Foreign exchange is becoming an every occurrence for almost every taxpayer. This is due to increased offshore investment for individuals, globalisation of trade and even just because of easier travel. In light of this SARS has finally replaced the old Practice Note with Interpretation Note 101. Do you fully understand how to correctly reflect these transactions in your tax return?

After attending this course, delegates will have gained an understanding of the competencies mentioned below and must be able to apply the concepts and techniques in most situations and environments: • Understanding whether they should translate transactions • Understanding which foreign items need to be translated • Understanding how to calculate a capital gain or loss for foreign assets • Understanding the rules with respect to loans and connected persons

The aim of this session is to cover the core ideas of s24I, s25D and para 43 of the Eighth Schedule and how they apply to foreign exchange items. The main topic areas to be covered are: • How do I translate transactions? • Translation requirements for foreign debts or foreign assets • Calculation of capital gains or losses with respect to foreign assets • Special Rules housed in these sections

This course would be useful for all persons who provide tax advice for any clients. It would also be useful for any persons who are responsibility for the tax compliance of their businesses or their clients. Any delegate that is looking to get a refresher on the above topics would also be welcome.