Most tax provisions close doors. The ‘corporate rules’ in section 41 – 47 of the Income Tax Act open the doors. They open the doors to allow for the transfer of assets to companies, and between companies in a group, free of capital gains tax and income tax. Related provisions provide for relief from VAT, transfer duty and Securities Transfer Tax.
14 July 2014
09:00 AM until 13:00 PM
Convention Square, Lower Long Street
Cape Town, Western Cape
Online registration is closed.
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Most tax provisions close doors to protect the tax base.
However, the 'corporate rules' in section 41 - 47 of the Income Tax Act open doors and provide relief from tax liability. They open the doors to allow for the transfer of assets to companies, and between companies in a group, free of capital gains tax and income tax. Related provisions provide for relief from VAT, transfer duty and Securities Transfer Tax.
This seminar is designed to illustrate the remarkable flexibility of the corporate rules in a thoroughly practical way by combining theory with case studies illustrating the practical application of the rules. The analysis will be integrated with a consideration of relevant provisions of the Companies Act.
A highlight of the seminar will be a detailed consideration of how the corporate rules lend themselves to the development of structures designed to facilitate equity participation by previously disadvantaged individuals, on an affordable basis which also provides a platform for senior executives' share schemes.
- The key concepts defined in section 41 of the Income Tax Act;
- The general nature of roll-over relief;
- Asset-for-share transactions pursuant to section 42 of the Act, inclusive of the practical application of section 42 to provide 'platforms for empowerment';
- New section 43 and substitutive share-for-share transactions - application to the consolidation and subdivision of shares;
- Section 44 and 'amalgamation transactions' facilitating the merger of assets held by two or more companies;
- Section 45 and intra-group transactions, including current restrictions on the deductibility of interest where debt is created pursuant to asset transfers;
- Section 46 and 'unbundling transactions', covering the distribution of shares in subsidiary companies;
- Section 47 and 'liquidation distributions', covering the transfer of assets in anticipation of liquidation or deregistration.
Who should attend:
While covering technical terrain, focuses on the practical application of the corporate rules to a wide range of client situations. The emphasis is on 'billable' insights and solutions. The course is accordingly a 'must' for all accountants and lawyers conducting corporate practices, and its utility is by no means confined to those conducting specialist merger and acquisitions practices.
Advocate Wouter Scholtz has:
- Directed tax training for Deloittes (Australia);
- Served as a Senior Manager (Mergers and Acquisitions) with PricewaterhouseCoopers in Sydney;
- Conducted training in Capital Gains Tax for both SARS and Deloittes (South Africa);
- Taught tax on post-graduate programmes for Sydney University, the University of New South Wales and the University of Cape Town, where he served as an Adjunct Professor.
Wouter, in association with Andrew Duncan (a former director of Walkers Attorneys), currently conducts a commercial legal practice, focusing on mergers and acquisitions and estate planning. They are based in Cape Town.
CPD:This event and successful completion of the online assessment will secure 4 hours verifiable output CPD points/units.
Including the following professional bodies. (SAICA, CIMA, SAIPA, SAIBA, ACCA, FPI, CSSA, LSSA, FISA, ICBA, IAC)
Event Investment:Option 1 - Seminar:
Important: Please note that as from 2014 printed copies of notes is optional and will cost additional R50 per set and must be ordered. Electronic notes will be emailed to all registered delegates 2 days prior to the event. Should you require a printed copy on the day of the seminar kindly select the printed seminar notes when registering for the event.
Option 2 - Live Webinar Broadcast
This CPD event will be broadcast live on Thursday 17 July 2014 from 09:00 - 13:00
Option 3 - DVD & Electronic Course Notes
This CPD event will be recorded and available to purchase on DVD.
Payments & Cancellations
- All payments must be made by EFT or by credit card, at least 3 working days before commencement of an event.
- Proof of payment may be requested at registration, if payment at that point in time has not been reflected on SAIT's bank account.
- Only written notice of cancellation will be recognised.
- If the cancellation occurs more than 30 days prior to the event no cancellation fee will be charged.
- If the cancellation occurs less than 30 but more than 10 days prior to the event a 50% cancellation fee will apply.
- If the cancellation occurs less than 10 days prior to the event a 100% cancellation fee will apply.
- Delegates who book and fail to attend will be liable for the full event fee.
- SAIT's liability in the case of an event being cancelled will be limited to a refund or credit of the event fee.