âDonât be fearful of risks. Understand them, and manage and minimize them to an acceptable level.â (Naved Abdali, Financial journalist and author) Managing risk in your business is absolutely critical for developing it to success. Knowing exactly which threats are really relevant and which will help any leader to develop strategy and prepare for the […]
29
Aug
Aug
âThe difference between tax avoidance and tax evasion is the thickness of a prison wall.â (Denis Healey, former British prime minister)Â Â Â Â Section 234 in Chapter 17 of the Tax Administration Act (TAA) sets out a list of criminal tax offences. If prosecuted and convicted of a tax criminal offence, taxpayers will – at the least […]
29
Aug
Aug
“Any taxpayer can be selected by SARS for verification for the purpose of proper administration of tax, including on a risk basis.” (SARS) Companies must, within 12 months of their financial year-end, submit to SARS an Income Tax Return for Companies (ITR14), as well as supporting documents, declaring their full income tax responsibility to SARS. This declaration, return and […]
29
Aug
Aug
âQuiet quittingâ isnât laziness…When they donât feel cared about, people eventually stop caring. If you want them to go the extra mile, start with meaningful work, respect, and fair pay.â â (Adam Grant, organizational psychologist and speaker) The idea of the recently acknowledged trend of quiet quitting is not really new at all. Some people […]
29
Aug
Aug
7 September – Monthly Pay-As-You-Earn (PAYE) submissions and payments 28 September – Excise Duty payments 29 September â End of the 2nd Financial Quarter, Value-Added Tax (VAT) electronic submissions and payments, CIT Provisional payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for […]
27
Jul
Jul
âThe submission of accurate personal income tax returns on time is important for a seamless filing season. Taxpayers must take control of their own tax affairs to ensure they are aware of their obligations and remain compliant.â (SARS Commissioner Edward Kieswetter) SARS recently announced the dates and changes for the 2023 Tax Season, which opened on […]
27
Jul
Jul
âThe value of a business is a function of how well the financial capital and intellectual capital are managed by human capital.â (Dave Bookbinder, author) There are a lot of factors that go into working out the true cost of an employee. According to the US Small Business Administration, employees really cost between 1.25 and 1.4 […]
27
Jul
Jul
âBorrowing isn’t inherently bad; it depends a lot on what the debt is financingâ (Stephen Moore, writer and economic commentator) Â Taking on debt can be a good thing for a company. It can fund expansions, help you seize market share or diversify offerings. Handled incorrectly it can, however, lead to severe problems that could ultimately […]
27
Jul
Jul
âThe backbone of any successful phishing attack is a well-designed spoofed email or spoofed website, which is why it pays to have a healthy level of scepticism when it comes to opening emails and visiting websites.â (Phishing.org) With Tax Season 2023 upon us, expect an upsurge in scam emails, seemingly from SARS but actually clever […]
27
Jul
Jul
7 August – Monthly Pay-As-You-Earn (PAYE) submissions and payments 30 August – Excise Duty payments 31 August – Value-Added Tax (VAT) electronic submissions and payments, CIT Provisional payments where applicable, first provisional tax payment (individuals). Disclaimer:Â The information provided herein should not be used or relied on as professional advice. No liability can be accepted for […]
27
Jul
Jul
7 August – Monthly Pay-As-You-Earn (PAYE) submissions and payments 30 August – Excise Duty payments 31 August – Value-Added Tax (VAT) electronic submissions and payments, CIT Provisional payments where applicable, first provisional tax payment (individuals). Disclaimer:Â The information provided herein should not be used or relied on as professional advice. No liability can be accepted for […]
28
Jun
Jun
âIf you talk to a top accountant about his field of expertise, it’s mind-boggling.â (Vincent Kompany, professional football manager and former player) Accountants are the tax and compliance champions of any industry, but the best ones do so much more for their clients, as strategic advisors and trouble-shooters who can also assist with automating a […]
28
Jun
Jun
âThe lack of adequate, accurate and up-to-date beneficial ownership information facilitates money laundering and terrorist financing by allowing criminals to hide their true identities, and the true purpose and/or source or use of funds.â (Financial Intelligence Centre – FIC) South Africaâs grey listing by the Financial Action Task Force (FATF) earlier this year and the […]
28
Jun
Jun
“Eskom plays a critical role in the life of South Africa, and life of South Africans. Due to its important role in the economy, its inability to provide electricity on demand and on time is a crisis.” (President Cyril Ramaphosa) The South African Reserve Bankâs Financial Sector Contingency Forum (FSCF) has recently encouraged South African […]
28
Jun
Jun
“Confidentiality of taxpayer information has always been a fundamental cornerstone of tax systems⊠taxpayers need to have confidence that the often-sensitive financial information is not disclosed inappropriately, whether intentionally or by accident.” (Organisation for Economic Co-operation and Development – OECD) The confidentiality of taxpayersâ information has recently come under the spotlight in South Africa. This […]
28
Jun
Jun
7 July – Monthly Pay-As-You-Earn (PAYE) submissions and payments 28 July – Excise Duty payments 31 July – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable. Disclaimer:Â The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions […]
29
May
May
âThe amount of work we can automate with AI is vastly larger than before. As leaders, it is incumbent on all of us to make sure we are building a world in which every individual has an opportunity to thrive.â (Andrew Ng, Co-founder and lead of Google Brain) Artificial Intelligence has come a long way […]
29
May
May
âA trustee has a responsibility to guard the assets of others with a higher degree of care than he does his own.â (John Ashcroft) Onerous new duties have recently been imposed on all trustees of all trusts – by government through legislative amendments, and also by SARS – in addition to their existing fiduciary duty […]
29
May
May
âThe difference between successful people and really successful people is that really successful people say no to almost everything.â (Warren Buffet, Investor) Anyone who has ever started a business knows the feeling a new enquiry can generate. The excitement that things seem to be working, may make the new entrepreneur set aside their concerns and […]
29
May
May
âThe government expects that, by encouraging companies to undertake R&D in South Africa, local companies will strengthen their capabilities of developing value-added products, technologies and services.â (Department of Science and Innovation (DSI) – South Africa) Research and development (R&D) is essential to boost innovation in the business sector, as it improves the capability to develop […]
29
May
May
Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice. © CA(SA)DotNews
25
Apr
Apr
âThe lack of reliable electricity supply is the biggest economic constraint⊠I am pleased to announce two tax measures to encourage businesses and individuals to invest in renewable energy and increase electricity generation.â(Finance Minister Enoch Godongwana â Budget 2023) In the 2023 Budget, the lack of a reliable electricity supply was highlighted as the countryâs […]
25
Apr
Apr
âAlways treat your employees exactly as you want them to treat your best customers.â (Stephen R. Covey) Gallup describes âengaged employeesâ as those who are involved in, enthusiastic about, and committed to their work and workplace. Numerous studies over many decades have confirmed the benefits of engaged employees especially to smaller companies, where they are […]
25
Apr
Apr
âA house built on granite and strong foundations, not even the onslaught of pouring rain, gushing torrents and strong winds will be able to pull down.â (Haile Selassie, Former Emperor of Ethiopia) When starting a new business, few things are as important as establishing your finances and making sure they are right. Building the foundation […]
25
Apr
Apr
âIn 2022 South Africa had the 12th highest income tax burden, the 9th highest company income tax burden, and the 14th highest non-resource tax burden worldwide.â (Garth Zietsman, South Africa’s Tax Freedom Day statistician)  Tax Freedom Day marks the day in the year when South Africans stop giving all their money to their government for the year and […]
25
Apr
Apr
5 May – Monthly Pay-As-You-Earn (PAYE) submissions and payments 30 May – Excise Duty payments 31 May – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable. Disclaimer:Â The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions […]
30
Mar
Mar
âWe need to give importance to skill development because this way we can end unemployment.â (Narendra Modi, Prime Minister, India) Since 1999, the Skills Development Levy (SDL) has served to fund skills development in the country. It encourages a planned and structured approach to skills development so employers, employees and the economy can benefit from […]
30
Mar
Mar
âProper business planning demands that you focus on the self-interest of the customer at all times.â â (Brian Tracy, Author and Speaker) Writing a business plan can feel like a daunting process, and making mistakes is part of the package, even if you follow the online guides and templates. To make this process simpler, we […]
30
Mar
Mar
ââŠgovernments internationally have increasingly used tax measures to support efforts aimed at regenerating urban areas.â (SARS Guide to the UDZ Allowance) The urban development zone (UDZ) tax incentive, provided for in section 13quat of the Income Tax Act (the Act), was introduced 20 years ago in 2003, as an accelerated depreciation allowance for property investments in certain central business […]
30
Mar
Mar
âConsumers donât just buy products and services anymore; they buy experiences. This demands a new approach to marketing, sales, and services; one that hinges on winning customer trust.â (Ben Jackson, Author “The Future of Commerce) With customer trust being the most important element in attracting sales, contracts and clients, gaining that trust is an important […]
30
Mar
Mar
1 April â Start of the 2022/23 Financial Year 6 April – Monthly Pay-As-You-Earn (PAYE) submissions and payments 26 April – Excise Duty payments 28 April – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable. Disclaimer:Â The information provided herein should not be used or relied on as professional advice. No […]
07
Mar
Mar
âThis is not an austerity budget. It is a budget that makes tough trade-offs in the interests of the countryâs short and long term prosperity.â (Finance Minister Enoch Godongwana â Budget 2023) Finance Minister Enoch Godongwanaâs second Budget contained no major tax proposals, thanks to an improvement in revenue from higher collection in corporate and personal […]
07
Mar
Mar
The big Budget Speech 2023 tax news was the introduction of tax incentives for investing in rooftop solar and renewable energy. The Budget also detailed tax relief in the form of adjusted tables for tax and rebates for individual taxpayers, adjusted tables for retirement tax and transfer duty, and the expected increases in âsinâ taxes. […]
07
Mar
Mar
“The time to prepare for disasters is before they happenâ (Stephen Matheson, Vice President of Product at BridgeHead) Given how reliant we all are on our IT infrastructure, it will come as no surprise to learn that one of the worst things that can happen to a business is for a failure to occur in […]
07
Mar
Mar
âMaking good judgements when one has complete data, facts, and knowledge is not leadership – it’s bookkeepingâ (Dee Hock, Founder and CEO of VISA) When running a small business, it often feels like you are doing everything yourself, and some important tasks can slip under the radar. One aspect that should never be forgotten though […]
07
Mar
Mar
Employers and employees need to keep an eye on the annual increases in both the National Minimum Wage and the Earnings Threshold, summarised below for your convenience. Both are effective from 1 March 2023. The National Minimum Wage increase The National Minimum Wage (NMW) for each âordinary hour workedâ has been increased by 9.6% from […]
07
Mar
Mar
7 March – Monthly Pay-As-You-Earn (PAYE) submissions and payments  30 March – Excise Duty payments  31 March â End of the 2022/23 Financial Year  31 March – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. No […]
07
Mar
Mar
âYour most unhappy customers are your greatest source of learningâ (Bill Gates) If you have founded a business then there is little less certain than that at some point in the future, you will get a bad review. Itâs simply impossible to please all of the people all of the time, which is why many […]
07
Mar
Mar
âWithout a logbook, you will not be able to claim a travel deduction.â (SARS Travel Logbook 2022/23) Even while recovering from the economic impact of COVID and facing the challenges of power blackouts, businesses and their employees are also contending with the costs of travel that have reached historic highs. Thankfully, expenses related to business […]
07
Mar
Mar
“We want to assure business that by the time you get back to work in January, we will have a much more stable situation.” (Public Enterprises Minister, Pravin Gordhan, December 7, 2018) With loadshedding now a constant reality in our lives and Eskom and the government offering no signs of any form of short-term recovery, […]
07
Mar
Mar
“People who complain about taxes can be divided into two classes: men and women.” (Unknown) The assessed loss rules have always allowed companies to deduct from their taxable income each year any assessed losses from previous years. The remaining assessed loss balances could be carried forward indefinitely. This meant that a company would only pay […]
07
Mar
Mar
âFinally, we pay tribute to the millions of South Africans, whose resilience and courage during these times of pandemic and economic hardship, is an inspiration to all of us who have the privilege to serve in the public sector.â (From the 2022 Budget Speech) Finance Minister Enoch Godongwana has invited the public to share suggestions […]
07
Mar
Mar
âWe change our tools and then our tools change us.â (Jeff Bezos) Every January, individuals and businesses have an opportunity to take advantage of what is called the âFresh Start Effectâ â referring to research evidence that shows people are more likely to make positive changes at times that mark the start of a new […]
07
Mar
Mar
âGood fortune is what happens when opportunity meets planning,â – Thomas Edison You have your idea, you have your mission statement and perhaps you even have an idea of who your first customers will be, but there are still a few things you should consider doing before you launch your company. When it comes to […]
07
Mar
Mar
âBeing tax compliant⊠is not just good for you, but also contributes to the positive growth of our countryâs economy which in turn benefits all South Africans.â (SARS) Businesses are often required to provide, confirm or share tax clearance information to another entity. This is because proof of tax compliance is an indicator of a […]
07
Mar
Mar
âIn business, you don’t get what you deserve, you get what you negotiate,â Chester Karrass, Founder of Seminar group Karrass. At some point, around halfway through the pandemic, experts began to whisper that office space was dead. âNo one will be using an office by 2023,â they said. And yet, while it’s true that office […]
07
Mar
Mar
Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice. © CA(SA)DotNews
07
Mar
Mar
âPricing power is important in business. You want your business to have the ability to raise prices as needed, especially with regard to inflation.â (Hendrith Vanlon Smith Jr) It is imperative that businesses increase their fees, rates or product prices annually by at least the rate of inflation, just to keep pace with the ongoing […]
07
Mar
Mar
“Communication is a skill that you can learn. It’s like riding a bicycle or typing. If you’re willing to work at it, you can rapidly improve the quality of every part of your life.â (American business speaker Brian Tracy) Successful communication can be the difference between a profitable business and a failing one. Leaders who […]
07
Mar
Mar
âMetaverse isn’t a thing a company builds. It’s the next chapter of the internet overallâ (Mark Zuckerberg, Meta) Among businesses, one of the most misunderstood aspects at the moment is âThe Metaverseâ. Businesses that do understand this new phase of the internet are currently seizing opportunities that their competition doesn’t even know exist. This is […]
07
Mar
Mar
Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice. © CA(SA)DotNews
27
Oct
Oct
âA diligent buyer will want up to five yearsâ worth of profit and loss statements, bank statements, tax returns, leases, supplier and vendor contracts, and customer data.â (Barbara Findlay Schenck â Author âSelling Your Business for Dummiesâ)Â The reasons why a business owner might decide to sell their business are many â perhaps to pursue […]
27
Oct
Oct
âI would borrow money all day long, if the cost of borrowing is less than the expected return.â (Brad Schneider, American congressman) At some point it’s more likely than not that your small business will require a business loan. A 2021 study done by Fundera (a US financial resource business that sources financing for small […]
27
Oct
Oct
â[Taxpayers] should give at least the same priority to tax obligations as their other responsibilities.â (SARSâ Short Guide to the Tax Administration Act) SARS has wide powers when it comes to the collection of tax debts and just one of these is the power to collect money owed by taxpayers from third parties who hold […]
27
Oct
Oct
âIn a way, fraud in business is no different from infidelity in marriage or plagiarism in scholarly work. Even people committed to high moral standards succumbâ (Miroslav Volf, Director of the Yale Center for Faith and Culture) Fraud (in this context) is the act wherein an employee or trusted partner makes a financial gain through […]
27
Oct
Oct
7 November â Monthly PAYE submissions and payments 25 November – VAT manual submissions and payments 29 November – Excise Duty payments 30 November – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments.
28
Sep
Sep
âThe moment you make a mistake in pricing, you’re eating into your reputation or your profits.â (Katharine Paine, founder and CEO of KDPaine & Partners) It may seem a simple concept but getting your pricing right is an integral part of any businessâs true sustainable success and can be a critical part of its failure […]
28
Sep
Sep
“If you can’t measure it, you can’t improve it.” (Peter Drucker) Metrics are defined as a set of numbers that give information about a particular process or activity. In a business context, a metric is a quantifiable measure used to track, monitor and assess the performance of various business processes. Also known as key performance indicators or […]
28
Sep
Sep
âSouth Africa is aligned with the practice in many other countries of granting tax relief for medical expenditure.â (SARS) In South Africa, tax relief for medical expenses is provided through a medical tax credit system. This means the tax relief is provided as a tax rebate – a reduction in tax payable. If you are […]
28
Sep
Sep
âIf you’re trying to create a company, it’s like baking a cake. You have to have all the ingredients in the right proportion” (Elon Musk) The move to the gig economy has been in the works for years. Even before the pandemic people were leaving their jobs to âconsult independentlyâ from small towns around the […]
28
Sep
Sep
7 October â Monthly PAYE submissions and payments 25 October – VAT manual submissions and payments 28 October – Excise Duty payments 31 October – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments. Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted […]
30
Aug
Aug
âDuring recession greed dies, frugality survives.â (Amit Kalantri, Wealth of Words) With yet another return of loadshedding in August, and major banks upgrading their forecasts to reflect an increased possibility of further economic downturns, recession feels inevitable in South Africa. A recession is simply where an economy stops growing and starts retracting. A generally held […]
30
Aug
Aug
âThe main objective⊠is to provide compensation for disablement caused by occupational injuries or diseases sustained or contracted by employees, or for death resulting from injuries or diseasesâŠâ (Compensation for Occupational Injuries and Diseases Act) Most employers â and particularly smaller businesses and domestic employers â are not able to provide cost-effective medical or insurance […]
30
Aug
Aug
âThis is a call for all South Africans to be part of the solution; to contribute in whatever way they can to ending energy scarcity in South Africa.â (President Cyril Ramaphosa) For more than a decade, local businesses have faced the huge challenge of an unreliable power supply from a state-owned monopoly that allowed very […]
30
Aug
Aug
 “Happy customers are your biggest advocates and can become your most successful sales team.” (Lisa Masiello) Anyone who has started a business has had those meetings. The ones where you trade a dozen emails explaining what you do and how you do it, what your rates are and why you are the best, and now […]
30
Aug
Aug
7 September â Monthly PAYE submissions and payments 23 September – VAT manual submissions and payments 29 September – Excise Duty payments 30 September â End of the 2nd Financial Quarter 30 September – VAT electronic submissions and payments, PIT top-up & CIT Provisional payments. Disclaimer: The information provided herein should not be used or relied on […]
27
Jul
Jul
âNever take your eyes off the cash flow because itâs the lifeblood of business.â (Sir Richard Branson) Managing cash flow is often one of the biggest challenges business owners face and is also the reason for a concerningly large percentage of business failures. Cash flow can be defined as the total amount of money that […]
27
Jul
Jul
âYou cannot escape the responsibility of tomorrow by evading it today.â (Abraham Lincoln) A good business credit score is a critical tool in business success as it helps your business unlock, establish and maintain relationships with lenders, suppliers and vendors. It reveals whether an organisation should lend your business money, give it credit or enter […]
27
Jul
Jul
âCreativity is great – but not in accounting.â (Charles Scott, Former governor of Kentucky) Being able to track money as it is coming in and going out is essential for small business owners. Not having proper cash flow management and a full understanding of where your money is going makes it hard to analyse where […]
27
Jul
Jul
âA trust is a âpersonâ for tax purposes and is therefore a taxpayer in its own right.â (SARS) SARS recently sent out a reminder confirming that in terms of the Income Tax Act, 1962 (ITA), all trusts are taxpayers and that the trustees, who are also the representative taxpayers of the trust, have a responsibility […]
27
Jul
Jul
5 August â Monthly Pay-As-You-Earn (PAYE) submissions and payments 25 August – Value-Added Tax (VAT) manual submissions and payments 30 August – Excise Duty payments 31 August – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable. Disclaimer:Â The information provided herein should not be used or relied on as professional advice. […]
28
Jun
Jun
“Few of us ever test our powers of deduction, except when filling out an income tax form.” (Laurence J. Peter) In this article, we look at the who, how and when of this 2022 Tax Season; highlight some issues that require special attention; and suggest practical next steps to help you avoid the last-minute rush, […]
28
Jun
Jun
âSimple can be harder than complex: You have to work hard to get your thinking clean to make it simple. But it’s worth it in the end because once you get there, you can move mountains.â (Steve Jobs, co-founder of Apple) It is easy in business culture to start believing that more is more. Entrepreneurs […]
28
Jun
Jun
âTax debtors are expected to take responsibility for their tax obligations and to organise their affairs in such a way as to be able to discharge those responsibilities when required. They should give at least the same priority to tax obligations as their other responsibilities.â (SARSâ Short Guide to the Tax Administration Act) To avoid […]
28
Jun
Jun
âThe really expert riders of horses let the horse know immediately who is in control, but then guide the horse with loose reins and seldom use the spurs.â (Sandra Day OâConnor, former Supreme Court Justice) For years you have been working in the industry of your choice and now you have decided to start your […]
28
Jun
Jun
7 July â Monthly Pay-As-You-Earn (PAYE) submissions and payments 25 July – Value-Added Tax (VAT) manual submissions and payments 28 July – Excise Duty payments 29 July – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. […]
27
May
May
7 June â Monthly Pay-As-You-Earn (PAYE) submissions and payments 24 June – Value-Added Tax (VAT) manual submissions and payments 29 June – Excise Duty payments 30 June – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable 30 June â End of the 1st Financial Quarter Disclaimer: The information provided herein should not […]
27
May
May
âThe golden rule of all estate planning is: donât wait.â (Missionwealth.com) Just 20% of South Africans have a valid will (âLast Will and Testamentâ), resulting in countless heart-breaking stories of grief-stricken surviving spouses and children with no income or access to funds as bank accounts have been closed, floundering in confusion with no idea where […]
27
May
May
âWhen written in Chinese, the word âcrisisâ is composed of two characters. One represents danger and the other represents opportunity.â (John F. Kennedy, 35th U.S. President) When people hear the term âcrisis managementâ they immediately picture a PR team in front of the media defending a company from an unpredictable disaster, but crises that close down […]
27
May
May
âWhat gets measured, gets managed.â (Peter Drucker) Financial reports, such as a balance sheet, income statement, cash flow statement, debtors reports and actual spend vs budget reports, provide an understanding of where your business stands financially at a certain point in time. They detail the businessâs financial performance over a period and also raise red […]
27
May
May
âTaxpayer: One who doesnât have to pass a civil service exam to work for the governmentâ (Anonymous) âTax Freedom Dayâ is the first day of the year on which we South Africans (weâre talking about the âaverageâ taxpayer here) have finally earned enough to pay off SARS and to start working for ourselves. This year […]
28
Apr
Apr
âThe employer in collaborating with SARS plays a critical coalition towards adherence and compliance of tax principles and laws.â (SARS External Guide â A Guide to The Employer Reconciliation Process) By law, employers must deduct or withhold employeesâ tax from remuneration and pay this to SARS monthly on or before the 7th of the following […]
28
Apr
Apr
âOne doesnât discover new lands without consenting to lose sight, for a very long time, of the shore.â (Andre Gide) All of the largest businesses in the world started small. Apple, Google, and Amazon were all famously founded in garages. Now these giant multi-billion-dollar companies occupy multiple office blocks that dwarf football stadiums. This happened […]
28
Apr
Apr
âWhat the government gives it must first take away.â (John S. Coleman) It certainly seemed like a win for taxpayers when Finance Minister Enoch Godongwana announced in his February Budget Speech that the corporate income tax (CIT) rate has been reduced from 28% to 27% for companies with a tax year ending on or after […]
28
Apr
Apr
06 May Monthly Pay-As-You-Earn (PAYE) submissions and payments 25 May Value-Added Tax (VAT) manual submissions and payments 30Â May Excise Duty payments 31Â May Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for […]
30
Mar
Mar
âSince the unemployment rate in the Republic is of concern to Government; and since Government recognises the need to share the costs of expanding job opportunities with the private sectorâŠâ (Preamble to the Employment Tax Incentive Act 26 of 2013 [ETI Act]) During Finance Minister Enoch Godongwanaâs 2022 Budget Speech, a substantial 50% increase in […]
30
Mar
Mar
âIf you deprive yourself of outsourcing and your competitors do not, youâre putting yourself out of business.â (Lee Kuan Yew, Former Prime Minister of Singapore) Launching a business requires the small business owner to wear many hats. From marketing, to accounting and HR the small business owner needs to learn any number of skills to […]
30
Mar
Mar
“Dear IRS, I am writing to you to cancel my subscription. Please remove my name from your mailing list.” (Snoopy) According to some estimates, as many as 1,900 millionaires have left South Africa over the last few years. A New World Wealth Africa report indicates that 4,200 high net-worth individuals left the country over the […]
30
Mar
Mar
âAll company bosses want a policy on corporate social responsibility. The positive effect is hard to quantify, but the negative consequences of a disaster are enormousâ (English economist and academic, Noreena Hertz) Stimulating the SME sector is considered as one of the quicker ways to rejuvenating the economy. According to a 2020 survey by McKinsey […]
30
Mar
Mar
1 April Start of the 2022/23 Financial Year 7 April Monthly Pay-As-You-Earn (PAYE) submissions and payments 25 April Value-Added Tax (VAT) manual submissions and payments 28 April Excise Duty payments 29 April Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable. Disclaimer: The information provided herein should not be used or relied on […]
25
Feb
Feb
âNow is not the time to increase taxes and put the recovery at risk! Accordingly, we have decided to keep money in the pockets of South Africans.â (Finance Minister Enoch Godongwana) The 2022 Budget Speech brought some good news and welcome tax relief to personal and business taxpayers, This is possible thanks to tax revenue […]
25
Feb
Feb
How much will you be paying in income tax, petrol and sin taxes? Use Fin 24âs four-step Budget Calculator here to find out. Have a look at the tax tables below for the new Individual and Special Trust income tax brackets, and for a convenient reminder of the various other taxes that remain unchanged – Source: SARS Source: SARS […]
25
Feb
Feb
âTax complexity itself is a kind of taxâ (Max Baucus) NOTE: Bear in mind that although many of the resources mentioned below are addressed by SARS to you as a private taxpayer, there is just no substitute for professional advice and assistance when it comes to matters of tax. âSMME Connect # 1â, the January […]
25
Feb
Feb
âEvery advantage has its tax.â (Ralph Waldo Emerson) An unfortunate reality for many non-provisional taxpayers with multiple income streams is a large and unexpected tax liability following a year-end tax assessment â even though PAYE was paid each month on their income streams. Taxable income streams include salaries and wages, allowances, pensions and retirement annuities, […]
25
Feb
Feb
7 March Monthly Pay-As-You-Earn (PAYE) submissions and payments 25 March Value-Added Tax (VAT) manual submissions and payments 30 March Excise Duty payments 31 March End of the 2021/22 Financial year 31 March Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable Disclaimer: The information provided herein should not be used or relied […]
27
Jan
Jan
âAny remedy is going to depend on having financial statements that are reliableâ (Tom Foley) On the last day of February each year, many companies face their end of financial year or âEOFYâ. Whether itâs referred to as the EOFY, Close of the Financial Period, Financial Year End or FYE, or simply âYear Endâ, this […]
27
Jan
Jan
âOut of clutter, find simplicity. From discord, find harmony. In the middle of difficulty lies opportunity.â (Albert Einstein) To many people the idea of working from home can seem like a dream. Just avoiding the daily commute makes it worthwhile for many, but add in the benefits that arise from being present for your family, and […]
27
Jan
Jan
âAt the heart of the strategy is a strong beliefâŠthat systemic problems require systemic solutionsâ (MIT Sloan associate deans, Fiona Muray and Ray Reagans) Businesses usually spend the last quarter of the year reflecting on how they have done and using the lessons learned in planning for the year ahead, while also keeping a keen eye on governmentâs financial […]
27
Jan
Jan
âEmployees are the key to your success… Treat them well!â (Ron Kaufman) The death of an employee can be a difficult situation in any company, but particularly so in smaller businesses where employees work more closely together and often consider each other more than just co-workers. In addition to handling the emotional aspect of such […]
27
Jan
Jan
Finance Minister Enoch Godongwana has invited the public to share suggestions on the 2022 Budget he is expected to deliver on Wednesday 23 February 2022. The Ministry of Finance: âAs usual, the budget allocation always aims to strike a balance between competing national spending priorities ⊠suggestions must pertain to what should government be spending […]