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Here's a little nugget

posted 18 Aug 2010, 10:04 by Carl Nielsen
This item will only really be of interest to bodies corporate, such as Sectional Title schemes, and there only really of impact to those rich enough to have to bother about tax in the first place.

First off, lets mention the bit that many people who should know about it, for many moons didn't know about, although it seems they mostly do now, but just in case there are any who still aren't aware, here it is again: Since time immemorial, bodies corporate have been exempt from tax on levy income they receive from their own members which is specifically used to defray the expenses of the corporate body. Since a while ago (I think about the 2009 tax year but would have to look it up to say for definite here so let me rather be vague and let you do the work if you need to) Bodies Corporate have been exempted from the first R50,000 of other income too. So that's the new bit you might have missed.

Now the bit that I missed. This time I can tell you exactly when it starts: years of assessment commencing after 1 January 2009 (so generally speaking, for years ending sometime during calendar year 2010). And the big news: such entities are no longer required to pay provisional tax whether they earn investment and other income that will ultimately be taxed or not. For them, taxation becomes an annual event.

I suspect if you have already paid provisional tax for a year that you didn't need to, you'll have a devil of a time getting SARS to refund it to you. And you'd probably have an even worse time getting them to pay interest on it. Both those options are probably strictly available, but good luck if you try. Rather write to SARS now telling them to "get stuffed regarding future provisional tax" (well, maybe be a little polite... difficult, I know) and let whatever you've paid in the meantime go to settle that final liability on assessment.
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