Spotlight on The Sleep Fairy Project
GA Maclachlan Inc is proud to support The Sleep Fairy Project, an inspiring initiative that brings comfort and reassurance to children undergoing surgery in public hospitals across the Western Cape. We are honoured to contribute to a project that replaces fear with courage and care when it matters most. The Sleep Fairy Project, an […]
Long-Term Goals, or Short-Term Gains?
More than a million applications have already been lodged with the South African Revenue Service (SARS) to pull funds out of their savings. Given that this amounts to R21.4 billion, that’s a frightening amount of money for a country that doesn’t have a savings culture. What with more people withdrawing cash under the Two Pot […]
Does a Settlement Agreement Constitute a Credit Agreement?
In a recent legal dispute, the court’s ruling brought to the forefront a perplexing issue that has long plagued the legal landscape: the classification of settlement agreements under the National Credit Act (NCA). The court’s decision, which emphasised the importance of preserving the amicable resolution of disputes, shed light on the intricate interplay between settlement […]
Retirement planning – Distributing retirement fund death benefits
Allocating death benefits, and determining appropriate methods of payment Once the board of trustees has determined the beneficiaries and is satisfied that its proposed allocation is fair and equitable, the beneficiaries must elect how they would like to receive the death benefit. The final duty of the trustees is to determine the most appropriate manner […]
Don’t lose that assessed loss!
Assessed losses can be carried forward—provided that the company doesn’t cease trading. If the amount of allowable deductions exceeds the taxable income in your business, you will end up with what is known as an ‘assessed loss’ for tax purposes. In terms of Section 20 of the Income Tax Act, you are entitled to carry […]
Taxation of Foreign Employment Income
South Africa has a residence-based tax system, which means residents are taxed on their worldwide income, regardless of where that income was earned. South African tax residents living overseas and earning remuneration in respect of services rendered outside of South Africa are exempt from tax in South Africa, provided that the individual is outside of South Africa for a period or periods […]
Bad debts and VAT
While there is currently a focus on the income tax considerations of bad and doubtful debts (given that National Treasury has proposed changes to section 11(j) of the Income Tax Act[1] to allow for an allowance of 25% of impairments in respect of doubtful debts), the Value Added Tax (VAT) aspect of bad debts is […]
10 Financial tips for small businesses
In the current economic climate effective management of your business’s finances is more important than ever. The following tips will assist you in managing the finances of your business effectively: 1. Keep a record of your transactions Be sure to always keep an accurate record of your transactions. Whether it’s for an annual tax […]
2018 Budget Speech
On 21 February 2018, Finance Minister Malusi Gigaba delivered the maiden budget speech. Following President Ramaphosa’s State of the Nation Address theme of hope and renewal, Gigaba placed key emphasis on the risks that have been a centre of concern for the South African economy. These are the tax proposals as noted in the 2018 […]
20th Anniversary Golf Day
On 10 Nov GA MacLachlan Inc held a golf day to celebrate our 20 years of excellence. We thank each and every client for your contribution to a very successful golf day. We used this special occasion as an opportunity to raise funds for Grace Sanctuary, a non-profit Organization involved with animal welfare, and we […]