Paragraph 2(e) of the Seventh Schedule to the Income Tax Act[1] deems an employer to grant a taxable benefit to an employee if any service has, at the expense of the employer, been rendered to the employee for his or her private or domestic use. The...
Read MoreThe article gives a brief overview of what a notarial bond is, the requirements that need to be complied with to register a notarial bond and give tips regarding clauses that will prove to be useful in a notarial bond. It also deals with the...
Read MoreThe Companies Act of South Africa (the Act) requires all companies to prepare financial statements within 6 months after the end of its financial year. A very popular question among business owners with regards to financial statements is whether the statements should be independently audited,...
Read MoreIn terms of section 4 of the South African Revenue Service (SARS) Act,[1] one of the objectives of SARS is to secure the efficient, effective and widest possible enforcement of tax and related acts. One of the methods employed by SARS in this mandate is...
Read MoreWe are often approached by clients to advise on the most tax efficient manner in which a shareholder can sell an investment in a private company. Typically, the parties involve a majority shareholder of a company that is interested in buying out the minority shareholders...
Read MoreSection 18B of the Value-Added Tax Act was introduced effective 10 January 2012 in a bid to grant relief for residential property developers caused by the slump in the property market at that time. Many property developers, registered for VAT, would develop residential properties with...
Read MorePersons that are not tax resident in South Africa (“SA”) are only taxed in SA on income received by or which accrued to such non-resident from an SA source. This will include interest received on an SA bank account. Non-residents may, however, be exempt from SA...
Read MoreThe internet and modern communications technology has changed everything, including the way that businesses keep their records up to date; one new approach we recommend has at its heart the cloud based accounting software, Xero. In a nutshell, Xero allows you to update and view the...
Read MoreCapital gains tax is somewhat of a misnomer in that it does not represent a tax in and of itself, but rather operates to include a portion of a person’s capital gains realised when an asset is sold in that person’s taxable income, and which...
Read MoreHaving a successful business means ensuring that it continues to grow. Without growth, your business will eventually run dry and stagnant. But with the added responsibility of maintaining your business and keeping things running smoothly, it can be difficult to know where to look for...
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