Over the fourteen years that Singular has been working within the space of Capital Gains Tax on financial instruments, we have developed a robust system that caters for South African CGT laws, encompasses the different rules for different taxpayers, allows for any permissible election methods and covers most asset classes that are held on capital account. Singular has built up a wealth of specialist knowledge and grown a team of individuals driven to provide CGT solutions to our clients.
We keep our software up to date with annual tax law changes so that you don’t have to, and build customized integration between our solution and your Asset Management system.
CAPITAL GAINS TAX & S24J
DIVIDEND WITHHOLDING TAX (DWT)
EMPLOYEE TAX DIRECTIVES
CORPORATE ACTIONS RESEARCH
Using CGT Express and our experienced tax team, we assist our clients with ensuring that they are compliant with the complex tax law surrounding their portfolio of financial instruments. We accept data from various portfolio systems, enrich it with tax information, eliminate false disposals and data errors and carry out the CGT computation (and Section 24J interest calculation where applicable) in CGT Express and report back to the client in the format of their choice.
Using STARSS Express, we assist our clients with ensuring that they are compliant with the complex SARS Business requirements Specification (“BRS”) for Dividend Tax Withholding and reporting. We accept data from various portfolio systems, enrich it for dividend tax purposes, generate the file in strict accordance with the SARS BRS and send it back to the client for submission to SARS.
A tax directive application to SARS must be made by Employers where there are amounts payable to their employees under section 8C of the Income Tax Act.
Singular has built Tax Express in order to assist Employers with this process. Tax Express provides a direct interface into SARS which we use to assist Employers to apply for these directives automatically and on a bulk basis. We manage the submission of the request as well as the systematic reading of SARS response files, and provide Employers with the printable report that can be used to submit to employees if requested.
Sometimes the challenging part of getting a CGT computation right, is when a share investment has undergone a corporate action event. Some events can be super complex, difficult to find information, and difficult to figure out the tax impacts. Our team has 24 years of combined experience in researching events for CGT impacts. We trawl the internet for information such as company circulars, press releases, SENS, RNS, ICE, SEC filings etc. and where necessary contact the company or its advisers for more information.We analyse the substance and legal form of the event, in order to conclude on the:
Singular hosts a CGT seminar annually to update clients on tax amendments with a specific focus on Capital Gains Tax, Dividends Tax, and Section 24J. The next seminar will be held around the end of February/beginning of March 2018.