February 9, 2021

Wysheid vir besluite in die belastingseisoen

Die 2021 belastingseisoen lê voor die deur en ons het wysheid nodig om reg te kies in dié tyd. Een van die moeilike keuses waarmee belastingbetalers gekonfronteer word, is die besluit oor hoeveel hulle onderskeidelik tot ‘n uittree-annuïteit (UA) en tot ‘n belastingvrye spaarbelegging (TFSA) moet bydra. Vir lesers wie minder bekend is met die begrippe eers net kortliks die volgende – wat is ‘n uittree-annuïteit (UA)? Dit is eenvoudig gestel ‘n finansiële instrument waardeur jy met voorbelaste geld vir jou oudag voorsiening kan maak. Dan kan ‘n mens ook die vraag vra waarom dit belangrik is om by te […]
January 19, 2021

Insuring your tax position

In addition to tax liabilities (tax capital amounts), taxpayers are also subject to an array of penalties and interests in respect of late payments, understatements, specific punitive penalties, and compliance-related penalties in terms of various tax Acts, such as the Income Tax Act, and the Value-Added Tax Act. This is often the case when there are uncertain tax positions, where taxpayers had to take a view on specific interpretations on a tax Act, or where assessments have not been finalised and there is a potential threat of penalties. These uncertainties are often an impediment to the conclusion of transactions and deals, and one often finds in agreements that an […]
January 19, 2021

How your business can lead your industry with R&D

Google, Tesla, Apple … These are all companies that we associate with innovation and technological advancement. Of course, we know that the developments that they make in the world of business come down to tons of research and development (R&D). With all the resources at their disposal, they have the groundwork to make innovation a breeze. Since many small business owners are focused on their day-to-day survival in a competitive marketplace, many do not believe that R&D is possible for them, or, that even if they were to invest in research, the advances that they make would not be significant enough to achieve […]
January 19, 2021

Smart accounting, the smart way

The last several years have seen an increase in “smart accounting systems” that have online capabilities and that can integrate with various other business solutions. These smart accounting systems have revolutionised traditional accounting, and there can be no question that many businesses run a more organised and financially sound operation as a result of the availabilities of these programs and applications. While the benefits of using these systems speak for themselves, businesses should ensure that the data processing and back-end of these systems (which is often based overseas) are compliant with local value-added tax (VAT) legislation. A prevalent example is […]
January 19, 2021

What happens when debt is waived?

Many natural persons or trust shareholders in companies are confronted with the unintended tax consequences of owing an amount on a loan account to the company in which they hold those shares. These tax consequences specifically relate to the “deemed dividend” which arises on interest-free loans (related to so-called “debit loans” in companies). In many cases, there is no intention to ever repay the loan account, and shareholders and companies often consider simply waiving these loan accounts. The issue typically arises when the shareholder is not immediately subject to any of the adverse debt waiver provisions of the Income Tax Act. The shareholder often opts to absorb any tax recoupments or base cost adjustments as a result of the debt benefit […]
December 11, 2020

2021

Nog ‘n jaar is verby en met die laaste nuusbrief van 2020 wil ons al ons kliënte bedank vir hulle ondersteuning en ‘n baie geseënde feestyd en voorspoedige 2021 toewens. Aan al ons personeel, baie dankie vir die harde werk en suksesvolle 2020. Mag elkeen van julle die feestyd en ruskans geniet en kom veilig terug. Hierdie artikel is ʼn algemene inligtingsblad en moet nie as professionele advies beskou word nie. Geen verantwoordelikheid word aanvaar vir enige foute, verlies of skade wat ondervind word as gevolg  van die gebruik van enige inligting vervat in hierdie artikel nie. Kontak altyd ʼn […]
December 11, 2020

5 Tips to digitally expand your business’s professional network

The importance of networking – especially during COVID-19 – should not be overlooked. While many business owners have been struggling to stay afloat in the economic downturn that has resulted from the events of 2020, they may have been neglecting one of their key resources in maintaining their success. Good networking skills are one of the most valuable business assets that any business owner can possess. How you connect to others in your field of work (and this includes your competitors) can have a marked effect on your ability to make the right decisions at the right time with the right resources at your […]
December 11, 2020

Why you need new business policies before July 2021

Since the POPI Act came into effect on the 1st of July 2020, many businesses have had to rethink the way that they use and store information of individuals. In some ways, it may place a burden on some small business who have been using the same tactics for years to engage with clients and potential clients. What are some practical implications of the POPI Act that you need to keep in mind? Since the POPI Act requires information to be kept only for as long as it is used for a specific purpose, and that personal information should be protected, it means that you need to become much more cognisant of where you are storing personal […]
December 11, 2020

Emigrating while retaining your property?

The exodus of South Africans to foreign jurisdictions has been well publicised, and due to this, much has been written about the so-called “exit tax” that applies when one ceases to be a tax resident in South Africa, as well as matters relating to foreign employment income earned. However, what is often overlooked is what happens when you emigrate but retain your home in South Africa. The general principle is that when you cease to be a South African tax resident, your home (constituting immovable property in South Africa) will not be subject to the “exit charge”, since that immovable property always remains a […]
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