Securing your business’s future: FICA compliance in South Africa made simple
To thrive in South Africa’s ever-changing economic landscape, it is crucial to have a thorough understanding of your regulatory responsibilities, including compliance with the Financial Intelligence Centre Act (FICA). Recognised not just as an additional requirement to your current protocols, but rather as a fundamental component in upholding your business’s integrity, FICA ensures transparency and […]
Testamentary trusts still have their place
How you can protect your assets from predators—including SARS Trusts have received a lot of bad press over the past few years, what with SARS taking a dim view of the use of trusts as a means of avoiding tax. A 2008 case involving a property trust, where the beneficiaries were changed in the hope […]
Ring-fencing trading losses
Top-rate taxpayers need to watch out for Section 20A SECTION 20 of the Income Tax Act 58 of 1962 deals with the set-off of losses from a trade against other income. In general, such set-off is allowed (see sub-paragraph (1)(b)), provided that the loss is incurred in the taxpayer’s own name (i.e. not in a […]
Tax compliance lives beyond death
A deceased estate takes on a (tax) life of its own while being wound up I STARTED my first job back in September 1987 at the tender age of 18, and approximately nine months later I received my very first income tax return from the Receiver of Revenue (as SARS was known in those days), […]
Deducting income tax and CGT for estate duty
Is subjecting taxpayers to estate duty on post-death asset growth appropriate? IN 1789 Benjamin Franklin said that “in this world nothing can be said to be certain, except death and taxes”. He was right about death—but anyone who has had to interpret our tax laws would know that the task is fraught with uncertainty. This […]
Employers of domestic workers must register with COIDA
Domestic workers are now covered under the amended Compensation for Occupational Injuries and Diseases Act 1993 (COIDA) (Act 130 of 1993) and can claim compensation for injuries or diseases sustained while on duty from the Compensation Fund. The deadline to register Domestic Workers is 30 June 2023. “Domestic Workers are the unsung heroines in this […]
Unlocking the benefits of expert tax planning
Tax planning is the strategic organisation of financial affairs to minimise tax liability by utilising deductions, exemptions, allowances, and rebates within the confines of the law. Despite the perceived complexity, tax planning offers streamlined financial management and significant savings. For business owners, it is an ongoing commitment with substantial benefits, going beyond tax payment to […]
Tempted to use AI as a personal finance assistant? Limitations and risk factors to consider
Artificial Intelligence (AI) has revolutionised numerous industries, including personal finance. With AI chatbots providing real-time, human-like responses to queries, one might be tempted to fully entrust their financial management to these digital assistants. However, while AI offers undeniable benefits, it’s essential to understand its limitations, particularly when dealing with sensitive areas such as personal finance. […]
Starting a business in South Africa: Legal requirements and the Companies Act
Starting a business takes careful planning and involves compliance with certain legal requirements. It is important to understand the relevant regulations and legal requirements to be complied with, so you can make sure you do what is best for the business you are starting. The Companies Act is the primary legislation governing a company and […]
A dive into South Africa’s revised assessed losses regulations
Navigating the complex world of corporate finance and tax regulations can be challenging for businesses. South Africa has recently undergone significant changes in its tax landscape, including limits on assessed losses and adjustments to corporate income tax rates. To stay informed, adaptable, and compliant, companies must seek expert advice and gain a better understanding of […]