Tax Breaks Newsletter - Volume 2014, Issue 346, 2014
Volume 2014, Issue 346, 2014
Source: Tax Breaks Newsletter 2014, pp 1 –2 (2014)More Less
Government's efforts to reduce the widening budget deficit could mean that wealthy individuals would have to pay more tax. The medium-term budget policy statement (MTBPS, also known as the 'mini-Budget') projects a budget deficit of 4.1% of gross domestic product (GDP) for 2014/15 (February projection: -4%) and for the deficit to narrow to 2.5% by 2017/18.
Author Charne Van Der WaltSource: Tax Breaks Newsletter 2014, pp 2 –3 (2014)More Less
Source: Tax Breaks Newsletter 2014 (2014)More Less
When I read the copy for the article entitled SARS takes aim at 'reluctant taxpayers' which appears on Page 5, the first thought that went through my mind was the discussion I had about six years ago with SARS General Manager: Operations, Mark Kingon, over letters that SARS sent out claiming a "third party data mismatch" - SARS-speak for "we have something that you've left off your return. Gotcha!"
Author Ettiene RetiefSource: Tax Breaks Newsletter 2014 (2014)More Less
The new tax return for trusts (ITR12TR) came into operation on 3 October 2014. Designed to provide SARS with much more detailed information about all the role-players within a trust, and greater disclosure of the activities within the trust, the ITR12TR promises to revolutionise the way in which trusts are administered and used in tax planning.
Source: Tax Breaks Newsletter 2014, pp 5 –6 (2014)More Less
Author Rob CooperSource: Tax Breaks Newsletter 2014, pp 6 –7 (2014)More Less
The draft 2014 Taxation Laws Amendment Bill (TLAB) brings with it some important proposed changes to the formula that employers use to calculate the fringe benefit value of their contributions to employees' defined benefit funds. The TLAB raises the possibility of making incorrect payroll calculations in certain circumstances, unless legislators make changes to some of their formulas and definitions.
Source: Tax Breaks Newsletter 2014, pp 7 –8 (2014)More Less