Dear Subscriber,

I thought that computers were meant to make our lives easier. I had a great message that I had planned to share with you and WHAM!, some computer gremlin wiped it all out, and it has disappeared into cyberspace no where to be found. Maybe that message was not meant for this week.

We all have our bad days, I think today was mine. One could actually feel the frustrations and negative energy screaming from me; it was as good as having a warning sign on my office door that read: Enter at your own peril.

My question to you this week is; are you letting your frustrations with work and life get the better of you? Don't be sucked in by the negativity surrounding you.

You need to focus on what is possible, appreciate what you have and reach for what you want in life. You weren't meant to be unhappy in your life. You were meant to live a full life where anything is possible when you believe and are willing to go for it.

Now for some positively good news, I know that you probably tried your best to do your manual tax returns on the last day, but didn't make it. DON"T STRESS. There is light at the end of the tunnel, you can still submit your tax returns, But, you will have to do it via the SARS eFiling system on the SARS website if you want to avoid getting penalties for late returns. This time the extension is until the 31 January 2008 for individuals and trusts. For Companies and CC's you have till the end of February 2008 to submit your tax returns.

The SARS website states that honest taxpayers should have nothing to fear or dread about the income tax filing process. It is simply the finalisation of the previous year's tax affairs to check that they have paid what is due under the law.

Remember that the SCA Interest free loan judgment notes are available on the TAXtalk Website for online purchase if you would still like a copy.

Have a great week!


Tax Issues
The recent court decision on interest-free loans has sparked much debate in the media and at seminars presented on this topic. To discuss this issue is Johan Troskie, director at Deneys Reitz. The discussion will be broadcast on Summit TV (DSTV channel 292) at 20h40 & 22h40 on Wednesday evenings and at 7h30 on Thursday mornings.

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Till next week.
Janine Connor
Executive Editor & Head of TAXtalk

Sanchia Temkin - Business Day

The Supreme Court of Appeal recently ruled that the South African Revenue Service (SARS) had forfeited the right to retain provisional payments of customs duty so that it could carry out an investigation of an importer`s goods.

SARS Internet Notification

To amend the Transfer Duty Act, 1949, so as to further regulate the payment of duty; to further regulate exemptions from duty; to amend the Pension Funds Act, 1956, so as to delete an obsolete word and to further provide for deductions from retirement fund interests; to amend the Income Tax Act, 1962, so as to amend certain definitions.

eTaxjobs is a global job portal exclusively for tax professionals, and an online resource for employers and recruitment firms to advertise their vacancies. eTaxjobs operate in the UK, Europe, USA, Canada, Australia, New Zealand, Africa and around the World.

Available tax jobs for this week are:

TAXtalk Magazine Article

According to Natalie it was common practise to use trusts for estate planning. This was done to solve the problem of a persons assets increasing over time and him or her ending up in a situation where the value of the estate was growing on an annual basis.

Interview with Johan Troskie, director at Deneys Reitz - Summit TV

The recent court decision on interest-free loans has sparked much debate in the media and at seminars presented on this topic. This issue was discussed by Johan Troskie, director at Deneys Reitz, on Tax Issues, broadcast on Summit TV.

This exclusive Seminar will include presentations from respected tax experts from around the country and abroad and include discussion on:

• Formal introduction of SAIT as a professional Institute in South Africa.
• Feedback from local tax practitioners on the draft Bill.
• Update on the developments surrounding the draft ‘Regulating of Tax Practitioners Bill’.
• Presentation by Taxation Institute of Australia on international best practice for regulating tax practitioners.
• Potential impact of the new legislation on accountants and tax professionals.
• Info session on the new SARS e-filing.
• Tax update presented by Professors Jackie Arendse and Lynette Olivier.
• Presentation on ‘7 Habitual Tax Mistakes’ made by companies.

Gerard Soverall, a tax partner - PricewaterhouseCoopers

Gerard Soverall, a tax partner at PricewaterhouseCoopers, says that South Africa`s Customs legislation is some of the most complex on the statute book. Much of that legislation is devoted to giving SARS extensive powers to levy and collect tax.

TAXtalk invites you to write an article in which you share your views and expertise on tax. Your article can be published in the newsletter for 7000 readers to view, on our website for over 100 000 viewers to see and in the TAXtalk magazine(with your photo) for more than 16 000 readers to read. Make an impression, submit your article NOW.

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1 Page Article : 500 words  1½ Page Article : 900 words  2 Page Article : 1350 words
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Submit your article to: janine@taxtalk.co.za or post it to: (P.O Box 1650 Gallo Manor 2052)