Latest News

January 27, 2017

Tax free annual donations: To your Trust or your dependents

  Individuals may donate up to R 100,000 per annum tax free, to their Trust or dependents.  The benefit of this donation is to reduce the […]
January 27, 2017

Logbook lethargy? There is help!

As we embark on a new year, we reflect on our weaknesses from last year and promise ourselves to strive to be better this year. We […]
January 27, 2017

A year of Sheep, Wolves and Sheepdogs!

There was a memorable scene in the movie American Sniper where an extract from a book written by Lieutenant Colonel David Grossman called On Combat which […]
January 27, 2017

VAT Recons: Why they are essential!

This article serves as a reminder to do your VAT Turnover Reconciliation before submission of the last vat return. The VAT turnover reconciliation aims to reconcile […]
November 23, 2016

Have you hugged your Adviser today?

Being a Certified Financial Planner/Wealth Manager at Harbour Wealth is the ‘easiest’ hardest job in the world. The easy part being that if you can build […]
November 23, 2016

SAGE ONE: Welcomes you to the world of online accounting solutions.

Sage One is currently trending as South Africa’s top online accounting and bookkeeping software, providing its customers with seamless access to their data from anywhere, at […]
November 23, 2016

Managing your tax compliance status

With SARS continued effort to improve compliance they have made it even easier for taxpayers to manage their tax affairs by introducing an enhanced Tax Compliance […]
November 23, 2016

Providing you with the ultimate HR Solution!

Dear Clients We are excited to announce our collaboration with LabourNet to provide you with the ultimate HR solution for your business!We are continuously searching for […]
October 31, 2016

Never invest in an Investment you can’t understand

Estimated Annual Cost Harbour Wealth clients may have already noticed a new acronym floating around the financial services space – EAC! At first glance it may […]
October 31, 2016

Little logbook – Work smarter not harder!

        Lucro has joined in association with Little LogBook to provide our clients with a solution that automates one of the most mundane, […]
October 31, 2016

Five ways a virtual office can benefit a small business

The term virtual office often implies many things, which include provision of communication and address services without actually having a physical office space or meeting rooms. […]
October 31, 2016

Dividends Tax exemption – The pitfalls to avoid

Dividends Tax is imposed at a rate or 15% on the receipt of dividends. It is a withholding tax, as it must be withheld and paid […]
October 3, 2016

Trusts: Beware of interest-free loans

Major tax implication for Trusts (1 March 2017)The 2016 Draft Tax Amendment Bill introduces a new section to prevent Estate Duty and Donations Tax avoidance through […]
October 3, 2016

Due date for annual financial statements – 6 months after year end

Are you aware that the Companies Act (No71 of 2008 section30) requires companies to prepare Annual Financial Statements within six months after the end of its […]
October 3, 2016

SARS SPECIAL STOPPERS – Causing Major Inconvenience!

Please note that for almost all refunds SARS has issued a “Special Stopper”. This is effectively a system-generated hold, placed on your tax account, and requires […]
October 3, 2016

Last Will and Testament

“Most people do not know whether their loved ones have executed a Will, where the original might be kept or who has been nominated to wind up the […]
October 3, 2016

PAYE interim reconciliation opens on 1 September 2016

The South African Revenue Service (SARS) requires that employers must, every six months, submit an Employer Reconciliation Declaration (EMP501). The interim reconciliation covers the six-month transaction […]
October 3, 2016

The importance of delegating

Almost every business owner has too much to do and too little time.By delegating effectively, you can take some of the weight off your shoulders, and […]
October 3, 2016

South Africa’s GDP growth

Gross Domestic Product (GDP) is one of the most important of all economic statistics because it reflects the state of the economy in a single figure. […]
October 3, 2016

Revised Special Voluntary Disclosure Programme

In terms of the new global standard for the automatic exchange of information between tax authorities, the South African Revenue Service (SARS) will start receiving offshore […]
August 29, 2016

Income and a “Rule of Thumb”

Back in 1782, James Gillray published a satirical cartoon “Judge Thumb”. The cartoon lambastes a certain Sir Francis Buller, an English judge, for allegedly ruling that a man […]
August 29, 2016

Proposed Tax Changes Affecting Trusts

On 8th July 2016, the National Treasury and the South African Revenue Service (SARS) published for public comment the final two bills to give effect to […]
August 29, 2016

VAT Compliance

A vendor is required to submit VAT returns and make payments of any VAT due (or claim a VAT refund) in accordance with the tax period […]
August 29, 2016

Are you depreciating your assets in accordance with the Accounting Standard?

Historically companies applied the SARS rates for wear and tear to their assets and used this as the accounting depreciation charge. This avoided the need for […]
August 22, 2016

Tax Season 2016 has begun

Tax Season runs from 1st July to 25th November every year. With the 2016 Tax Season now underway, it is important that you gather together all […]
August 22, 2016

Sugar Tax Proposals

Finance Minister, Pravin Gordhan, announced in February 2016 that a sugar tax would be levied with effect from 1 April 2017.  The National Treasury has now […]
August 22, 2016

Increase on Thresholds for Exemption of Employer Provided Bursaries

Included in the 2016 Draft Taxation Laws Amendment Bill published on 8th July 2016 are changes to the thresholds for exemption of employer provided bursaries. Currently, […]
August 4, 2016

Junk Status – What does it mean?

During 2015 SA’s sovereign credit rating was downgraded to BBB-. Earlier this month we survived a new ratings period, where our rating and outlook was held […]
August 4, 2016

Forex Management

These days anyone in South Africa that has foreign transactions as part of their business has the worry of the volatile currency fluctuations of the Rand. […]
July 8, 2016

This Time is Different!

I recently read an article by Andrew Serwer fromFortune magazine that attempted to sum up the US market. I quote: “That was a nasty patch the market […]
July 7, 2016

SARS has an excellent control mechanism in the IT14SD.

The IT14SD is the Supplementary Declaration SARS very often requests once you have submitted your company Income Tax Return (IT14). It is to be taken very […]
July 7, 2016

Why incomepass Forex?

Put simply: No administration fees, better exchange rates and expert advice. Incompass has been providing financial solutions since 2003 with a focus on the international individual […]
July 7, 2016

Capitalising your business – Loan or shares?

Capitalising your business is a start-up or business continuation move that can have long-term effects on your company’s success. Funding start-up expenses, inventory and operations is […]
July 5, 2016

SARS scam alert

The South African Revenue Service (SARS) has recently alerted small businesses to a new scam in which criminals, posing as SARS officials, demand outstanding payments of […]
July 5, 2016

South Africa’s latest credit ratings

South Africa’s credit ratings have been in the news a lot recently.  With much talk of a possible downgrade to junk status, the anticipation of the […]
July 5, 2016

The importance of good trust administration

The South African Revenue Service (SARS) Strategic Plan (2012/13 – 2016/17) highlighted the government’s concern that there was a “compliance risk posed by high-net worth individuals […]
July 5, 2016

Brexit… The aftershock

The news that Britain had decided to exit the European Union (EU) sent shockwaves through world markets.  Until then, many South Africans were not even really […]
June 9, 2016

The new BBBEE codes

Traditionally your BBBEE status was measured predominantly on your final Status Level as determined across all element of the Scorecard. Your level would be anything from […]
June 9, 2016

The HOW and WHY of Offshore Investing

Whenever the Rand or our president misbehaves, we know the interest in offshore investing peaks, and understandably so. Last year the Rand depreciated by roughly 30% […]
June 6, 2016

The Importance of Cash Flow Forecasts

An estimated 80% of businesses fail because they have not managed their cash flow properly.Profitable businesses are often among these statistics, simply because owners focus too […]
June 6, 2016

POPI Update

The need for greater protection of personal data is increasing globally.The European Commission has just implemented the General Data Protection Regulation (GDPR) which is aimed at […]
May 30, 2016

WHAT TO DO WHEN YOUR BUSINESS IS FAILING

There are many signs that a small business is failing. The bad news is that to ignore these signs and just carry on doing business as […]
May 30, 2016

SO, YOU WANT TO START A BUSINESS? FIRST CONSIDER THE FOLLOWING FACTORS

Often people say wistfully “I wish I had my own business”. Some of them take it further and decide what kind of product or service they […]
May 30, 2016

COST MANAGEMENT: 7 TIPS FOR CUTTING BUSINESS EXPENSES

It is important for every business owner to make a maximum profit, both through sales and by maintaining strict financial discipline within the company. Implement sound […]
May 30, 2016

10 FINANCIAL TIPS FOR SMALL BUSINESSES

In the current economic climate effective management of your business’s finances is more important than ever. The following tips will assist you in managing the finances […]
May 9, 2016

IMPORTANT DEVELOPMENT – E-SIGNATURES

Dear Client, In our ongoing, innovative efforts to enhance your experience with us and streamline our business process by moving ever-closer to a completely paperless environment, […]
April 7, 2016

EMPLOYER ANNUAL RECONCILIATION

Dear Client, EMPLOYER ANNUAL RECONCILIATION – 2016 Tax Year Your Employer Annual Reconciliation Declaration (EMP501), Employees Tax Certificates IRP5/IT3(a)’s, and where applicable, Tax Certificate Cancellation Declaration […]
March 23, 2016

BUDGETS AND CASH FLOWS

As we face tough economic times, it is important for companies to analyse their expected future cash flows. Cash is the life blood of any business. […]
March 23, 2016

AUTOMATIC LEVEL 2 FOR QSE’S THAT ARE 51% BLACK OWNED

Automatic Level 2 exemption: One major change in the new codes that many companies are considering is the automatic Level 2 for QSE’s that are 51% […]
March 23, 2016

MARKETS ARE UNPREDICTABLE – COSTS ARE FOREVER

Recently I was asked by a client to review a Retirement Annuity which was started in early 2013. The monthly contribution is about R6000 per month. […]
February 24, 2016

IT’S A ZOO OUT THERE

      English author Edward Bulwer-Lytton way back in 1839 for his play Richelieu: Or the Conspiracy about Cardinal Richelieu. first penned the line “the pen is […]
February 24, 2016

UNLOCK YOUR VIRTUAL CFO!

As a business owner, do you always get your important financial information on time? Are your financial reports complete and accurate? Or do you sometimes feel […]
February 24, 2016

WHY VALUE YOUR BUSINESS?

Every business owner should know the worth of their business, as it measures their past, present and future. Valuation is the single most important concept in […]
February 24, 2016

THE LUCRO BEE CONSULTING OFFERING

BEE or rather BBBEE (Broad Based Black Economic Empowerment) is entrenched in the South African economy and it is important that all businesses consider the impact […]
January 25, 2016

WILL YOUR TRUST STAND UP TO SCRUTINY?

There are many benefits of having a family Trust, but most importantly they provide protection of assets from creditors, a shield from Estate Duty and control […]
January 25, 2016

AUDIT CERTIFICATE FOR PROPERTY TRANSFERS AND BONDS

In order for a Conveyancing Attorney to register a bond, or transfer a property on behalf of a company or trust, they require an Audit Certificate. […]
January 25, 2016

WHAT TO DO WHEN DECLARING A DIVIDEND

The Companies Act and Income Tax Act regulate the declaration of dividends. We often find that clients are not aware of the requirements in terms of […]
December 7, 2015

HOW TO COPE WITH A DEMANDING LIFE: THE DAILY BASICS

There are always times in one’s life that you feel defeated, or down or just disappointed with the level of satisfaction that you have on your […]
December 7, 2015

GUARD YOUR ONLINE REPUTATION

Your business may not be advertised online, but the Internet can be utilised to enhance or damage your reputation. Protect your reputation and the way the […]
December 7, 2015

THE TEAM BEHIND YOUR SUCCESS

A business team that runs smoothly and is well-coordinated can be instrumental in promoting your business’s long-term growth and success. Consider this when putting a dream […]
December 7, 2015

TAKE YOUR BUSINESS TO THE NEXT LEVEL

Your business will stagnate if you keep to the status quo. You cannot just keep doing what you’ve always done. Take former movie rental giant Blockbuster […]
November 18, 2015

5 TOPICS EVERY BUSINESS OWNER SHOULD DISCUSS WITH AN ACCOUNTANT

Here are five key business issues that should be part of that dialogue.       1.Company growth: If you are planning any major changes to your […]
November 18, 2015

TEN TIPS FOR SMALL BUSINESS OWNERS DURING TOUGH FINANCIAL TIMES

When the economy is slow, small business owners struggle to survive, many for the first time. Financial problems consume valuable time and business resources, yet must […]
November 18, 2015

WHAT HAPPENS IF I DIE WITHOUT A WILL?

Attorneys often emphasise the fact that you should have a will drawn up and revise it regularly in order to facilitate the bequeathing of your possessions […]
November 18, 2015

ADVANTAGES AND DISADVANTAGES OF TRUSTS

Trusts have various advantages, but unfortunately there are also disadvantages. Although this is not a complete synopsis of all the pros and cons, our experience may […]
October 29, 2015

ADMINISTERING OF AN ESTATE

The administering of a deceased estate is regulated by the Administration of Estates Act No 66 of 1965 (as amended) and divided according to a valid […]
October 29, 2015

HOW DOES THE NEW EMPLOYMENT TAX INCENTIVE (ETI) WORK?

WHAT IS ETI? ETI is a tax concession made to encourage employers to hire young people with no work experience. The employer may claim the ETI […]
October 29, 2015

PROOF REQUIRED FOR INCOME TAX RETURNS – INDIVIDUALS

Following the conclusion of the tax year on 28 February 2014 documents are issued to you that must be retained for tax purposes. The following documents […]
September 21, 2015

WHAT’S THE BUZZ ABOUT BUSINESS RESCUE?

If a company/close corporation is in financial trouble and all possible avenues to save the business have been exhausted, there is one last option available to […]
September 21, 2015

IS THE BUYER OF AN IMMOVABLE PROPERTY RESPONSIBLE FOR PAYING THE SELLER’S OUTSTANDING MUNICIPAL ACCOUNT?

Are buyers of property responsible for the payment of outstanding municipal debt run up by the previous owner of the property? The short answer is “Not […]
September 21, 2015

TRANSFER OF A PROPERTY: IS VAT OR TRANSFER DUTY PAYABLE?

A purchaser is responsible for payment of transfer cost when acquiring an immovable property, but it should further be established if the transaction is subject to […]
September 21, 2015

SUCCESSION PLANNING

Owning a business requires careful succession planning and is part of your estate planning as you have to determine who will succeed you, or who will […]

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