Beware the scammer

SARS has issued a warning of various email and SMS scams that are doing the rounds, and we implore you to take caution when receiving any information regarding your tax status, no matter how legitimate the communication may seem. These fraudulent emails and SMSes are aimed at enticing taxpayers to part with personal information such…

Tax Tips 2020

Filing a tax return is not something we all learnt at school and can be overwhelming not only for first-timers, but for seasoned taxpayers too. Uncertainty can rear its head with the slightest change in circumstances. Money, the earning of it and the sharing of a large portion with the taxman, is part of our…

Changes to the 2020 Tax Season

It’s life, Jim, but not as we know it In response to the economic and fiscal challenges Covid-19 has presented, SARS has introduced a 4- phase tax filing process. This seamless filing season started on 15 April and continues through August 2020. The new phased system is intended to encourage a more digital, streamlined system…

Tax Tips for Pensioners

Retirement planning can be a minefield. Not only do you need to start thinking about lifestyle changes but preparing for a sound financial retirement is challenging. Research shows that most people start thinking about their retirement only as from the age of 50, but if you want to maximise your income and minimise your tax…

Many new Family Business Trusts ignore independent trustee requirements at own risk: Why trusts need an independent trustee

In March 2017 the Master’s Office issued a directive stating that all new so-called “family business trusts” must appoint an independent trustee. Since the directive was issued it is reported that many new family business trusts have still not appointed an independent trustee. Morné Janse van Rensburg, Managing Director at Bannister Trust (Pty) Ltd warns…

How Business Rescue affects employer and employee

Business rescue has gained momentum as an alternative to liquidation since its introduction in 2011 through section 6 of The Companies Act. A principal difference between the two is that, while under the supervision of the business rescue practitioner, the company continues to trade, so that employees don’t automatically loss their jobs as they would…

Landlords Need to Prepare for Business Rescue

“Landlords should make certain that they are prepared for and consider the consequences of a business rescue before being advised that their tenant has entered the process”. That’s according to Justin Gordon, business rescue practitioner at Hobbs Sinclair. Business rescue was introduced as an alternative to liquidation via Section 6 of The Companies Act in…

Disrupting the accounting firm stereotype

Nobody likes to be pigeonholed, categorised, and over-simplified, not even accountants. We are all familiar with the ‘accountant’ generalisation: grey men in grey suits crunching numbers. Sadly, the practice of accounting has not always been given its fair due, but fortunately, thanks to a few disruptors in this industry, things are shaking up. Neill Hobbs…

Anuva Proves 12J a Winner

Anuva Investments, one of South Africa’s first Section 12J Venture Capital Companies has announced its maiden results for the February 2016 financial year. The VCC has reported earnings of R13.7million and paid a dividend of 28% to the initial investors. These impressive results are due to the company’s acquisition of Mastercare Appliances, which was under…