Dear Subscriber,

An article titled "Tax Amnesty Kicks off", posted on the business.iafrica.com website, informed readers that the tax amnesty for small businesses - as promulgated by the President on July 25 this year and contained in the Small Business Tax Amnesty and Amendment of Taxation Laws Act (Act 9 of 2006) - took effect on August 1 2006.

Small business plays a vital role in stimulating growth in the economy, fostering job creation and creating wealth. There are however, many small businesses that are not fully tax compliant and even though many of them would like to become compliant, to do so would mean risking tax payments and penalties.

In his 2006/2007 budget speech, Trevor Manual announced that SARS would offer a tax amnesty to small businesses with a turnover not exceeding R5 million who have previously not been compliant with the tax system. If you have a friend, who knows someone who has a friend in this position, then listen up.

In the upcoming Issue 3 of the Tax Talk Magazine, Juliet Koeman discusses how the tax amnesty for small businesses applies to you.

If you are not yet subscribed to Tax Talk and would like to be placed

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All new subscribers will receive a complimentary copy of Issue 1 & 2. For more information on subscribing to Tax Talk, contact Neo Mosikili on 011 476-5095 or via email at neo@taxtalk.co.za

Tax Issues is on every Monday at 20h40 and again at 22h40 on SUMMIT TV (DSTV CHANNEL 55.) Don't forget to tune in.

Until next time
Tax Talk Editor

Tax Talk

What are the tax issues involved with incentive schemes in the work place? Daniel Erasmus, host of the programme Tax Issues, broadcast on Summit TV on Monday night, discussed this question with tax attorney Kerry Watkin, a specialist in this area.

The South African Payroll Association is proud to announce its annual conference which takes place nationally in September under the theme 'Spring into Action'.

We are pleased to extend an invitation to you to be a part of this groundbreaking opportunity to engage the industry, discuss relevant topics and interact with leading, recognized experts.

As a representative organization that continues to lobby on behalf of payroll administration personnel and disseminate information that is up-to-date and pertinent, the South African Payroll Association hereby extends its role to ensure that what we pay forward does count.

There has never been a better time for corporate South Africa to delve into an area of business that, if managed correctly, could secure a better future for all.

Why are Transfer Pricing provisions constitutionally invalid and not enforceable? What amnesty is available in 2006 to corporate taxpayers for undisclosed income (not just for small businesses) and what is the effect of the Royalty Judgment on royalty payers?

Don't miss this 1-day COMPLETE TAX WORKSHOP presented by Daniel Erasmus, to find out how you can prevent your business from falling foul to the law, in any of these areas.

Adv. Peter O’Halloran - TAXADV cc

Herewith a brief of the VAT rules, re the transfer of commercial fixed property.

The rule, in terms of section 9(15) of the transfer duty act, is that if VAT is payable on the transaction (if the purchaser is acquiring the fixed property in the furtherance of an enterprise) then no transfer duty is payable.

Tax Bulletin published by The Practical Tax Handbook - Fleet Street Publications (Pty) Ltd

The dust has settled after the mad rush to meet the tax return deadline of 14 July. Its now time to settle into a new tax year and keep working on minimising the tax you have to pay. If you have been granted an extension, make sure you meet the new deadline SARS has set for you. This year, over two million taxpayers applied for an extension, but SARS only gave its blessing to 1.2 million of those applications.

From personal individual tax to significant company tax changes - the subject is a hotly debated issue throughout South Africa's corporate environment. Tax Issues - every Monday at 20h40pm and again at 22h40pm - demystifies some of the latest developments and issues being discussed in the corridors of power. Tax Issues will cover; The impact of pending new tax laws on individuals and companies, The capital gains tax debate, New SARS initiatives to collect tax Changes to tax benefits, The VAT vs personal tax debate.

The tax amnesty for small businesses takes effect on August 1 2006, introducing a window of opportunity to small companies to regularise their tax affairs.

Do you have something to say? Do you have an area of interest or expertise that you believe is something you can contribute for the interest of our readers? Do you want to share your views with like-minded people?

If so, send your submissions by email to (janine@taxtalk.co.za), fax (27 11 476 5004) or post (P.O. Box 1650, Gallo Manor 2052) and be heard!

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Contact Janine at
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