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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...]Department of Trade and Industry set to announce new B-BBEE codes...
The Department of Trade and Industry, together with the Black Economic Empowerment advisory council, will announce new Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice at a summit on 3 and 4 October, Fin24 reports. Read on to find out how this announcement could affect your [read more...]| by FSP Business, 30 October 2013 |
SBCs have more tax benefits than other businesses.
The good news is your business can also enjoy these benefits if it qualifies as an SBC.
You'll qualify as an SBC if you do the following:
One of the requirements for SBCs is that it can only be a Close Corporation (CC), cooperative or a private company.
The Practical Tax Loose Leaf Service explains that the ownership requirements can be difficult to meet as entrepreneurs often have more than one company or CC set up.
So can you meet them?
One way of doing this is for a Trust to be a shareholder of a company, or a member of a cooperative.
The CC Act allows a Trust to be a member of a CC. This could allow you to use it to structure your interests and enable one of your ventures to benefit from being an SBC.
This'll benefit you if, say, you're a member or shareholder of three CCs, or companies or any combination.
Let's say one of the three is booming but, because of your membership in all three, you aren't able to qualify as an SBC.
You can then shift the membership of two CCs to a Trust and retain your membership within the CC that would benefit most from the incentives of being an SBC.
The Loose Leaf Service urges you to take care with your planning and remember that where a Trust is a member or shareholder of the company or CC, you won't be able to enjoy the benefits of being an SBC.
You'll only be an SBC if you meet the following requirements
According to Professional Accountants & Tax Consultants, companies that meet all of the following requirements will be able to qualify as a Small Business Corporation:
Does your business qualify? If so, make sure it's structured correctly so you can reap the tax benefits.
If a truck driver caused damage to a customer's wall due to negligence on his part. I can see the requirements according to Sec 34(2)(a-d). My question is on the 25% allowed deduction, is it 25% of net salary every ... [see the answer]
