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Summary Taxation 388: Summaries for SILKE Chapters 12,13,14,33

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  • Vak
  • Taxation 388
  • Instelling
  • Stellenbosch University (SUN)

This document is the most comprehensive summary for the relevant chapters you will find! It includes SILKE notes, SAICA references, lecture notes, cases and PPPs. Over 100 students have bought Taxation 388 summaries from me in 2020 and they all rate the notes as 11/10. You will not be disappointed!

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  • 31 mei 2021
  • 72
  • 2020/2021
  • Samenvatting

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  • tax
  • taxation
  • taxation 388
  • 388
  • stellenbosch
  • bcom notes
  • tax summary
  • tax summaries
  • taxation notes
  • taxation summary
  • taxation summaries
  • taxation 388 notes
  • taxation 388 summary
  • taxation 388 summaries
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  • Stellenbosch University (SUN)
  • Taxation 388
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Voorbeeld van de inhoud

TAXATION 388
TEST 3
Chapters 12, 13, 14 & 33


Notes made in the 2020 academic year


Tax email address:




TABLE OF CONTENTS

Chapter 12 ................................................................................................................................................... 4
SPECIAL DEDUCTIONS AND ASSESSED LOSSES ................................................................................... 4
12.1 Overview .......................................................................................................................................... 4
12.2 Employee-related expenses ........................................................................................................... 4
12.2.1 Restraint of trade payments .......................................................................................................... 4
12.2.2 Fund contributions by employers................................................................................................. 6
12.2.5 Annuities to former employees and their dependants ............................................................. 6
12.3 Legal expenses ................................................................................................................................ 7
12.4 Repairs ............................................................................................................................................. 9
12.4.2 Occupied for the purpose of trade or in respect of which income is receivable .................. 9
12.5 bad Debt........................................................................................................................................ 10
12.9 Donations to public benefit organisations and other qualifying beneficiaries.......................... 11
12.12 Assessed Losses .......................................................................................................................... 12
12.12.1 Balance set off by taxpayers other than companies.............................................................. 14
12.12.2 Balance set off by companies ................................................................................................... 15
12.12.3 From trade carried on outside South Africa ........................................................................... 16
Comprehensive Example ...................................................................................................................... 17
Chapter 13 ................................................................................................................................................. 19
CAPITAL ALLOWANCES AND RECOUPMENTS..................................................................................... 19
13.1 Overview ........................................................................................................................................ 19
13.2 Core concepts ............................................................................................................................... 20
13.2.1 Connected persons NB .................................................................................................................. 20
13.2.2 Machinery, plant, implement, utensil or article ........................................................................ 21
13.2.3 Process of manufacture................................................................................................................ 22


1

, 13.2.4 Depreciable assets ....................................................................................................................... 22
13.3 Allowances on movable assets ..................................................................................................... 23
13.3.1 Wear-and-tear allowance............................................................................................................. 23
13.3.3 Movable assets used by manufacturers .................................................................................... 25
13.3.4 Small business corporations ........................................................................................................ 27
Please note ................................................................................................................................................ 30
13.4 Allowances on immovable assets................................................................................................. 31
13.4.1 Buildings and improvements: Annual allowance ..................................................................... 31
13.4.3 Residential units ............................................................................................................................ 34
13.4.5 Commercial buildings .................................................................................................................. 36
13.7 Leases ............................................................................................................................................ 38
13.7.1 Lease premiums ............................................................................................................................ 38
13.7.2 Leasehold improvements ............................................................................................................ 40
13.7.3 Relief for lessor (Lessor’s special allowance) ............................................................................. 42
13.8 Intellectual property ...................................................................................................................... 44
13.8.1 Legislation for expenditure incurred on or after 1 Jan 2014 but before 1 Oct 2022 ......... 44
13.10 Recoupments .............................................................................................................................. 45
13.10.1 General recoupment provision ................................................................................................. 46
13.10.2 Donations, asset in specie distributions, the disposal of assets to connected persons
and change of use to trading stock ....................................................................................................... 50
13.11 Alienation, loss or destruction allowance .................................................................................. 52
13.12 Summary ...................................................................................................................................... 54
Disposals of capital assets ....................................................................................................................... 54
Chapter 14 ................................................................................................................................................. 55
TRADING STOCK ...................................................................................................................................... 55
14.1 Overview ........................................................................................................................................ 55
14.2 Closing stock ................................................................................................................................. 56
14.3 Opening stock ............................................................................................................................... 57
14.4 Cost price of trading stock ........................................................................................................... 59
Capital asset becomes trading stock (change in use) ......................................................................... 59
14.5 Trading stock acquired for no consideration .............................................................................. 60
14.6 Goods taken from stock or distributed as dividend in specie.................................................... 61
Chapter 33 ................................................................................................................................................. 64
TAX ADMINISTRATION ............................................................................................................................ 64
33.1 Overview ........................................................................................................................................ 64
33.2 Tax administration framework ...................................................................................................... 65
33.2.2 Core concepts used throughout the TAA ................................................................................. 65
33.2.4 Non-compliance and offences .................................................................................................... 65
33.3. Tax compliance and collection .................................................................................................... 66
33.3.1 Registration and changes in particulars..................................................................................... 67
33.3.2 Tax returns ..................................................................................................................................... 67
33.3.3 Document retention ..................................................................................................................... 67



2

, 33.3.5 ASSESSMENTS ............................................................................................................................. 67
33.3.6 Penalities ........................................................................................................................................ 68
33.5 Dispute resolution ......................................................................................................................... 70
33.5.1 Overview of the process .............................................................................................................. 70
33.5.2 Burden of proof............................................................................................................................. 71
33.5.3 Payment of tax pending objection or appeal ........................................................................... 72
33.5.5 Objection against assessment .................................................................................................... 72




3

, CHAPTER 12

SPECIAL DEDUCTIONS AND ASSESSED LOSSES




12.1 OVERVIEW

ss 11(a), 11(x) and 23


Apart from the deductions allowed under the general deduction formula in s 11(a), the Act sets out
certain special deductions in s 11(c) to (w).
The purpose of the special deductions is to allow deductions that would not ordinarily be available
under the GDF, either because they are of a capital nature or because they cannot easily satisfy the
restrictive test that the expenditure should be incurred in the production of income.


Other sections to note:
o Section 11(x) also brings within the scope of s 11 all other amounts allowed to be deducted
from the income of the taxpayer in terms of any other provision in Part I of the Act, which deals
with normal tax.
o Section 23 prohibits the deduction of certain expenditure and losses
o Section 23B contains a prohibition against double deductions under more than one provision
of the Act
Remember: As a rule, when an amount qualifies for deduction under both the GDF and a special deduction, it must
be deducted only under the special deduction, even if this deduction if more limited than the deduction that would
have been allowed under the GDF.

o Section 23H limits the amount that may be deducted in any YoA for certain expenditure that
will produce a benefit only in later years of assessment (see chapter 6)




12.2 EMPLOYEE-RELATED EXPENSES



12.2.1 RESTRAINT OF TRADE PAYMENTS


s 11(cA)
pg 72


Restraint of trade payments are normally capital in nature (see Chapter 3), but a special inclusion may
apply for the recipient (see Chapter 4). The recipient is taxed on the receipt in terms of par (cA) and
(cB) of the Gross Income definition.




4

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