Tag: Tax
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Donations Tax
Donations tax is levied in terms of section 54 of the Income Tax Act, 58 of 1962 (‘Income Tax Act’). The rate of tax is currently at 20%, and is levied on the value of any property donated by South African tax residents. The tax is levied on the donor, although the Income Tax Act…
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SARS Retention Periods: Are you keeping your tax-related records long enough?
How long must I keep my tax records? When can I throw old tax-related documents away? What happens if SARS request supporting documents and I don’t have it anymore? Specific tax laws lay down certain obligations regarding the retention periods of tax-related documentation. This article discusses tax retention periods as set out in the Tax…