- Two tips to get the best out of your BEE deal and save thousands on your tax bill
- BEE transactions carry tax consequences. But many business owners simply don't know about them and end up paying thousands in tax and penalties. Don't get caught in this trap!
I'm going to show you how to structure your BEE deals to save on your tax bill rather than pay out more. ************
Changes to the law you WON'T hear about in the news...
If you're responsible for payroll, fringe be... ››› more
- [01 February 2017]
- How an employee's private hunting trip almost cost Anglo Platinum 11 years' salary and legal fees
- In a recent case law, Anglo Platinum dismissed their employee Mr P De Beer for receiving gifts and favours from suppliers, which was against their policy.
De Beer was the engineering overseer. He was in charge of conveyor belts and processing supplier quotations. The sales rep of their exclusive supplier Mr N Scheepers, was a friend of De Beer. Scheepers would submit quotations for processing t... ››› more
- [31 August 2016]
- Case Law: De Beers' made a costly R29m input tax mistake - here's how to avoid this happening to you
- A few years ago, some of the De Beers shareholders decided to buy out the rest of the shareholders.
But they first had to get a fair share price. So they employed NM Rothchild & Sons - a London-based financial advisor as well as some local South African professional financial advisors to work this out.
De Beers didn't declare VAT on the international services from Rothchild. And they claime... ››› more
- [29 August 2016]
- Did your B-BBEE rating drop with the new amendments? Here's the quickest, easiest way to get the maximum points!
- So you know there have been big changes to the B-BBEE Act and Amended Codes which you need to put in place. You don't want to miss out on any business opportunities because you didn't meet the B-BBEE requirements, and I'm sure you want to know the best way to maximise your points too.
And with the new amendments, the whole scorecard has changed!
There are 5 elements on the scorecard whe... ››› more
- [18 February 2016]
- 8 ways to maximise your B-BBEE points using skills development
- As you know, the government made changes to the Broad-Based Black Economic Empowerment generic scorecard on the 1st of May 2015, and one the elements on it has to do with skills development.
It measures your skills development on black employees.
Having said that, here are 8 ways to maximise your B-BBEE points using skills development... Way#1: Comply with the Skills Development Act
Make ... ››› more
- [12 February 2016]
- The importance of skills development in the new BBBEE codes - and how to score well in this element...
- The new BBBEE codes came into play on 1 May 2015. They introduce the concept of 'priority elements'. They include ownerships, skills development, and supplier and enterprise development.
In simple terms: You need to get above 40% in these elements. If you don't your rating will drop a level.
You'll also drop a level if less than 10% ownership is black. This drop is automatic. So if you want ... ››› more
- [21 July 2015]
- Use these steps to apply to SARS for an advanced tax ruling (ATR)
- Let's assume, you will you be buying an asset which you'll write off in two years time, but the tax Act says you can only write it off in five years time. In cases like this, it's useful to know how to apply to SARS for an advanced tax ruling (ATR) so you can write the asset off sooner.
This is just one way you can use an ATR to save your company money.
In what follows, we'll look at another... ››› more
- [11 June 2015]
- Why the DTI's recent BEE Revised Codes Clarification Notice made things more complicated
- You already know that the Revised BEE Codes of Good Practice ('Revised Codes') were implemented on 1 May 2015.
Because of the large number of uncertainties that needed to be clarified on these issues, the DTI issued a Notice of Clarification ('Notice') on 5 May to shed light unto the uncertainties surrounding the Revised BEE Codes of Good Practice and its relationship with Sector Codes.
But ... ››› more
- [27 May 2015]
- Amended Codes from May 1. Does your company need to be B-BBEE rated?
- Rob Davies, minister of Trade and Industry (DTI), explained recently that he can't extend the B-BBEE deadline again so that means the revised codes will come into effect on May 1.
Althought industries have stated that they aren't ready to comply with the new BEE codes, , officials at the DTI have continued headstrong towards their own self imposed deadline. According to Davies, the sector codes... ››› more
- [28 April 2015]
- Amendments to the BBBEE Act. How do the amendments affect sector codes?
- According to general belief, the May 1st changes to the BBBEE Act prove that Government is proactive about BEE. It also proves that it's more strict when it comes to implementing Broad Based Black Economic Empowerment (BBBEE).
In what follows we'll look at the new measures it introduced, the impact the amendments have on BBBEE skills development, the way the new amendments affect sector codes ... ››› more
- [20 April 2015]