Directors: Be Careful, You Will Be Held More Accountable In 2020

The past few years have seen scandals emerging in both the private and public sectors. Steinhoff, State Capture, Eskom, the Guptas and Bosasa, to name a few, have revealed how endemic corruption has become in South Africa. The National Prosecuting Authority (NPA) is now beginning to charge those who have been involved in these scandals. […]

Lying About Qualifications – Prison Time for Employees on the Horizon

An issue that has been around for a while has been employees misrepresenting their qualifications to their employer. This has adverse consequences for the employer as the employee often proves incapable of doing the required job – this leads to wasted time in disciplinary hearings, dismissal and then a new recruiting cycle begins. That’s in […]

Budget 2020: Tips for Tito – Make Your Voice Count!

On 26 February 2020 the Minister of Finance, Tito Mboweni, will be making his annual budget speech. Traditionally, the Minister asks the public what they would like to see in the budget and a “Budget Tips” portal on the National Treasury website is open. Citizens are encouraged to submit their tips to the Minister either […]

Your Tax Deadlines for February 2020

7 February – Monthly PAYE submissions and payments 25 February – VAT manual submissions and payments 27 February – Excise Duty payments 28 February – VAT electronic submissions and payments 28 February – CIT Provisional Tax Payments where applicable 28 February – PIT Provisional Tax Payments Disclaimer: The information provided herein should not be used […]

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What Will The Next Decade Bring Us?

“If we can win the Rugby World Cup three times, surely it is not asking too much of this country to take the High Road twice when its future is on the line? When push comes to shove, ordinary South Africans can do extraordinary things!” (Clem Sunter) The major global trends that have recently emerged […]

Your Tax Returns Are Due: Make Sure You Fill In Your Return Correctly

“The hardest thing in the world to understand is the income tax”  (Albert Einstein) Provisional taxpayers using eFiling need to have completed and submitted their 2019 income tax return on or by 31 January. Make sure you are prepared for this and don’t underestimate the time needed to put the return together. As a starting […]

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How To Detect and Dodge Financial Scams

“If it sounds too good to be true, it probably is” (wise old adage) In the USA, $40 billion is lost every year to scammers. When you consider statistics suggesting that 65% of scam victims don’t report their losses (usually they are too embarrassed to admit they have been conned), as much as $120 billion […]

Your Tax Deadlines for January 2020

 January – Monthly PAYE submissions and payments 24 January – VAT manual submissions and payments 30 January – Excise Duty payments 31 January – VAT electronic submissions and payments 31 January – CIT Provisional Tax Payments where applicable 31 January – 2019 Income Tax submission due for provisional taxpayers using eFiling.  Disclaimer: The information provided […]

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The CIPC to Intensify Compliance Enforcement from January

The Companies and Intellectual Property Commission (CIPC) has announced new requirements for companies and close corporations when completing their Annual Returns. From 1 January 2020 it will be mandatory to complete a compliance questionnaire when submitting the Annual Return.  The rationale for the questionnaire The CIPC will use this questionnaire to assess areas of non-compliance with the […]

Important: SA’s Rankings on the Ease of Doing Business Index, and an Exciting New Business Registration Platform

In his recent State of the Nation Addresses, President Ramaphosa vowed to speed up economic growth. He has set several key milestones to measure how effectively he is putting South Africa back on a positive economic path, such as attracting R1.2 trillion in investment in five years (in less than two years well over half […]

Your Tax Deadlines for December 2019

4 December – Tax Season 2019 eFiling closes for Individuals (if you are a provisional taxpayer, you have until end January 2020 to submit your tax return) 6 December – Monthly PAYE submissions and payments 24 December – VAT manual submissions and payments 30 December – Excise Duty payments 31 December – VAT electronic submissions […]

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Crunch Time for SA – The Medium Term Budget Policy Statement and What it Means to You

“There is a tide in the affairs of men, Which taken at the flood, leads on to fortune. Omitted, all the voyage of their life is bound in shallows and in miseries. On such a full sea are we now afloat. And we must take the current when it serves, or lose our ventures.” (Shakespeare) […]

Businesses: Think Strategically When Cost Cutting

We all know times are tough and many companies are embarking on cost cutting exercises. Unfortunately, this is a necessary procedure but think of the impact on staff morale and the potential loss of productivity when undertaking cost reduction. You don’t want to end up leaving your business worse off. A few tips Communicate effectively. Cost […]

Your Tax Deadlines for November 2019

Deadlines this month are – 7 November – Monthly PAYE submissions and payments 25 November – VAT manual submissions and payments 29 November – Excise Duty payments 29 November – VAT electronic submissions and payments 29 November – CIT Provisional Tax Payments where applicable. Disclaimer: The information provided herein should not be used or relied […]

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A Tip for Anyone with Too Much Debt – Try the ‘Snowball Method’

Note: Even if you yourself are financially secure, please consider passing this article on to someone else who may be struggling with a debt burden – an employee perhaps, or a friend or relative. Owing high amounts of debt and not being able to pay it off is one of the most demoralising things a […]

Businesses: Let’s All Practice Corporate Sustainability to Remain Competitive and Successful

“Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs” (Gro Harlem Brundtland) The word sustainability is seemingly on everyone’s lips. What does it mean and what can you and I do about it? Deconstructing sustainability The above quote encapsulates what it […]

Our Economic Outlook: Good News or Bad?

“Prediction is very difficult, especially if it’s about the future” (Niels Bohr, theoretical physicist and Nobel Prize winner) After shrinking sharply in the first quarter, the economy rebounded to show “record” 3.1% positive growth in the second quarter. Does this mean that quarter one was an aberration driven by load shedding or is there ongoing […]

Your Tax Deadlines for October 2019

Deadlines this month are – 7 October – Monthly PAYE submissions and payments 25 October – VAT manual submissions and payments 30 October – Excise Duty payments 31 October – VAT electronic submissions and payments 31 October – CIT Provisional Tax Payments where applicable 31 October – Tax Season 2019 Branch filing closes for Individuals […]

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Be Ready For SARS Employee Audits

“Forewarned is forearmed” (Wise old saying) SARS is having trouble meeting its revenue targets and this is clearly putting enormous pressure on the South African economy. Further economic deterioration in the economy will probably result in a downgrade to junk status by Moodys. This will mean that all three of the major ratings agencies will […]

Communicate with Candour – the “Oracle of Omaha” Speaks

“The CEO who misleads others in public may eventually mislead himself in private” (Warren Buffett) Companies that are sustainable in the long term are honest with themselves and with all the businesses’ stakeholders. The starting point is candour If you are open and honest in your dealings with people you will gain their trust and […]

Your Shareholder Agreement versus Your Memorandum of Incorporation – There Is Only One Winner

Shareholder agreements usually form the backbone of shareholder relationships as they govern, for example, how shareholders sell their shares, how shareholder disputes are settled and the type of authority required for certain transactions. The Companies Act makes it clear that: If there is any conflict between the MOI (Memorandum of Incorporation) and the shareholders’ agreement, […]

Spying On Employees Is Becoming A Big Industry

Note: As always, our employment laws being complex and the penalties for getting them wrong severe, take specific professional advice in any doubt! In a recent UK survey 72% of employees felt that their employers were eavesdropping on them. Gathering information on employees is now a multibillion dollar industry and is continuing to grow as […]

Don’t Let a Death or Disablement Destroy Your Business

The greatest need in many small businesses is for cash flow. Picture this scenario:  Three people start a business and after a few years it is beginning to make profit – in a year it will go cash positive. One of the shareholders is killed (or disabled) in an accident, leaving the spouse and children […]

If Artificial Intelligence Is Not That Intelligent, Should We Be Worried About Our Jobs?

“Real stupidity beats artificial intelligence every time” (Terry Pratchett) Artificial Intelligence (AI) is being rolled out in many guises throughout business. One instance of this is voicemail with some amusing results. One person recalls getting a voicemail message which said “I’m a user music to reach an audience” and, another example, “ — working with […]

The Big Mac Index Says the Rand is Way Undervalued

“Our results indicate that the Big Mac Index is surprisingly accurate in tracking exchange rates over the long-term, which is consistent with previous PPP research findings” (ScienceDirect) For decades the Economist has been publishing its Big Mac Index to give an estimation of how under- or over-valued a currency is. This is done by comparing […]

How Tax Returns Will Be Easier This Year, and Should You File if You Earn Under R500,000?

“Death and taxes may be inevitable but they shouldn’t be related” (J.C. Watts Jr)” Tax season 2019 begins on 1 August (1 July for taxpayers who are registered for eFiling or have access to the MobiApp) and SARS has taken further steps to reduce the burden on both taxpayers and SARS’ administrative systems.  This year […]

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Business Rescue Options: Going the Informal Route v the Companies Act Route

The business rescue provisions in the Companies Act are regarded as progressive and world class and there is evidence that it has worked well. Yet a 2016 survey showed that more distressed businesses opted for an informal approach and appear to be more successful than those opting for the remedies of the Companies Act. What’s […]

Youth Employment Tax Incentive Extended for Ten Years

There is chronic unemployment in the country and it is especially felt by the youth where up to 50% cannot find a job. The Employment Tax Incentive (ETI) is designed to encourage companies to employ “youths” (between the ages of 18 to 29) for 1 to 2 years. Incentives for employers to make use of […]

Your Tax Deadlines for July 2019

There are only run-of-the-mill deadlines for July – 5 July – PAYE submissions and payments 25 July – VAT manual submissions and payments 30 July – Excise Duty payments 31 July – VAT electronic submissions and payments 31 July – CIT Provisional Tax Payments where applicable. Disclaimer: The information provided herein should not be used […]

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How You Can Detect Fraud in Your Business

Few things are as devastating to a business’ reputation as internal fraud – it undermines staff morale and creates a new uncertain relationship with stakeholders such as suppliers, investors and compliance authorities. News bulletins and newspapers all talk of the massive corruption being unearthed in South Africa – don’t think your business is immune. Build […]

Companies: What is an Alternate Director? A Curious Role


“‘Alternate director’ means a person elected or appointed to serve, as the occasion requires, as a member of the board of a company in substitution for a particular elected or appointed director of that company” (Companies Act) Situations can arise where a director becomes ill and takes a leave of absence or travels frequently and […]

Worker Burnout: Too Much Work and Unclear Goals

“‘Burnout’, n. ‘Physical or mental collapse caused by overwork or stress’” (Oxford Dictionaries) Two issues have come to the fore in terms of staff experiencing burnout – bosses who work too many hours, and conflicts in terms of duties performed.  This can result in burnout and high healthcare costs (estimated at $120 billion annually in […]

Small Business Owners: Don’t Overlook Your New Compliance Requirements!

Small business has limited resources and optimising these resources is a balancing act. Part of this balancing act includes the role of compliance. These requirements have increased as new laws are rolled out along with other regulations, such as BEE and FICA, which also need to be considered. One needs to carefully weigh up the […]

Quick Wins to Get Our Economy Going Again

“I approach every problem with optimism” (Nelson Mandela) The mood of optimism that pervaded a year ago is rapidly fading – the Business Confidence Index is on a steady decline. Every 1% rise in business confidence results in 0.5% growth in the economy – as President Ramaphosa recognises, growth in investment creates economic activity and […]

Employers – Need Reducing Staff Conflict With Employee Rights?

The Companies Act gives directors wide powers to manage the organisation – the Act states “The business and affairs of a company must be managed by or under the direction of its board”. In a recent case a furniture company ran into economic difficulties and resolved that it needed to cut costs by reducing staff […]

Tax and Solar Energy Plants: Your Business Can Deduct the Costs Upfront

“If only there was some kind of an infinite power source that was free to use all day every day
” (Anon) In a recent binding ruling, SARS confirmed it will allow the cost of solar power units. The capital costs that may be deducted are: Photovoltaic solar panels; AC inverters; DC combiner boxes; Racking; and […]

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SARS – Important Update on VAT for E-Services from Foreign Suppliers

This has been causing waves since SARS stated its intentions of making electronic services subject to VAT last year. Now the final regulations have been published and are effective from 1 April 2019. Of significance is the change in the definition of electronic services – in the original draft regulations e-services were specifically listed but […]

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Expat Tax: How Will The Changes Affect You?

“A fine is a tax for doing wrong. A tax is a fine for doing well.” (Ecard humour) (Note: If you aren’t yourself an expatriate, please think of passing this on to someone who is – forward planning is important here!) Legislation has been passed that will partially remove the current tax exemption available to […]

Companies: Don’t Inadvertently Encourage Unethical Behaviour

“So much of what we call management consists in making it difficult for people to work” (Peter Drucker) In a recent interview of a prosecutor, he expressed surprise that most of the people charged with commercial crime were normal and honest. Yet in a recent survey of a company, 41% of the staff had observed […]

The CIPC Is Taking On Wrongdoing by Directors – A R4.3bn Example

The Companies and Intellectual Property Commission (CIPC) has often been viewed as just an administrator and recorder of decisions made by companies.  In February however, the CIPC issued a Compliance Notice to the Public Investment Corporation (PIC) instructing it to recover a R4.3 billion investment in AYO Technology Solutions. What is going on and what […]

Sugar Tax: Good for the Taxman, Bad for the Sugar Industry

“If governments tax products like sugary drinks, they can reduce suffering and save lives. They can also cut healthcare costs and increase revenues to invest in health services” (World Health Organisation) The Sugar Tax was introduced last April and has met with a mixed response.  The Sugar Industry The sugar industry has been struggling with […]

What Our New Tax Statistics Tell Us

There are only run-of-the-mill tax deadlines in April, but some interesting information emerged from the recently-released 2018 edition of SARS’ Tax Statistics – For the first time since the Global Financial Crisis the increase in tax revenue collected lagged behind GDP growth. This reflects that (a) the days of tax collections rising at a fast […]

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What does Budget 2019 mean for you?

The following proposed tax changes were announced  Income tax rates are left unchanged. The primary rebate was marginally increased but the overall effect of this is that individuals will pay R12.8 billion more in tax – the so called â€œbracket creep” which means you pay higher taxes as salary increases will put you into higher tax brackets. “Sin” taxes have […]

Your Selection of Budget 2019 Tax Calculators

“People who complain about taxes can be divided into two classes: men and women” (Anon) How long will you work for the taxman today? Input your salary into the 2019 Tax Clock calculator and find out how many hours you will spend today working for the taxman, and at what time precisely you will finally start working for […]

How to Improve Risk Management in Your Business

Risk management has become increasingly popular in the past twenty years. It is also a corner stone of good governance. Despite this increased focus, businesses are still being blindsided by events which result in high costs being incurred. Potential problems and unpredictability – think “out of the box” Usually a risk assessment is done via […]

SARS Warns Taxpayers: “Use Only Registered Tax Practitioners”

There are no major tax deadlines for March but SARS is again warning taxpayers to – Only use registered Tax Practitioners,  Ask for the practitioner’s registration number, and  Verify the number online here. Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors […]