Tax costs of barter transactions
Barter transactions are commonplace in today’s commercial environment. Parties exchange goods or services without a cash transaction underpinning it. The question is, “What happens when I sell the asset in future? Do I have a tax cost for it?” Paragraph 20(1)(a) of the Eighth Schedule to the Income Tax Act refers to ‘the expenditure actually incurred in respect of the cost […]
WHAT IS A REASONABLE EXPECTATION OF RENEWAL?
An employee has been employed on a fixed-term employment contract for a number of years. Each consecutive year, the fixed contract is renewed at the election of the employer. After the fixed contract expired, the employer decides not to renew the employee’s contract. Is the employee entitled to a renewal of the fixed-term employment contract […]