Retirement for small business owners is not simply a case of handing in your resignation letter and having a big party at which the company presents you with a gold watch. It often involves the not inconsiderable task of selling your business—particularly if there is no ‘heir apparent’ to take over the reins. And then …
Capital Gains Tax Considerations for Retiring Small Business Owners Read More »
The untold story of Exchange Control Regulations. Cryptocurrency traders in South Africa have focused on understanding the tax implications of their transactions relative to the Income Tax Act. This has proved challenging, as SARS has merely stated that “the normal rules apply” without providing authoritative guidance concerning the various cryptocurrency-related transactions, and when profits are …
Cryptocurrency Trading in South Africa: Exchange Controls and Emerging Challenges Read More »
Know what you can claim, and the documents you need to substantiate it. When an individual taxpayer wishes to submit a tax claim for business travel, the tax return form provides the option of basing their claim on ‘deemed costs’ or ‘actual costs’. Since eFiling has largely automated the process of claiming based on deemed …
Some vehicles you cannot claim VAT on, some you can—and knowing the difference can save you a lot of money. When can you claim input VAT on a vehicle? Most businesses that are registered for VAT will be aware that you generally cannot claim input VAT on the purchase of a ‘motor car’ as defined …
Transferring staff? There are tax implications for them … and for you! If your business has branches in different locations, one of the best ways of offering key staff opportunities for career growth is to allow them to relocate. Relocating an existing staff member who has come to know and understand your systems, procedures, and …
Investing in an offshore retirement fund is one way of growing your wealth in a stable economy over the longer term, or even gaining residency in a foreign country. However, for South Africans, this scenario presents as many challenges as it does opportunities, and should only be considered after consulting with a financial advisor and …
Over the past five years, the SAFPS has seen a steady increase in the number of tax-related scams. Improved efficiency To improve efficiency when it comes to processing tax returns, and to encourage individuals and businesses to file their tax returns timeously, SARS launched its eFiling service in 2000. This allows taxpayers to file their …
Shopaholism, or compulsive shopping, is a behavioural issue that has become increasingly prevalent in the era of easy online shopping access. While it may seem harmless initially, shopaholism can quickly escalate, significantly affecting an individual’s life in various negative ways. Can shopaholism be considered a real addiction? Shopaholism or compulsive shopping is recognised as a …
The default marriage regime has some complicated tax consequences. When couples are caught up in wedding and honeymoon planning, visiting their attorney often takes a backseat. Many couples don’t realise that different marital laws affect how their assets are managed during marriage, divided if it ends, and how they’re taxed. The different legal frameworks determine …
Tax implications for marriages in community of property Read More »
Are you feeling the financial pinch? You’re not alone. Many South Africans are finding it increasingly difficult to meet their credit obligations. The cost of living is on the rise, disposable incomes are shrinking, and servicing debt has become a significant challenge. Homeowners are feeling the strain too, with financial institutions noting a surge in …
Avoid the long-term implications of skipping a bond repayment Read More »
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