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July 24, 2018
You have worked hard for many years, and have finally saved enough funds and mustered the courage to take the big leap that you have been […]
July 24, 2018
Published by 123-Admin at July 24, 2018
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For there to be an obligation for PAYE to be withheld is typically dependent on three elements being present. These elements are all defined in the […]
July 24, 2018
The South African Revenue Service (SARS) recently published a media release to clarify the confusion about the customs requirements for South African travellers returning from abroad […]
July 24, 2018
SARS Practice Note 31.2 (PN31.2) provides for a person to be able to deduct interest paid, even where that person is not a moneylender or doesn’t […]
June 27, 2018
IFRS 15 recently became effective for financial periods beginning on or after 1 January 2018. IFRS 15 is only applicable to entities that have implemented International […]
June 27, 2018
Published by 123-Admin at June 27, 2018
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In order to prevent fraud, the South African Revenue Service (“SARS”) requires confirmation of new or any changes to existing banking details and will only process […]
June 27, 2018
Our clients who earn only a salary will know that very few tax deductions are available against salary income for income tax purposes and whereby they […]
June 27, 2018
During the registration of a company or close corporation that entity acquires a legal personality. This legal personality comes to an end when the directors and/or […]
June 8, 2018
The annual tax filing season is upon us and acting SARS Commissioner, Mark Kingon, announced that the season will open on 1 July 2018 for eFilers. […]
May 23, 2018
A popular question which comes up during a consultation with a client when the drafting of commercial documents is discussed is, “what is the effective date […]
May 23, 2018
Consumers and suppliers have by now had an opportunity to familiarise themselves with the increased Value-Added Tax (VAT) rate of 15% since 1 April 2018. There […]
May 23, 2018
Published by 123-Admin at May 23, 2018
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Cryptocurrency and blockchain has been the hot topic in the media the past year. It is a concept that few truly understand, and could change the […]
May 23, 2018
When making a purchase for your business, you should always ensure you receive a valid VAT invoice. This enables you to claim input VAT from SARS. […]
April 12, 2018
The purpose of calculating ratios is to get a bird’s eyeview of the financial situation of a business by analysing the relationships between different amounts on […]
June 8, 2017
Published by 123-Admin at June 8, 2017
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The main aim of planning your estate is to ensure that as much of the accumulated wealth is utilised for your own benefit and for the […]
June 8, 2017
Published by 123-Admin at June 8, 2017
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It is very important for you to plan your estate, which could include a living will, a last will and a living trust. This can help […]
May 22, 2017
Many taxpayers file their tax returns on an annual basis unaware thereof that they may be regarded as provisional taxpayers in terms of the Income Tax […]
May 22, 2017
Published by 123-Admin at May 22, 2017
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In terms of the stipulations of section 4 of the Estate Duty Act No 45 of 1955 certain deductions from the value of an estate are […]
May 22, 2017
The purpose of ratio analysis is to simplify the financial situation of a business by looking at the relationships between different categories of accounting data. The […]
May 22, 2017
Dividends received by a South African taxpayer are generally exempt from income tax. The major exemption though being dividends received from so-called REITs (these being some […]
May 16, 2017
SARS recently published two Binding General Rulings (number 40 and 41) that have put the tax treatment of non-executive director’s fees to bed, which will come […]
April 12, 2017
Value-Added Tax, or VAT, is currently typically charged at 14% on all taxable supplies of goods or services rendered by registered VAT vendors. Taxable supplies exclude […]
April 12, 2017
One of the questions that we are most confronted with by our clients is what the future of trusts are in South Africa. Some questions even […]
April 12, 2017
Donations tax is levied in terms of section 54 of the Income Tax Act, 58 of 1962 (‘Income Tax Act’). The rate of tax is currently […]
March 24, 2017
A lot of small businesses are managed by the owner, especially in the early years of a business’s existence. As the owner is intimately involved in […]
March 24, 2017
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 […]
March 24, 2017
Published by 123-Admin at March 24, 2017
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A taxpayer or representative taxpayer must grant a tax practitioner power of attorney before the tax practitioner can legally work on the taxpayer’s tax affairs. A […]
March 24, 2017
Published by 123-Admin at March 24, 2017
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It is an unfortunate reality that marriages may after many years end up in divorce. When this happens the parties either have to agree on how […]
February 28, 2017
It is difficult to determine the selling price of a small business as such a valuation is very subjective. If you are buying a small business, […]
February 28, 2017
The Trust Property Control Act 57 of 1988 defines a trustee as meaning “any person (including the founder of the trust) who acts as a trustee […]
February 28, 2017
Published by 123-Admin at February 28, 2017
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In terms of South African law natural persons (individuals) and legal persons all enjoy legal personality: in other words, both groups represent “persons” capable of e.g. […]
February 28, 2017
Provisional tax is not a separate type of tax but pre-payments on income tax for a specific tax year. The aim of provisional tax payments is […]
January 27, 2017
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
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
Published by SRA at January 27, 2017
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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
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
Published by SRA at November 23, 2016
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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 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
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
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
Published by SRA at October 31, 2016
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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
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
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 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
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
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
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
Published by SRA at October 3, 2016
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“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
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
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
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
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
Published by SRA at August 29, 2016
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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
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
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
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 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
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
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
Published by SRA at August 4, 2016
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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
Published by SRA at August 4, 2016
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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
Published by SRA at July 8, 2016
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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
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
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 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
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 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
Published by SRA at July 5, 2016
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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
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
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
Published by SRA at June 9, 2016
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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
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
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
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
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
Published by SRA at May 30, 2016
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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
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
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
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
Published by SRA at March 23, 2016
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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 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
Published by SRA at March 23, 2016
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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
Published by SRA at February 24, 2016
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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
Published by SRA at February 24, 2016
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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
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
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
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
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
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
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
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
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
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
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
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
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
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
Published by SRA at October 29, 2015
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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
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 […]