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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...]

Cgt

  • Why Prince Charles is happy the taxman isn't looking at his bank account...
  • If the UK's Parliament's Public Accounts Committee has its way, Prince Charles may see his multimillion pound income under the tax microscope. He earns a vast income from the Duchy of Cornwall estate, which he uses to pay for his private and public activities. But the estate pays no corporation tax and no CGT either. And lawmakers in Britain think it should. Locally, SARS has made it clear it already targets the high-rollers, the tax evaders and the big fish who have the means to evade taxes they should be paying.... ››› more
  • [07 November 2013]
  • What is turnover tax?
  • If your company makes less than R1 million each year, all you have to pay is turnover tax. But what exactly is turnover tax? And how can you register for it? Read on to find out...... ››› more
  • [01 November 2013]
  • How does CGT affect provisional taxpayers?
  • If you sell or dispose of any assets, you can't escape Capital Gains Tax (CGT). What's more, if you calculate your CGT liability incorrectly, you'll be liable for tax penalties, plus interest. But what about provisional taxpayers? Are they affected by CGT too?... ››› more
  • [16 September 2013]
  • Revealed: The three basic tax principles that govern Trusts
  • The taxation of Trusts isn't simple. It all depends on who's got what rights and how they access the Trust's assets and income. Make sure you adhere to these three basic principles to avoid hefty penalties.... ››› more
  • [14 August 2013]
  • Are you aware of the nine assets that are subject to CGT?
  • Every time your business sells, donates or scraps an asset and it makes a profit, SARS takes a big bite out of the proceeds. And it calls this bite Capital Gains Tax (CGT). You can't escape CGT. In fact, if you try to escape it, SARS could easily find you guilty of tax evasion and smack you with a 200% penalty! But your business can avoid this. Read on to discover the nine assets subject to CGT so you can calculate your due taxes correctly and pay SARS on time.... ››› more
  • [07 August 2013]
  • Three tax consequences that apply to amalgamation transactions
  • Telecoms giant, Orange has expanded its reach in South Africa through a deal with Nashua Mobile. The deal will allow Orange to extend its brand presence in the country with products aimed at South Africans who travel to countries such as France and Botswana, reports Business tech. While corporate reorganisations provide an opportunity for companies to mutually benefit from each other, there's legal framework that governs corporate reorganisations. So if you're considering a corporate restructure, here are the three tax consequences that apply to amalgamation transactions...... ››› more
  • [14 June 2013]
  • Revealed: The only way to prevent a SARS audit over your assets like Oscar Pistorius just faced...
  • South African Olympian and Paralympian Oscar Pistorius was recently fined 'less than R1 million' for failing to declare all his assets to SARS in his bail hearing over the murder of his girlfriend, Reeva Steenkamp, which led to a tax audit. Your business could face a tax audit for not declaring your assets to SARS, too. Here's how to make sure you've stuck to the rules when it comes to declaring your assets, to prevent a hefty fine from SARS...... ››› more
  • [27 May 2013]
  • Business owner: Don't miss out on these two ways to legally pay less tax by investing in trusts!
  • Good news: South African Revenue Service (SARS) has created a new asset class for investors to consider, offering tax breaks to the venture capital trusts or companies that fund small businesses! Here's how your business can take advantage of this by investing a little spare cash in a venture capital trust, and another way to put 'trusts' to your advantage when it comes to legally paying over less tax...... ››› more
  • [20 May 2013]
  • Are you starting a new business and aren't sure what type of company you should register? If you answer yes, read on to discover how to pick the right one to structure your business effectively and minimise your tax payments....
  • [14 May 2013]
  • Can you reel off the amount of immovable property your company owns without 'um'ing and 'ah'ing about it? Probably not. Government was in a similar situation before implementing a fixed asset register. Now that it's doing so, the State estimates its property is valued at around R300 billion. Here's why you need to implement a fixed asset register in your business, too......
  • [09 May 2013]
  • Is your business ready for SARS' new information filing requirements?
  • If you're nervous about the state of your business' tax affairs, best you check everything's in order. Because SARS has just acquired new powers to find out whether taxpayers are lying about their finances. This will make it easier for SARS to check your business' tax compliance than before. But it also means your business may have new filings to submit...... ››› more
  • [08 May 2013]
  • All you need to know about CGT if you're selling your business property
  • If you're selling your business property, you're probably not looking forward to working out your capital gains tax or CGT calculations. Especially if you've looked to Australian news sites for guidance recently, as recent CGT rulings have resulted in it being called 'the capital gains maze'. Luckily, it's a bit simpler in South Africa - just remember to exclude the base cost of the property from your CGT calculations...... ››› more
  • [07 May 2013]
  • How to reorganise your business and save your company from triggering immediate capital gains tax
  • Tired of paying thousands to SARS every year? Well I've got some good news for you. I have one way you can reorganise your business without triggering immediate capital gains tax bill. Let's have a look how...... ››› more
  • [29 April 2013]
  • Do you know when CGT applies to your home office?
  • Kenyans are in uproar as capital gains tax or CGT is about to be reintroduced in the country. Luckily, selling your one and only home won't be subject to CGT in the country as more people across the globe are working from home. Here in South Africa, if you work from home you're entitled to claim home office deductions from SARS - but did you know that CGT also applies if you then sell the home you work from?... ››› more
  • [26 April 2013]




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