Latest News

February 2, 2017

Is your Trust ready for the new Section 7C?

President Jacob Zuma has signed The Taxations Laws Amendment Bill (TLAB) into law on 11 January 2017. The TLAB will be implemented effectively from 1 March 2017. A new section, […]
December 8, 2016

MMS Joins Alliott Group to Extend Services to the International Market

Dear Reader, MMS, one of Johannesburg’s Top 10 auditing and consulting firms, has been appointed as the local representative member firm in Johannesburg for the Alliott Group. With over 165 […]
November 25, 2016

Will SARS allow you to deduct your company/close corporation’s assessed loss?

Under normal circumstances SARS will allow a taxpayer to carry forward the previous tax year’s assessed loss and set it off against the current tax year’s taxable income. However, there […]
November 25, 2016

Misuse of assessed losses

An assessed loss for income tax purposes is a potentially valuable asset:  it represents past losses made by a taxpayer which is able of being carried forward to subsequent tax […]
October 26, 2016

The general anti-avoidance rules

The Income Tax Act, 58 of 1962 (‘Income Tax Act’) contains various specific anti-avoidance rules aimed at preventing the abuse of certain specific sections in the Income Tax Act. However, […]
October 26, 2016

Tax season 2016: Non-provisional taxpayers’ deadline

Many of our clients are not registered for provisional tax, nor are they required to be registered. These non-provisional taxpayers should however take note thereof that their annual income tax […]
September 28, 2016

Removing directors of a company

The Companies Act, 71 of 2008, requires that the business and affairs of any company be managed by or under the direction of its board, which has the authority to […]
September 28, 2016

Financial assistance to directors

A company lending money to its directors may not be as simple a process as it may initially appear to be – not even in the case of so-called “one-man” […]
August 29, 2016

Dire provisional tax penalties on underestimation of income

Provisional taxpayers are generally those taxpayers who earn income from sources other than a salary. In other words, PAYE is not deducted from these other sources of income on a […]
August 29, 2016

Are retirement annuities still useful?

Retirement annuities are often misunderstood and many people, or their parents, have had bad experiences with them in the past. This sentiment often relates to the investment performance and possibly […]