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What does the new Employee Tax Incentive Bill mean for your business?
Unemployment is a big problem in South Africa. So it's no wonder that government has finally stepped in to reverse the high levels that affect the youth. How? By making sure its new Employee Tax Incentive Bill comes into effect. And it will, the minute 2014 ushers in. Here's what you need to know [read more...]Research finds that absenteeism is the reason South Africa's losing its competitive edge
New research has found that South Africa's losing its competitive edge. And it's all thanks to absenteeism. That's just the tip of the tip of the iceberg. There are other worrying trends when it comes to sick leave abuse in the workplace. Here are the details of the study... [read more...]New B-BBEE codes unveiled! Find out what this means for your business...
Trade and Industry Minister Rob Davies has unveiled the new Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice. Davies announced the new codes yesterday at the B-BBEE summit in Midrand. Reports suggest the codes will be published in the Government Gazette on October 11. Read on [read more...]| by FSP Business, 07 August 2013 |
The Practical Tax Loose Leaf defines CGT as the tax you pay on the profits you make on the disposal (sale) of your assets.
It's important that you get the treatment of CGT right to avoid SARS penalties.
In fact, 'when it comes to CGT, the onus is on you to declare all your gains and losses, to calculate your due taxes correctly and to pay SARS on time.'
But you can only do this if you know the type of assets that are subject to CGT.
These nine assets are subject to CGT:
The main residence owned by a company, close corporation or trust, other than a special trust;
Holiday homes or second homes and properties let to tenants;
A boat worth overR10million;
Caravans;
An aircraft, the empty mass of which exceeds 450kg;
Shares, unit trusts and private investments and second-hand policies;
Krugerrands or other silver, platinum, or gold-minted coins, or any other coin, which market value is mainly in the metal it's made of; and
The sale of your business, other than on retirement; and
All other capital assets, except those specifically excluded.
Knowing the type of assets subject to CGT will help ensure you get the treatment of CGT correctly to avoid SARS penalties.
My employees have embarked on a protected strike. What are the consequences of this type of strike action? [see the answer]
