News

The Value of Professional Tax Advice

Today complying with tax legislation is becoming more complex and the process of applying the law even more complicated. Professional tax advice during these times can be valuable.

This was evident in a judgement in the Tax Court of South Africa on 4 November 2016. The matter was between ABC Holdings (The Appellant) and the South African Revenue Service (SARS).

The Appellant had incorrectly claimed a section 24C deduction and SARS had disallowed it as well as raising a penalty on assessment.

Travelling Allowances

Taxpayers who receive a travel allowance are allowed to claim a deduction for the use of their private vehicles for business purposes. The travel between home and work is regarded as private travel and cannot be claimed.

To obtain a deduction the taxpayer must:
- Record your vehicle’s odometer reading on 1 March each year and the last day of February. These opening and closing readings give you your total kilometres travelled for the year.
- You need to calculate what portion of the total kilometres travelled was for business use and what portion was for private use.

Kirkman Lanfear 2017 and 2018 Tax Guide

Please download a copy of the latest tax legislation with our compliments.

Keeping your Will up to date

With the festive season approaching, having a valid and up-to-date Will is extremely important. Where you choose to store the original document is just as important. It’s a crucial decision, because if your Will cannot be located when it is needed, you may as well not have one.

In order to ensure that your estate would be handled efficiently, your Will should be stored in a secure and accessible place and your executor should know where that is.

SARS Frustrations

Many of our clients have been due refunds from SARS, and it is becoming increasingly difficult to get them to pay out.

Bank details verification is being requested (even if the bank details have not changed for years), which we unfortunately cannot complete on behalf of our clients. In these cases the taxpayer needs to appear in person with the necessary documents at a SARS branch office.

Should you be due a refund on assessment, the chances are very high that you will be reviewed or audited.

Should You Be Setting Up a Trust?

What is a trust? Should I create a trust during my lifetime or in terms of my Will?

A trust is an entity which is created with a specific purpose in mind. As an example you may want to protect your assets or minimize estate duty liability. The main purpose of a trust is a vehicle for the efficient management of assets that have been set aside for the benefit of beneficiaries.

Kirkman Lanfear 2016 | 2017 Tax Guide

Please download a copy of the latest tax legislation with our compliments.

SA National Budget Speech 2016

Please download a copy of the SA National Budget Speech 2016 with our compliments.

Kirkman Lanfear B-BBEE Status 2015 to 2016

We are pleased to announce our level two contributor B-BBEE status. Please download a copy of the certificate with our compliments.

Kirkman Lanfear B-BBEE Status 2014 to 2015

We are pleased to announce our level 2 B-BBEE status. Please download a copy with our compliments.