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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, 28 October 2013 |
There are certain requirements you must meet if you want to zero-rate the sale of your business.
Do you know what these requirements are?
Here's a checklist of the criteria you must meet to zero-rate the sale of your business
#1: Both the buyer and the seller must be registered Vat vendors. And you must put both Vat registration numbers in the contract.
#2: 'The business must be sold as a going concern. All the assets relevant to the business must go with the sale and the business must be engaged in income earning activities as of the date of transfer of ownership,' says the Practical Vat Loose Leaf Service.
#3: Either the whole business must be sold, or alternatively, the sale must involve a section of the business that's capable of separate and independent operation.
#4: Both the buyer and the seller must agree in writing that the business is being sold as a going concern and at the zero-rate.
The contract must contain the words 'the supply is of a going concern, Vat at the zero-rate will be levied.'
If you fail to meet any one or more of the criteria listed above, you must levy the sale of your business at the standard rate of Vat (14%).
The Loose Leaf Service cautions that this can cause difficulties for the buyer who must now pay 14% Vat extra and wait for it to be refunded.
The bottom line: You must meet ALL four of the above criteria to zero-rate the sale of your business.
The person in question is employed as a tennis coach, and gets paid per hour for work done. Hours are flexi-hours, so determined by the amount of work available. Also, when it rains or during school holidays when there ... [see the answer]