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Difference Between Exempt Supplies And Zero Rated Supplies

  • What does 'ring-fencing of assessed losses' mean and how does it affect you?
  • Do you have a side business that you declare and claim losses for on your tax return? If so, beware! You may be caught out under the ring-fencing rules of Section 20A of the Income Tax Act (ITA). But what does ring-fencing of assessed losses actually mean? Read on to find out... If you're not sure what 'ring-fencing of assessed losses' means, don't fret. The Practical Tax Loose Leaf Service has... ››› more
  • [20 January 2017]
  • The one document that will protect you from a SARS field audit
  • A notification from SARS lands in your inbox. You're being audited. And not just any audit. A field audit... So what now? Well, ordinarily, you'd have to stop everything you're doing and prepare for your audit. Look for documents, pull your finance team away from their busy workload, just to make sure you have everything ready for SARS when they pitch up at your door. But wait... You d... ››› more
  • [19 January 2017]
  • How to reduce your VAT with business travel input tax claims
  • My friend Gordon is one of the directors of an outsourced training company. He's always flying around the country to present training for his company's clients, and often goes on training courses overseas. He asked me which portion of his travel, subsistence and accommodation costs his company can claim back as input tax, because he doesn't receive a regular subsistence allowance. He simply kee... ››› more
  • [19 January 2017]
  • Two ways to reduce your capital gains tax when you sell an asset
  • Every time your business sells, donates or scraps an asset, for gain, SARS takes some of your money as capital gains tax. And this chunk gets bigger every year. In 2015 if you sold an asset you would have paid 18.65% tax on it. In 2016, the current tax year, you stand to pay 22.4%. That's a 3.75% increase in just one year. Let me put that into perspective for you and show you a way to ... ››› more
  • [19 January 2017]
  • 7 Vital questions about sick leave over holiday periods....
  • Did you see an increase in the number of staff calling in sick over this holiday period? Are you expecting a flurry of sick notes from them because they were absent on the working days that fell amidst all the public holidays? We receive a lot of interesting questions about sick leave...  Questions that are probably on your mind too! Let's have a look at them… .............................. ››› more
  • [19 January 2017]
  • Discover how Vat works with credit notes so you can avoid SARS penalties
  • Do you know when you should issue a credit note? What about dealing with Vat on credit notes? Read on to find out what these two things include so you can comply with the Vat Act and avoid hefty penalties. The Practical Vat Loose Leaf Service explains that credit notes are issued when a sale or a supply takes place and one of the following subsequently happens to that supply (sale): The... ››› more
  • [19 January 2017]
  • Eight topics you must include in your induction training for contractors
  • According to the new Construction Regulations 2014, it's your duty as the client to provide induction training for any contractors on site. Here's a checklist of eight items you must include in your induction training for your contractors. According to the new Construction Regulations 2014, it's your duty as the client to provide induction training for any contractors on site. It's a vital part of... ››› more
  • [18 January 2017]
  • What PPE do the general safety regulations require?
  • The Occupational Health and Safety Act (OHSA) contains 50 sections and 20 sets of regulations. The different regulations specify the specific requirements you must adhere to. This includes requirements about Personal Protective Equipment (PPE). Read on to find out what the general safety regulations require when it comes to PPE. When it comes to PPE, you can't just comply with the regulations y... ››› more
  • [18 January 2017]
  • Cover your bases if an employee often goes AWOL
  • Some employees do all they can to stay away from work - call in sick in the morning, go home early so they don't miss a doctor's appointment, not come in at all because it's their aunt's funeral (AGAIN!). That's all good and well if it's already been discussed with you beforehand or they bring you proof of their absence, like a sick note. But what do you do if your employee goes absent without lea... ››› more
  • [18 January 2017]
  • THIS is your best course of action when you can't pay SARS on time
  • As a Vat vendor, you have a duty to pay Vat on time. But, the reality is that the current economic situation is making it harder to comply with this legal duty. Don't even get us started on unforeseen disasters that strike at any moment and make it impossible to meet Vat deadlines. But, it's not all doom and gloom. You have options if you can't pay SARS. Read on to find out what to do... ››› more
  • [17 January 2017]
  • Three things on your Vat refund that'll get you in trouble with SARS
  • You have to tread carefully when it comes to Vat refunds. SARS scrutinises these and it'll punish you if it finds errors. And this means you can say goodbye to the cash injection you were hoping to get. But we've got your back as always. Today our experts reveal the three things that'll get you in trouble with SARS when it comes to Vat refunds. Read on to find out what they are so you c... ››› more
  • [17 January 2017]
  • Here's why you need to conduct toolbox talks in your workplace
  • The Occupational Health and Safety Act (OHSA) requires you to conduct toolbox talks in your workplace. But what are toolbox talks? And what are the benefits of conducting them besides complying with the OHSA? Read on to find out why you need them... 'A toolbox talk is a short safety talk [that's] delivered at the workplace and on a specific subject matter. The objective is to raise awareness of... ››› more
  • [16 January 2017]
  • Three things NOT to do when dealing with temporary employee contracts
  • 'As a rule, unless the temporary worker is merely relieving a permanent post, it is most unwise for you to employ someone as a temporary worker in a position that is permanent,' says The Labour Law for Managers Loose Leaf Service. Here are three reasons why you shouldn't break this rule ... According to The Labour Law for Managers Loose Leaf Service, the purpose of an employment contract is to ... ››› more
  • [16 January 2017]
  • Can your employee take all his sick leave or must it be pro-rated?
  • One of the common questions regarding sick leave is: Can an employee take all his sick leave or must it be pro-rated? Read on to find out what labour law says about this. The answer to this leave question is as follows: 'Your employee is allowed to take his full sick leave allowance at the beginning of the sick leave cycle – that is, it's not pro-rated over a period of time,' says the Lab... ››› more
  • [16 January 2017]
  • Is there a difference between CCMA conciliation and arbitration?
  • Our labour experts get a lot of questions regarding labour issues. One question that keeps coming up is whether or not there's a difference between CCMA conciliation and arbitration. The short answer to this question is 'yes'. Keep reading as we explain how CCMA conciliation and arbitration differ so you can handle the process of dispute resolution effectively and lawfully. Yes, the... ››› more
  • [13 January 2017]
  • Ask these questions to gather evidence in your health and safety audit
  • One of the first steps in your health and safety audit process is gathering all the information you need to assess your system. There are two ways to start this process... 1) Asking your employees questions around following your health and safety processes. 2) Asking your managers the processes they follow to ensure they're following the right health and safety procedures. Here are four questi... ››› more
  • [12 January 2017]
  • Two businesses? And only one is making a profit? Use this escape hatch to pay less tax
  • You may think your only option is to close down the company that isn't making a profit. But don't be too hasty with your decision. There's an escape hatch you can use to save your company and pay less tax. ************* Advertisement *************   Breaking news: There's a 33% chance SARS' assessment of your tax return is wrong! And most mistakes made by SARS on assessments are to your ... ››› more
  • [12 January 2017]
  • The eight instances you can lodge an objection with SARS and win!
  • Here's a true story with a happy ending: I had coffee with Peter Franck, Contributor of the Practical VAT Handbook, and he told me an interesting story about one of his clients, Mr Hogenboezem*. He received a VAT assessment for R86 000 from SARS. SARS issued him with this assessment because he mistakenly claimed input tax twice on a bakkie and the invoices he received for purchases were techni... ››› more
  • [11 January 2017]
  • The real cost of unresolved conflict in the workplace
  • Most managers have a natural inclination not to deal with conflict in the workplace. After all, it's easier to ignore something in the hope that it'll go away. It normally doesn't. Employees can stew over issues for months. Here are the consequences of unresolved conflict in the workplace. According to the Practical Guide to Human Resources Management, there are many sources of workplace confli... ››› more
  • [11 January 2017]
  • What kind of training is required to erect a scaffold?
  • You probably know that if your company's erecting scaffolding it must comply with construction regulations. But do you know what the law says about the type of training required to erect a scaffold? Read on to find out.... If you're not sure of what the law says about training that's needed to erect a scaffold, the Health & Safety Advisor has got you covered. Here's what the law says about... ››› more
  • [10 January 2017]
  • How to create a SARS-proof travel logbook in three simple steps
  • When it comes time to hand in your tax return, SARS wants you to prove certain details with supporting documents. A great example of this is a logbook. You'll use this to prove the deductions you want to claim for your business travel expenses. This is an important deduction for most business owners as rushing to all those client meetings can really add up. Luckily, it's easy to create an a... ››› more
  • [10 January 2017]
  • Don't hire the wrong employee
  • I'm sure you know the best potential employees prepare for an interview. They study, they research and they rehearse. They think about what they can say to make you hire them over anyone else. But what about you? Do you make sure you're prepared to ask the right questions? Do you get the right information from the candidate to make sure he can do the job? If not, you could be hiring the wr... ››› more
  • [09 January 2017]
  • Retrenching? Do these five things to reduce potential problems
  • You must deal with the retrenchment process properly. The reasons? The nature of this dismissal makes things tough for you from the start. There's bound to be some resistance when you dismiss employees for operational reasons and not because they've done something wrong. Your employees and their representatives will scrutinise your every move and WILL challenge you if they believe you're... ››› more
  • [09 January 2017]
  • Five legal requirements you must comply with before you deduct your employee's salary
  • Does your employee owe you money? Have you tried to get him to pay you back of his own accord with no luck? Find out the five legal requirements you must comply with before you deduct the amount from his salary. In terms of the Basic Conditions of Employment Act (BCEA), there are standard deductions you're allowed to make from your employees' salary. For example, you can deduct tax from an empl... ››› more
  • [06 January 2017]
  • Revealed: The only way to ensure you have a watertight annual leave policy
  • You employees need to know what's allowed and what isn't when it comes to leave. If you don't make this clear, they'll simply plead ignorance and your business will suffer irreparable damage. The damage includes lost productivity and annual leave abuse. Don't let your company suffer. Make sure you have a legally sound annual leave policy that includes the following eight points... If you want t... ››› more
  • [06 January 2017]
  • What are your legal obligations when it comes to financial statements in your business?
  • If you run a registered company or a close corporation, you have a legal obligation to prepare financial statements. And you have to present your financial statements to SARS. If you don't prepare them correctly, you may declare incorrect income and incur penalties and fines from SARS. Or you could present a false picture to any person who relies on your financial statements to make business de... ››› more
  • [05 January 2017]
  • Does your annual leave policy contain this ONE glaring gap?
  • Most annual leave policies are largely made up of legal annual leave entitlements. But their structure of can change from business to business. Because of this, most annual leave policies neglect to include ONE very important part. Read on to make sure your annual leave policy doesn't have a big hole in it. *********************************** All your annual leave questions answered!   ... ››› more
  • [05 January 2017]

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