Submission Deadline for IT3(t) Data
Trusts that distribute income, capital gains, and capital distributions to beneficiaries are required to submit the IT3(t) form via e-filing by 30 September 2024. This submission is crucial for compliance with the South African Revenue Service (SARS) regulations and to ensure accurate tax reporting. Requirements for IT3(t) Submission Completion of Trust Financial Statements: The IT3(t) […]
EMP501 Reconciliation
The deadline is approaching for all employers to submit their payroll information to SARS by submitting the annual EMP501 reconciliation. An EMP501 reconciliation is a report of all your employees’ earnings, which must be submitted to SARS. Employers are required to reconcile the payroll taxes liabilities (PAYE, SDL and UIF) which is declared monthly on […]
BENEFICIAL OWNERSHIP (BO) REGISTERS TO BE SUBMITTED TO CIPC
New legislation was passed during May 2023 that allows the CIPC to keep a register of beneficial ownership (BO) for companies and close corporations. The register to be kept is for the applicable companies and close corporations to submit any beneficial ownership information relating to that entity. Anyone with more than 5% beneficial ownership of […]
Having a Valid Last Will and Testament Has Become Even More Essential
The current laws applicable when a person dies intestate (without a valid will), namely the Intestate Succession Act and Maintenance of Surviving Spouses Act, bestow benefits only on spouses, i.e. married couples. In other words, partners in permanent life partnerships are currently excluded from receiving inheritance or maintenance as they are not considered “spouses”. This is […]
Reduction in Corporate Income Tax Rate
On 23 February 2022, during the budget speech, the Minister of Finance announced that the corporate income tax rate would be reduced from 28% to 27%. The changes would be effective for years of assessment ending on or after 31 March 2023. Therefore, the following changes will take place for Companies and Small Business Corporations […]
The changing employment legislative landscape – Increase in the BCEA earnings threshold
As employers know too well, South African employment legislation creates an onerous and bureaucratic set of rules and regulations for employers to adhere to. Many commentators have noted that the legislation we need to comply with is more suited for implementation in developed countries and that it hampers business and especially the emergence of new businesses […]
Section 42: Asset-for-share Transactions
Section 42 of the Income Tax Act (58/1962) (the Act) provides for tax roll-over relief in respect of asset-for-share transactions. Such a transaction is an asset-for-share transaction if it meets all the following requirements: A person transfers an asset, other than a restraint of trade or personal goodwill, to a company; The market value of […]
National Budget 2023 Summary
THE LACK OF RELIABLE ELECTRICITY SUPPLY IS THE BIGGEST ECONOMIC CONSTRAINT Against the backdrop of rising inflation and rolling blackouts that are continuing to plague the South African economy, Finance Minister Enoch Godongwana delivered the National Budget address on Wednesday, 22 February 2023. During his address, he revealed the government’s preliminary plan to alleviate Eskom’s […]
2022: A year of gratitude
Looking back on 2022, it has truly been an exciting year with quite a few milestones. CMV Hermanus is celebrating its fifth anniversary this year; we have appointed around eight new staff members and have welcomed two new directors. CMV is incredibly grateful for the team that devoted so much time and effort to building […]
