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depreciation

Want to put cash back into your business? Find out which three company assets qualify for a scrapping allowance
SARS allows companies to claim a scrapping allowance on any business asset that has a useful life of less than ten years. In fact, you can also claim a scrapping allowance where you sell a company asset, lose the asset or if it's destroyed and the consideration you get for it is less than the net tax value. Read on to find out exactly when your company assets qualify for this allowance so you can put some money back into your business.... ››› more
[02 July 2013]

Keep your accounting records for five years and avoid a R16 000 fine from SARS
SARS requires companies and close corporations to keep accurate accounting records and documentation to support all transactions (revenue declared and expenses claimed).... ››› more
[19 April 2013]

Eight clauses SARS will inspect in your employment contracts... Are yours up to date?
- 28 Critical clauses you must include in your new hire's employment contract - Eight clauses SARS will inspect in your employment contracts... - Safeguard your rights as an employer... ››› more
[09 April 2013]

Warning: Use these tips to cost your company's inventory correctly or your business could go under!
American organic grocery store chain, Fairway has announced their intention to list on the US stock market. But it hasn't been easy to come up with its initial listing price. Because Fairway requires an extensive supply chain system, it gets suppliers to deliver the majority of its perishables directly to the stores, rather than storing them in warehouses, reports investorplace.com. This helps them improve freshness and lowers inventory costs for each of the chains. It's an accounting nightmare. But accounting for your company's inventory doesn't have to be a headache - if you do it right...... ››› more
[08 April 2013]

Do you know when NOT to pay Capital Gains Tax?
Kenyan property owners are 'set for another round of pain starting in the next financial year if the taxman heeds advice from the Parliamentary Budget Office,' warns The Star in Kenya. Why? Well, the latter has recommended that the Kenya Revenue Authority considers levying tax on income gained from appreciated property values. That's normal in South Africa where Capital Gains Tax (CGT) has been applicable to property sales for years. It's also applicable on investments, the sale of your company, a holiday home and much more. But, what most people don't realise is there are actually instances where you DON'T have to pay CGT. Let's look at them...... ››› more
[08 April 2013]

You only have until the 30th of April to get yourMemorandum of Incorporation in place!
With tax audits and compliance the main topic on SARS' to do list at the moment, now's the time to make sure your business' accounting records are accurate - especially as the Companies Act deadline to convert your existing Memorandum and Articles of Association to a Memorandum of Incorporation or MOI is 30 April. Here's how your business will benefit when you make the conversion...... ››› more
[06 March 2013]

Do you know how to account for these common company perks?
Company cars, travel allowances, medical aid and pension might be great perks for your employees - but they're an accounting headache for you. After all, the consequences of accounting for company perks incorrectly go much deeper than a SARS tax penalty. Here's what you need to know about company perks to avoid making costly accounting errors.... ››› more
[12 February 2013]

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