TAX

Accountancy SA, Mar 2008 by Jackson, Tonia

WHAT'S NEW AT SARS?

The latest updates can be viewed on the SARS website (www.sars.aov.za).

TRAINING: TAX WORKSHOP 2008

The Tax workshop planned for 2008 will cover the following areas:

* The taxation of trusts revisited - covering section 25B, amounts deemed to be received by the donor (the application of section 7), attribution of capital gains and distributions by trusts. Interest free loans and paragraph 12(5) implications will also be covered. The decision in Brumeria and its impact on the use of interest free loans will also be covered.

* The new three year rule relating to the disposal of equity shares - section 9C.

* The new tax regime relating to lump sums from retirement funds and an update on the format for calculating the taxable income and tax payable by natural persons.

* Changes to capital allowances - covering commercial buildings, intellectual property, rolling stock, port assets, environmental assets and the new way to determine the amount qualifying for allowances where the asset was obtained from a connected person.

* Amendments to section 31 - transfer pricing.

* Secondary tax on companies - the changes to the dividend definition, changes to calculation of the secondary tax on companies and the rate, and effective dates. Capital distributions and the tax treatment of extraordinary dividends.

* The new Securities Transfer tax and an update on the company formation rules.

Edited By: Ionia Jackson

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