Harbour and Associates Management Services

13/10/2024

A car is a fixed asset and if you sell it at a profit, would the gain will be subject to Capital Gains Tax? And if you sold it at a loss, would you record that as a capital loss and be able to offset it against capital gains?

Eighth Schedule of the Income Tax Act

Para 53(1) excludes personal-use assets from capital gains or losses and Para 53(2)

13/10/2024

A trustee cannot act until he/she has Letters of Authority from the Master. So, the trust can do nothing until it is registered.

But that usually does not matter. Why? Because you should be registering a company as well. The trust will own the company and the company will do whatever business you are planning, whether it be trade or property investment.

13/10/2024

I was interested to speak to a Muslim who said that he could not leave a legacy via a trust that continued generation after generation (see my book "16 Steps to Wealth") because Shar'iah Law dictates how the assets of a deceased shall be distributed amongst his wife and children.

I was interested to speak to a Muslim who said that he could not leave a legacy via a trust that continued generation after generation (see my book "16 Steps to

29/08/2024

I could never understand why a company has to have both a Public Officer and a Representative Taxpayer.

The Tax Administration Act eventually provided the answer, but I had to read it a few times before I could figure it out.

Representative Taxpayer

s153 states that the Representative Taxpayer is responsible for ensuring that the company pays its tax liabilities.

s155 says that if s(he)

I could never understand why a company has to have both a Public Officer and a Representative Taxpayer. The Tax Administration Act eventually provided the an

29/08/2024

We have always favoured defining the beneficiaries of a trust as the client, spouse and relations within the first degree of consanguinity and the descendents of any beneficiary. This has the advantage of being both dynamic (if more children are born) and avoiding having to provide details of all the beneficiaries and their guardians if minors.

We have always favoured defining the beneficiaries of a trust as the client, spouse and relations within the first degree of consanguinity and the descendents o

29/08/2024

Let’s say that your VAT registered company bought an office block as an income earning going concern from a VAT vendor.

The deal complied with s11(1)(e) of the Value Added Tax Act and was zero rated.

Your company then converted the offices into residential units.

What are the VAT implications of this?