Monthly Archives: November 2014

Waarom die SAID stawende dokumente aanvra

02Die meeste belastingbetalers ken daardie aaklige gevoel wanneer die SAID stawende dokumente aanvra. Watter stawende dokumente moet ek voorlê? Word ek nou geoudit? Het ek ‘n fout gemaak op my belastingopgawe? Gaan die SAID my tronk toe stuur?

Waarom het die SAID my gekies?

Die SAID is baie geheimsinnig oor die manier waarop hulle te werk gaan om belastingopgawes vir verifikasie en oudit te selekteer. Niemand is werklik seker hoe die SAID besluit van watter belastingbetalers hulle stawende dokumente sal versoek nie. Hulle het slegs laat deurskemer dat hulle gebruik maak van outomatiese stelsels wat lukraak belastingopgawes selekteer vir hersiening en/of ‘n risikotelling aan sekere belastingbetalers toeken gebaseer op hul belastingnakoming in die verlede en derdeparty data wat in besit van die SAID mag wees.

Word ek geoudit?

‘n Versoek om stawende dokumente beteken nie noodwendig dat ‘n belastingbetaler iets verkeed gedoen en nou deur die SAID geoudit word nie. Wanneer die SAID stawende dokumente aanvra, doen hulle gewoonlik ‘n verifiëring van die belastingbetaler se belastingopgawe om te bevestig dat die ingediende opgawe met die stawende dokumente ooreenstem. Na voltooiing van die verifiëringsproses mag die SAID besluit om ‘n belasting-oudit te doen. Die verifiëringsproses en ‘n oudit is twee verskillende prosesse.

Wanneer die belastingbetaler vir ‘n oudit geselekteer word, beteken dit nie dat hy/sy wel enige wette oortree het nie. Die SAID selekteer soms belastingbetalers vir ‘n belastingoudit wat nie noodwendig op die oog af enige wette oortree het nie, maar wie se gedrag aandui dat hy/sy moontlik een of meer belastingwette kon oortree het.

Watter belastingaftrekkings mag lei tot versoeke vanaf die SAID vir stawende dokumente?

Die SAID is geneig om stawende dokumente aan te vra vir sekere belastingaftrekbare uitgawes wat maklik is om kunsmatig te verhoog.

  • Herstelwerk en instandhouding geëis teen huurinkomste

Waar ‘n belastingbetaler herstelwerk- en instandhoudingsuitgawes teen huurinkomste eis, mag die SAID stawende dokumente vereis. Die SAID kan selfs so ver gaan as om perseelinspeksies van die huureiendom uit te voer om te bevestig dat die herstel- en instandhoudingswerk werklik aan die huureiendom gedoen is en nie aan die eiendom van die eienaar van die huureiendom nie.

  • Eise vir tuiskantoor uitgawes

Die SAID benodig bewyse van uitgawes wat geëis is, byvoorbeeld munisipale rekeninge, skoonmaakkoste en versekering. Die tuiskantoor en kantoortoerusting moet uitsluitlik vir besigheidsdoeleindes gebruik word voordat tuiskantoor uitgawes afgetrek kan word. Die SAID is bekend daarvoor dat hulle perseelinspeksies uitvoer om die uitsluitlike gebruik van ‘n tuiskantoor vir besigheidsdoeleindes te bevestig.

  • Aftrekkings teen byvoordele soos reistoelae en maatskappymotors

Die belastingbetaler moet ‘n logboek indien waarin die kilometers wat vir besigheidsdoeleindes gereis is, aangeteken is voordat die SAID enige aftrekking vir belastingdoeleindes sal toelaat.

  • Eise vir mediese uitgawes

Die SAID benodig bewyse van betaling van kwalifiserende mediese uitgawes wat uit die belastingbetaler se eie sak betaal is tydens die jaar van aanslag wat ondersoek word. ‘n Mediese faktuur moet ingedien word saam met een of ander betalingsbewys voordat die SAID die aftrekking sal goedkeur.

Wat gebeur as ek nie stawende dokumente kan voorlê wanneer die SAID dit versoek nie?

Indien ‘n belastingbetaler nie die relevante stawende dokumente kan voorlê nie, sal die SAID nie die eise op die belastingbetaler se belastingopgawe kan verifieer nie en die aftrekkings sal dus nie toegelaat word nie.

Wanneer mag die SAID besluit om my te oudit?

Redes waarom die SAID mag besluit om ‘n belastingbetaler se belastingsake te oudit, sluit in:

  • Die belastingbetaler se gedrag in die verlede rakende sy/haar belastingsake.
  • Die kompleksiteit van ‘n belastingbetaler se belastingsake.
  • Die SAID het wesenlike teenstrydighede en onreëlmatighede gevind terwyl hulle ‘n belastingopgawe met die stawende dokumente geverifieer het.

‘n Oudit is ‘n meer diepgaande proses as verifiëring en behels ‘n evaluering (teenoor verifiëring soos in die geval waar stawende dokumente versoek word) van die inligting wat in ‘n belastingopgawe ingedien is.

Om die SAID van stawende dokumente te voorsien wanneer dit vereis word, plaas ‘n addisionele administratiewe las op die belastingbetaler. Versoeke vanaf die SAID vir stawende dokumente beskerm egter die eerlike belastingbetaler deur te verseker dat meer belastingpligtiges hul deel bydra deur belasting te betaal.

Hierdie artikel bevat slegs algemene inligting en moenie gebruik of beskou word as professionele raad nie. Geen aanspreeklikheid word aanvaar vir enige foute of weglatings of vir enige verlies of skade weens vertroue op hierdie inligting nie. Raadpleeg altyd u finansiële raadgewer vir spesifieke  en gedetailleerde advies.

Verwysingslys:

Hierdie artikel is ‘n algemene inligtingstuk en moet nie gebruik of staatgemaak word op as professionele advies nie. Geen aanspreeklikheid kan aanvaar word vir enige foute of weglatings of vir enige verlies of skade wat voortspruit uit vertroue op enige inligting hierin nie. Kontak atyd jou finansiële adviseur vir spesifieke en gedetailleerde advies.

Why SARS requests supporting documents

02Most taxpayers know that sinking feeling when SARS requests supporting documents from them. Which supporting documents must I submit? Am I being audited? Did I make a mistake on my income tax return? Will SARS send me to jail?

Why did SARS choose me?

SARS remains secretive about the way they go about selecting tax returns for verification and auditing. Nobody is exactly sure how SARS determines from which taxpayers they will request supporting documents. SARS has only disclosed that they make use of automated systems which randomly selects tax returns for review and/or determines a risk score for taxpayers based on their tax compliance history and third party data that may be in SARS’s possession.

Am I being audited?

A request for supporting documents does not necessarily mean a taxpayer did something wrong and is being audited by SARS. When SARS requests supporting documentation, they usually do a verification of the taxpayer’s income tax return to confirm that the submitted return agrees with the supporting documents. After the verification process is complete, SARS may decide to do a tax audit. The verification process and an audit are two different processes.

Being selected for an audit does not mean that the taxpayer broke any tax laws. SARS will select taxpayers who have not contravened any tax laws but whose behaviour indicates that the taxpayer might perhaps have transgressed one or more tax laws.

Which tax deductions may trigger requests for supporting documents by SARS?

SARS tends to request supporting documents in certain areas where claimable tax deductions can easily be inflated.

  • Repairs and maintenance claimed against rental income

Where a taxpayer claims repairs and maintenance expenses against rental income, SARS may request supporting documents. SARS can go as far as doing site inspections at the rental property to confirm that the repair and maintenance work has indeed been done on the rental property and not on the house of the owner of the rental property.

  • Claim for home office expenses

SARS wants proof of expense items claimed, for example municipal accounts, cleaning expenses and insurance. To be able to deduct home office expenses, the home office and office equipment must be used exclusively for business purposes. SARS has been known to do site inspections to confirm the exclusive use of a home office for business activities.

  • Deductions against fringe benefits like travel allowances and company cars

In order for SARS to allow the travel deduction, the taxpayer must submit a travel logbook showing kilometres travelled for business purposes.

  • Claim for medical expenses

SARS is looking for proof of payment of qualifying medical expenses paid out of the taxpayer’s own pocket during the year of assessment under scrutiny. A medical invoice must be submitted together with some kind of proof of payment in order for SARS to allow the deduction.

What happens if I do not submit supporting documents when SARS requests them?

If a taxpayer cannot submit the relevant documents, SARS will not be able to verify claims on the taxpayer’s tax return and the deductions will not be allowed.

When might SARS decide to audit me?

Some of the reasons why SARS might decide to audit a taxpayer’s tax affairs are:

  • The taxpayer’s behaviour in the past regarding his/her tax affairs.
  • The complexity of a taxpayer’s tax affairs.
  • SARS found material inconsistencies or irregularities while verifying a tax return against supporting documents.

An audit is a more in-depth process than verification and involves an evaluation (as opposed to verification as in the case of a request for supporting documents) of the information that was submitted in a tax return.

Providing SARS with supporting documents when requested to do so places an additional administrative burden on the taxpayer. However, requests by SARS for supporting documents also protect the honest taxpayer by ensuring that more taxpayers pay their dues.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.

Reference List:

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.

Sekere riglyne vir boedelbeplanning

01Die hoofdoel met boedelbeplanning is om toe te sien dat soveel as moontlik van jou geakkumuleerde rykdom vir jou eie voordeel aangewend word en vir die maksimum voordeel van jou afhanklikes by jou dood.

“Boedelbeplanning” word gedefinieer as die proses waarin ‘n program geskep en bestuur word om:

  1. Jou bates tydens jou leeftyd in stand te hou, te vermeerder en te beskerm;
  2. Die mees effektiewe en voordelige verdeling daarvan aan opvolgende generasies te verseker.

Daar bestaan ‘n algemene wanindruk dat boedelbeplanning net gaan oor die maak van ‘n testament of om jou sake so te reël dat boedelbelasting bespaar word.

Elke persoon se boedel is uniek en dus behoort die struktuur volgens haar/sy eie unieke behoeftes en doelwitte opgestel te word.

Die tekort aan likiditeit by afsterwe kan uiteraard baie druk plaas op die oorblywende familie van ‘n oorledene, omdat die tekort aan kontant kan veroorsaak dat die eksekuteur bates sal moet verkoop om kontant te genereer.

Likiditeit beteken daar moet genoeg kontant beskikbaar wees om:

  1. Boedelbelasting te betaal;
  2. Boedeluitgawes en administrasiekoste te betaal;
  3. Voorsiening te maak vir belastingverpligtinge wat met dood mag ontstaan, soos kapitaal- winsbelasting.

Tegnies word die boedel gevries totdat die Meester van die Hooggeregshof Eksekuteursbriewe uitgereik het.

Afsterwe sonder ‘n geldige testament, beteken dat jou boedel as intestaat hanteer sal word, en die wetgewing oor intestate erfopvolging sal geld. Die wet op Intestate erfopvolging bepaal dat die langslewende eggenoot die grootste gedeelte van R125 000 of ‘n kindsdeel erf. ‘n Kindsdeel word bepaal deur die totale waarde van die boedel deur die hoeveelheid kinders en die oorlewende eggenoot te deel. Waar partye binne gemeenskap van goedere getroud is, gaan een helfte van die boedel na die langslewende eggenoot as gevolg van die huwelik, en die ander helfte vererf volgens die intestate erfopvolging. Indien daar geen oorlewende eggenoot of afhanklikes is nie, word die boedel verdeel tussen die ouers en kinders. Waar daar geen ouers of kinders is nie word dit verdeel tussen die naaste bloedverwante.

‘n Eksekuteur is geregtig op die volgende vergoeding:

  1. ‘n Ooreengekome vergoeding in die Testament; of
  2. 3.5% van die bruto bate waarde; of
  3. 6% op die inkomste wat na dood die boedel toeval.

Eksekuteursvergoeding is onderhewig aan BTW waar die eksekuteur so geregistreer is.

Indien die waarde van die boedel meer as R3.5 miljoen rand beloop, is boedelbelasting  betaalbaar op die balans meer as die R3.5 miljoen, met die uitsondering van eiendom wat aan ‘n langslewende eggenoot bemaak is, aangesien dit vrygestel is van boedelbelasting en/of kapitaalwinsbelasting.

Artikel 3 van die Wet op die Onderverdeling van Landbougrond verhoed die onderverdeling van landbougrond en die registrasie van onverdeelde aandele in meer as een persoon se naam, en dit is onderhewig aan die Minister se goedkeuring.

‘n Minderjarige is ‘n kind jonger as 18 jaar, en enige bemakings aan so ‘n persoon word in die Voogdyfonds gehou, wat onder die administrasie van die Meester van die Hooggeregshof val. Hierdie fondse is nie vrylik beskikbaar nie en word gewoonlik belê teen onder markverwante rentekoerse. Dit is dus aan te bevele dat voorsiening vir minderjarige kinders gemaak moet word deur ‘n trust.

Die Wet op Beslote Korporasies bepaal dat, onderhewig aan ‘n samewerkingsooreenkoms, waar ‘n erfgenaam ‘n ledebelang moet erf (in terme van ‘n testament), die toestemming van die oorblywende lede (indien enige) verkry moet word. Indien toestemming nie gegee word binne 28 dae nadat dit deur die eksekuteur versoek is nie, is die eksekuteur verplig om die ledebelang te verkoop.

Artikel 3(3)(d) van die Boedelbelastingwet bepaal dat waar bates aan ‘n trust oorgedra word gedurende die boedelbeplanner se leeftyd, maar hy/sy as trustee die mag behou wat hom/haar sou toelaat om eensydiglik van trustbates ontslae te raak vir sy eie of sy begunstigdes se voordeel, dan mag dit wees dat sulke bates beskou kan word as sy/haar eie en deel sal vorm van sy/haar boedel vir doeleindes van boedelbelasting.

Waar partye binne gemeenskap van goedere getroud is, het die oorlewende eggenoot ‘n eis vir 50% van die gekombineerde boedel, wat die werklike waarde van die boedel met 50% verminder. Die boedel word verdeel nadat al die skuld in die oorlye boedel betaal is (uitgesluit begrafniskoste en boedelbelasting, omdat hierdie verpligtinge van die bestorwe boedel is en nie die gesamentlike boedel nie). Slegs die helfte van die bates in so ‘n boedel kan dus bemaak word.

Die opbrengs van lewensversekeringspolisse kan gebruik word om:

  1. Inkomste te genereer om na afhanklikes om te sien terwyl met die boedel gehandel word;
  2. Boedeluitgawes te betaal, vir begrafniskoste, inkomstebelasting, boedel-administrasie en boedelbelasting.

Die opbrengs van alle Suid Afrikaanse “huishoudelike” polisse uitgeneem op die beplanner se lewe, en waar daar geen begunstigde genomineer is nie, sal binne die bestorwe boedel val.

Waar ‘n begunstigde wel genomineer is op die polis, sal die opbrengs as bates in die boedel geag word vir boedelbelasting doeleindes, afgesien daarvan dat die opbrengs direk betaal word aan die begunstigde (onderhewig aan die gedeeltelike uitsluitings gebaseer op die polis- premies).

Polisse wat uitgesluit is van insluiting vir doeleindes van boedelbelasting,  is koop en verkoop, sleutelman polisse, en daardie polisse gesedeer aan ‘n eggenoot of kind in terme van ‘n huwelikskontrak.

Sekere bates in ‘n bestorwe boedel is uitgesluit van kapitaalwinsbelasting:

  1. Bates vir persoonlike gebruik (met sekere uitsonderings);
  2. Bates bemaak aan die langslewende eggenoot;
  3. Bates bemaak aan ‘n openbare voordeelorganisasie;
  4. Die opbrengs van lewensversekeringspolisse, belange in voorsorg- of annuïteitfondse, belange in pensioenfondse;
  5. Die eerste R2 miljoen ten opsigte van die primêre woning;
  6. Die eerste R750 000 ten opsigte van klein sakebates;
  7. Geldeenhede, uitgesluit goud en platinummunte.

Hierdie artikel is ‘n algemene inligtingstuk en moet nie gebruik of staatgemaak word op as professionele advies nie. Geen aanspreeklikheid kan aanvaar word vir enige foute of weglatings of vir enige verlies of skade wat voortspruit uit vertroue op enige inligting hierin nie. Kontak atyd jou finansiële adviseur vir spesifieke en gedetailleerde advies.

Some pointers for planning your estate

01The main aim of planning your estate is to ensure that as much of the accumulated wealth is utilised for your own benefit and for the maximum utilisation of dependents on your death.

“Estate planning” has been defined as the process of creating and managing a programme that is designed to:

  1. Preserve, increase and protect your assets during your lifetime;
  2. Ensure the most effective and beneficial distribution thereof to succeeding generations.

It is a common misconception that it revolves solely around the making of a Last Will and Testament, or the structuring of affairs so as to reduce estate duty.

Each person’s estate is unique and should be structured according to his/her own unique set of circumstances, goals and objectives.

The lack of liquidity on the date of death may cause for the deceased’s family members and dependents to suffer hardship, as certain assets might be sold by the executor to generate the cash needed.

Liquidity means that there should be enough cash funds to provide for:

  1. Paying estate duty;
  2. Settling estate liabilities and administration costs;
  3. Providing for other taxation liabilities that may arise at death, such as capital gains tax.

Technically the estate is frozen until such time as the Master of the High Court has issued Letters of Executorship.

Dying without executing a valid Last Will and Testament, your estate will be dealt with as an intestate estate, and the laws relating to intestate succession will apply. The Intestate Succession Act determines that the surviving spouse will inherit the greater of R125 000 or a child’s share. A child’s share is determined by dividing the total value of the estate by the number of the children and the surviving spouse. If the spouses were married in community of property, one half of the estate goes to the surviving spouse as a consequence of the marriage, and the other half devolves according to the rules of intestate succession. If there is no surviving spouse or dependents, the estate is divided between the parents and/or siblings. In the absence of parents or siblings, the estate is divided between the nearest blood relatives.

An executor is entitled to the following remuneration:

  1. Remuneration fixed by the deceased in the Last Will and Testament; or
  2. 3.5% of gross assets; or
  3. 6% on income accrued and collected from date of death.

Executor’s remuneration is subject to VAT where the executor is registered as a vendor.

Where the value of the estate exceed R3.5 million, estate duty will become payable on the balance in excess of R3.5 million, with the exception of the property bequeathed to a surviving spouse, which are exempt from estate duty and/or capital gains tax.

Section 3 of the Subdivision of Agricultural Land Act prevents the subdivision of agricultural land, and such land being registered in undivided shares in more than one person’s name is subject to Ministerial approval.

A minor child is a person under the age of 18 years of age, and any funds bequeathed to a minor child will be held by the Guardian’s Fund, which falls under the administration of the Master of the High Court. These funds are not freely accessible, and are usually invested at below market interest rates. It is thus advisable to provide for minors by means of a trust.

The Close Corporations Act provides that, subject to the association agreement, where an heir is to inherit a member’s interest (in terms of the deceased’s Will), the consent of the remaining members (if any) must be obtained. If no consent is given within 28 days after it was requested by the executor, then the executor is forced to sell the member’s interest.

Section 3(3)(d) of Estate Duty Act determines that where an asset is transferred to a trust during an estate planner’s lifetime, yet the estate planner, as trustee of the trust retains such power as would allow him to dispose of the trust asset(s) unilaterally for his own or his beneficiaries’ benefit during his lifetime, then such asset(s) may be deemed to be property of the estate planner and included in his estate for estate duty purposes.

Where the parties are married in community of property, the surviving spouse will have a claim for 50% of the value of the combined estate, thus reducing the actual value of the estate by 50%. The estate is divided after all the debts have been settled in a deceased estate (not including burial costs and estate duty, as these are the sole obligations of the deceased and not the joint estate). Only half of any assets can be bequeathed.

The proceeds from life insurance policies can be used to:

  1. Generate income to maintain dependents while the estate is dealt with;
  2. Pay estate expenses: funeral, income tax, estate administration, estate duty.

All proceeds of South African “domestic” policies taken out on the estate planner’s life, where there is no beneficiary nominated on the policy, will fall into his estate on his death.

Where a beneficiary is nominated on the policy, the proceeds will be deemed property for estate duty purposes, even and although they are paid directly to the beneficiary (subject to partial exemptions based on policy premiums).

Policies which are exempted from inclusion for estate duty purposes are buy and sell, key man policies, and those policies ceded to a spouse or child in terms of an antenuptial contract.

Certain assets in a deceased estate are excluded from capital gains tax:

  1. Assets for personal use (with certain exceptions);
  2. Assets that accrue to the surviving spouse;
  3. Assets bequeathed to approved public benefit organisations;
  4. The proceeds from life assurance policies; interests in pension, provident or retirement annuity funds;
  5. The first R2 million in respect of a primary residence;
  6. The first R750 000 in respect of small business assets;
  7. Currency, excluding gold and platinum coins.

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.