tax. A 2008 case involving a property trust, where the beneficiaries were changed in the hope…

  • Travel claims, but no allowance?

    For commission-earners and the self-employed, the rules are slightly different—but travel costs can be claimed. The common mistake that I make when writing articles about travel allowances is that I tend to forget that not all of us are ‘wage slaves’.  Indeed, there are many taxpayers for whom the saying, “If a man will not…

  • Deducting bond interest when using an access bond facility

    You can use a loan re-advance against your house to purchase a rental property, and get the interest allowed as a tax deduction – it just needs to be structured properly One of the questions most frequently asked is whether interest on a bond raised to purchase a rental property is deductible against the rent…

  • Submit your return on time, or face penalties

    Non-residents and earners of foreign income are also receiving extra attention this year The tax season for the 2022 tax year has just started, and it will be one of the shortest to date.  The period to submit tax returns opened on 1 July 2022 and runs to 24 October 2022 for individual taxpayers who…

  • Home office expenditure

    Taxpayers who are salaried employees have limited deductions available to them. However, home office expenditure can be claimed as an income tax deduction, but the onus is on the taxpayer to prove that the expenses are in fact deductible. For employment to constitute a “trade” and to qualify to deduct home office expenditure, the taxpayer…

  • Wear-and-tear allowance

    Capital expenditure incurred in the production of income and in carrying on of a trade does not qualify for a deduction under the so-called general deduction formula in section 11(a) of the Income Tax Act No 58 of 1962 (the Act). The Act does, however, grant deductions or allowances for specific types of capital expenditure…

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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