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Debt reduction: new legislation, new challengesVan Reenen, Jane 29 January 2016 (has links)
A research report submitted to the Faculty of Commerce, Law and Management in partial
fulfilment of the requirements for the degree of Master of Commerce / The debt reduction provisions contained in s 19 and para 12A of the Eighth Schedule to the
Income Tax Act 58 of 1962 seek to reverse the tax benefits claimed or enjoyed by debtors
in relation to debt which has been forgiven, wholly or in part. In most cases, the application
of these provisions should not lead to any difficulty. Nevertheless, some scenarios are not
adequately provided for by the legislation, including debt reduction in favour of debtors
carrying on mining operations, as well as partial debt reductions. Furthermore, the
applicability of some of the exemptions to these provisions is unclear. Despite recent
amendments to these provisions, which will apply to years of assessment commencing on
or after 1 January 2013, the legislature has not addressed these issues.
Key words: allowance assets; base cost; capital assets; capital gains tax; debt forgiveness;
debt reduction; debt waiver; deemed donation; donation; donations tax; exemption; group
of companies; operating expenditure; mining capital expenditure; tracing of expenditure;
trading stock.
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Die belastinggevolge van boedelsamesmelting / Jean-Mari de BeerDe Beer, Jean-Mari January 2012 (has links)
Estate massing is one of the estate planning instruments used by estate planners,
especially with regards to marriages in community of property; nonetheless any two
people (or more) may mass their whole estates or a part thereof.
Section 37 of the Administration of Estates Act describes massed estates and
therefore it also supplies the requirements for estate massing and will be explored in
this study.
Estate massing gives rise to tax consequences that would not have arised normally.
Due to estate massing there will be tax consequences for the predeceased testator
and the surviving testator(s) and even in some cases there will be tax consequences
for the heirs. In this study, attention is paid to the tax consequences of estate duty,
donations tax, transfer duty, VAT and CGT.
The purpose of this study is to determine the difference between the consequences
of estate massing should it happen in accordance with the requirements of the
Administration of Estates Act and should it not happen in accordance with the
requirements of the Administration of Estates Act. / LLM (Estate Law), North-West University, Potchefstroom Campus, 2013
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Die belastinggevolge van boedelsamesmelting / Jean-Mari de BeerDe Beer, Jean-Mari January 2012 (has links)
Estate massing is one of the estate planning instruments used by estate planners,
especially with regards to marriages in community of property; nonetheless any two
people (or more) may mass their whole estates or a part thereof.
Section 37 of the Administration of Estates Act describes massed estates and
therefore it also supplies the requirements for estate massing and will be explored in
this study.
Estate massing gives rise to tax consequences that would not have arised normally.
Due to estate massing there will be tax consequences for the predeceased testator
and the surviving testator(s) and even in some cases there will be tax consequences
for the heirs. In this study, attention is paid to the tax consequences of estate duty,
donations tax, transfer duty, VAT and CGT.
The purpose of this study is to determine the difference between the consequences
of estate massing should it happen in accordance with the requirements of the
Administration of Estates Act and should it not happen in accordance with the
requirements of the Administration of Estates Act. / LLM (Estate Law), North-West University, Potchefstroom Campus, 2013
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The nature of interest-free loans and the tax implications thereof / T. TennantTennant, Tracy January 2010 (has links)
The tax world as we knew it was turned upside down on 13 September 2007 when the Supreme
Court of Appeal (“SCA”) announced its decision to deem the right to use an interest-free loan as
an amount that accrued to the taxpayers in the case Commissioner for South African Revenue
Service v Brummeria Renaissance (Pty) Ltd and others 69 SATC 205. The findings of SCA
brought about a “great deal of consternation in the business world” (Loubser, 2007:20).
Due to the controversy as a result of this case, SARS drafted an Interpretation Note that
illustrates the reasoning and tax treatment of an interest-free loan. On 30 June 2010,
Interpretation Note No 58 was finally issued by SARS, providing guidance with regard to “an
amount” that “accrues” to a taxpayer for the purposes of the gross income definition.
This Interpretation Note will have a significant impact on a number of taxpayers. The purpose of
this study is to understand the nature of an interest-free loan and identify its tax implications. The
methodology followed in this study will be that of qualitative research. This will be conducted
through analyzing the nature of a loan, specifically an interest-free loan, the gross income
definition, including the value and timing of such amount, and whether a deduction may be
claimed in respect of an interest-free loan. Notwithstanding the above, the study also includes an
investigation of other taxes inter alia capital gains tax, donations tax, value-added tax, secondary
tax on companies and newly proposed dividends tax. / Thesis (M.Com. (Tax))--North-West University, Potchefstroom Campus, 2011.
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The nature of interest-free loans and the tax implications thereof / T. TennantTennant, Tracy January 2010 (has links)
The tax world as we knew it was turned upside down on 13 September 2007 when the Supreme
Court of Appeal (“SCA”) announced its decision to deem the right to use an interest-free loan as
an amount that accrued to the taxpayers in the case Commissioner for South African Revenue
Service v Brummeria Renaissance (Pty) Ltd and others 69 SATC 205. The findings of SCA
brought about a “great deal of consternation in the business world” (Loubser, 2007:20).
Due to the controversy as a result of this case, SARS drafted an Interpretation Note that
illustrates the reasoning and tax treatment of an interest-free loan. On 30 June 2010,
Interpretation Note No 58 was finally issued by SARS, providing guidance with regard to “an
amount” that “accrues” to a taxpayer for the purposes of the gross income definition.
This Interpretation Note will have a significant impact on a number of taxpayers. The purpose of
this study is to understand the nature of an interest-free loan and identify its tax implications. The
methodology followed in this study will be that of qualitative research. This will be conducted
through analyzing the nature of a loan, specifically an interest-free loan, the gross income
definition, including the value and timing of such amount, and whether a deduction may be
claimed in respect of an interest-free loan. Notwithstanding the above, the study also includes an
investigation of other taxes inter alia capital gains tax, donations tax, value-added tax, secondary
tax on companies and newly proposed dividends tax. / Thesis (M.Com. (Tax))--North-West University, Potchefstroom Campus, 2011.
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Interest-free loans or low-interest loans and estate planning : life after Brummeria / Margaretha Johanna PrestonPreston, Margaretha Johanna January 2014 (has links)
From time to time the court delivers a judgment that has a ripple effect beyond what
was expected, resulting in estate planners reconsidering their planning strategies.
Such a judgment was the judgment delivered by the Supreme Court of Appeal (SCA)
in the case of the Commissioner for the South African Revenue Services v
Brummeria Renaissance 2007 6 SA 601 (SCA) (Brummeria case). In this case the
interest-free loan and the right to use loan capital free of any interest obligation were
under scrutiny. The SCA had to rule on whether or not this right had a determinable
value and whether or not this value could be taxable in the hands of the borrower.
The SCA ruled that the right under an interest-free loan should be included in the
gross income of the borrower.
Since estate planning often involves the use of an interest-free loan, as estate
planning tool, to remove a growth asset from the estate of a planner, it could not be
generally accepted any more that the granting of such loan would not have any tax
implications. Although the interest-free loans used in the Brummeria case, did not
relate to an estate planning exercise, the ruling resulted in much speculation
regarding the future of the interest-free loan as estate planning tool. SARS tried to
ease the uncertainty by issuing Interpretation Note 58, but there is still uncertainty to
some extent.
The focus of this mini-dissertation is to explain when and to what extend the
provisions of the Income Tax Act 58 of 1962 (ITA) as well as the Estate Duty Act 45
of 1955 (EDA) will apply to the granting of an interest-free loan as part of an estate
planning exercise. The provisions of the gross income definition, sections 7 and 64E,
the provisions of donations tax as well as paragraph 12(5) and 12A of the Eighth
Schedule to the ITA, were explored. Sections 3(3) and 3(5) of the EDA are
discussed with the use of these loans for estate planning in mind. The question
whether or not the interest-free loan is still a useful estate planning tool is also
answered. / LLM (Estate Law), North-West University, Potchefstroom Campus, 2015
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Interest-free loans or low-interest loans and estate planning : life after Brummeria / Margaretha Johanna PrestonPreston, Margaretha Johanna January 2014 (has links)
From time to time the court delivers a judgment that has a ripple effect beyond what
was expected, resulting in estate planners reconsidering their planning strategies.
Such a judgment was the judgment delivered by the Supreme Court of Appeal (SCA)
in the case of the Commissioner for the South African Revenue Services v
Brummeria Renaissance 2007 6 SA 601 (SCA) (Brummeria case). In this case the
interest-free loan and the right to use loan capital free of any interest obligation were
under scrutiny. The SCA had to rule on whether or not this right had a determinable
value and whether or not this value could be taxable in the hands of the borrower.
The SCA ruled that the right under an interest-free loan should be included in the
gross income of the borrower.
Since estate planning often involves the use of an interest-free loan, as estate
planning tool, to remove a growth asset from the estate of a planner, it could not be
generally accepted any more that the granting of such loan would not have any tax
implications. Although the interest-free loans used in the Brummeria case, did not
relate to an estate planning exercise, the ruling resulted in much speculation
regarding the future of the interest-free loan as estate planning tool. SARS tried to
ease the uncertainty by issuing Interpretation Note 58, but there is still uncertainty to
some extent.
The focus of this mini-dissertation is to explain when and to what extend the
provisions of the Income Tax Act 58 of 1962 (ITA) as well as the Estate Duty Act 45
of 1955 (EDA) will apply to the granting of an interest-free loan as part of an estate
planning exercise. The provisions of the gross income definition, sections 7 and 64E,
the provisions of donations tax as well as paragraph 12(5) and 12A of the Eighth
Schedule to the ITA, were explored. Sections 3(3) and 3(5) of the EDA are
discussed with the use of these loans for estate planning in mind. The question
whether or not the interest-free loan is still a useful estate planning tool is also
answered. / LLM (Estate Law), North-West University, Potchefstroom Campus, 2015
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Taxation implications arising from South African residents owning or having a tax interest in fixed property in GreeceWhitfield, Royden Bryan 31 January 2008 (has links)
This study investigates, identifies and provides flowchart summaries of the various
forms of taxation in South Africa and to a lesser extent Greece affecting South African
residents who own or have financed fixed property in Greece. These residents have to
comply with the Income Tax and Estate Duty Acts in South Africa and the relevant
taxation laws in Greece. An amnesty gave South Africans an opportunity to voluntarily
declare their fixed properties and to regularise their foreign assets and tax affairs
without the fear prosecution. The practical application of the various taxation provisions
in both countries is extremely complex and often residents are not even aware that
certain provisions apply to them. In addition there is the risk of paying nearly double the
marginal rate of Income Tax and Estate Duty in South Africa and double taxation on
donations. This study also provides suggestions and possible solutions to problems
identified. / Taxation / M. Tech. (Taxation)
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Taxation implications arising from South African residents owning or having a tax interest in fixed property in GreeceWhitfield, Royden Bryan 31 January 2008 (has links)
This study investigates, identifies and provides flowchart summaries of the various
forms of taxation in South Africa and to a lesser extent Greece affecting South African
residents who own or have financed fixed property in Greece. These residents have to
comply with the Income Tax and Estate Duty Acts in South Africa and the relevant
taxation laws in Greece. An amnesty gave South Africans an opportunity to voluntarily
declare their fixed properties and to regularise their foreign assets and tax affairs
without the fear prosecution. The practical application of the various taxation provisions
in both countries is extremely complex and often residents are not even aware that
certain provisions apply to them. In addition there is the risk of paying nearly double the
marginal rate of Income Tax and Estate Duty in South Africa and double taxation on
donations. This study also provides suggestions and possible solutions to problems
identified. / Taxation / M. Tech. (Taxation)
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Taxation consequences of providing shares to employees through a trustFouche, Charlene 26 March 2012 (has links)
People make a company. Their expertise and talents, efficiency and job performance determine the company‘s profitability and growth. The long-term retention of employees is of the utmost importance, as these employees have a wealth of knowledge about the company, its industry and the products or services being sold. Businesses have created plans to retain employees for a maximum period of time. These ideas include cash bonuses, phantom share schemes, and providing the employee with shares in the business. This study will look at such ideas in general, and specifically investigate the different ways of providing employees with shares in the business. There are different ways of providing the employee with shares in a business. This can include loans (including interest-free loans) to the employee from the employer, loans to the employee from a financial institution, employee share ownership plans, company share option plans and providing the employee with shares in the business through an employee share trust. Each of these methods attracts certain taxes such as income tax, capital gains tax and secondary tax on companies or dividend tax. The aim of this study is to use a case study approach, critically analysing an anonymous company providing its employees with shares in the company through an employee share trust, and will specifically investigate the different tax consequences of each transaction taking place in the trust AFRIKAANS : Werknemers is 'n maatskappy se belangrikste bate. 'n Maatskappy se winsgewendheid en groei word deur sy werknemers se kennis, doeltreffendheid en werksprestasie bepaal. Dit is vir 'n maatskappy van kritieke belang om sy werknemers vir so lank as moontlik te behou, aangesien hierdie werknemers oor kosbare kennis besit rakende die maatskappy, die bedryf waarin die maatskappy besigheid doen en die produkte of dienste wat die maatskappy bemark. Talle maatskappy het skemas bewerkstellig om hulle werknemers vir so lank as moontlik te behou. Dit behels onder andere kontantbonusse, fiktiewe aandeleskemas en die verkryging van aandele in die maatskappy deur die werknemer. Hierdie studie ondersoek sodanige skemas in die algemeen, en fokus spesifiek op werknemers wat aandele in 'n maatskappy bekom. Werknemers kan aandele in die maatskappy op verskillende wyses bekom. Hierdie wyses sluit in lenings (insluitend rentevrye lenings) van die maatskappy aan die werknemer, lenings aan die werknemer van 'n finansiële instelling, aandeleskemas, opsies om aandele in 'n maatskappy te koop, en die verskaffing van aandele aan die werknemer deur 'n werknemer-aandeletrust. Elkeen van hierdie opsies het spesifieke belastinggevolge, insluitend inkomstebelasting, kapitaalwinsbelasting, en sekondêre belasting op maatskappye of dividendbelasting. Die doel van hierdie studie is om 'n spesifieke gevallestudie van 'n annonieme maatskappye te ontleed, waar die maatskappy aandele aan sy werknemers deur 'n werknemer-aandeletrust verskaf het, en sal in detail na die belastinggevolge van elke aksie in die trust te kyk. Copyright 2011, University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. Please cite as follows: Fouche, C 2011, Taxation consequences of providing shares to employees through a trust, MCom dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://upetd.up.ac.za/thesis/available/etd-03262012-153458 / > F12/4/187/gm / Dissertation (MCom)--University of Pretoria, 2012. / Taxation / unrestricted
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