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Is a tenant’s deposit taxable? Understanding rental deposits and their income tax implications WHEN ENTERING into a property lease agreement, it is common for a landlord (lessor) to require the tenant (lessee) to pay a rental deposit, also known as a security deposit.  This deposit serves as financial protection for the landlord against possible damage to the property, unpaid rent, or other obligations under the lease. Two questions are normally asked by landlords when it comes to dealing with rental deposits – the legal requirements for levying and holding such deposits, and the tax implications thereof. If you’d like to read the rest of this article, please sign up or, if you’re already a member, log in. Sign Up Log In A subscription allows you UNLIMITED access to premium articles and content for less than the price of a cup of coffee! Cancel anytime.

‘Burden of proof by taxpayer’ affirmed Court case clearly shows that taxpayers must prove that an amount is not income WHILE IT is entirely within a taxpayer’s rights to contest the outcome of a SARS assessment, doing so requires thorough preparation. This means ensuring that documentation is accurate, consistent, and properly presented, and that the explanation they provide does not change.  Without this, the prospects of success are limited, and taxpayers may face additional penalties alongside the disputed tax. If you’d like to read the rest of this article, please sign up or, if you’re already a member, log in. Sign Up Log In A subscription allows you UNLIMITED access to premium articles and content for less than the price of a cup of coffee! Cancel anytime.

SARS knows about your undeclared crypto transactions VDP is the last-chance saloon for crypto investors to get their tax affairs in order THOUSANDS OF South Africans who have traded or invested in crypto assets may soon face severe penalties.  SARS has started issuing letters to individuals suspected of undeclared crypto gains.  Experts warn that those who fail to act now risk not only hefty fines but also potential criminal prosecution. According to digital asset and tax specialists at Forvis Mazars in South Africa, the window for crypto investors and traders to voluntarily regularise their tax affairs is rapidly closing as SARS strengthens its enforcement capabilities. The Voluntary Disclosure Programme (VDP) presents a final opportunity to get their tax affairs in order. It’s vital, therefore, to include your digital assets when drawing up your will. If you’d like to read the rest of this article, please sign up or, if you’re already a member, log in. Sign Up Log In A subscription allows you UNLIMITED access to premium articles and content for less than the price of a cup of coffee! Cancel anytime.