Author Archives: MGI

The new auditors report is coming – how will it affect you?

The single most important document released by auditors is the auditor’s report, which appears in the audited annual financial statements. The so-called new and revised auditor reporting standards are effective for audits of financial statements for periods ending on or … Continue reading

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Trustees: The new tax return – take advice now!

Towards the end of 2015, SARS introduced a new IT12T tax return form for trusts. For the 2015 tax year these need to be completed in full. The return needs be lodged on or by 29 January 2016.Trustees be aware … Continue reading

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PAIA manuals: Another last minute extension

“Procrastination is the thief of time” (Edward Young, 18th c. poet) If your business is one of those (mostly smaller – see below) businesses temporarily exempted from lodging your PAIA manual until 31 December 2015, you will be happy to … Continue reading

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When should you outsource?

SMEs (Small and Medium-sized Entities) go through many cycles, one of which is figuring out how to get their business to the next level. As your business grows you face an increasing need for specialised skills which are either unavailable … Continue reading

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What‘s the buzz about Business Rescue?

If a company/close corporation is in financial trouble and all possible avenues to save the business have been exhausted, there is one last option available, lodging an application for Business Rescue Only a company/close corporation that is “financially distressed” can … Continue reading

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Load shedding and your employees

We are getting used to load shedding and it almost certainly is going to be around for several years. Business is already feeling the effects of time disruptions and a major area of concern is how you deal with your … Continue reading

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Cyber-crime: It is getting worse

Cyber-crime is continually on the rise and it is now taking on a particularly sinister turn. Recent media reports refer to organised crime syndicates that are hijacking databases of companies and demanding ransom for the return of their database. This happened … Continue reading

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SARS exceeds its collection target – But should we expect more tax increases?

With much fanfare, SARS announced recently that it had exceeded its 2014-2015 collection targets by R7.4 billion. The reason for the fanfare was SARS has had bad press of late – resignations of key officials, investigation of a rogue spy … Continue reading

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Reinstatement of deregistered companies: Are they (and directors) liable for their actions during deregistration?

In terms of the current Companies Act, companies and CCs can be deregistered for administrative reasons (in the vast majority of cases for not lodging annual returns and paying annual duty) and can apply to be reinstated. An anomaly exists … Continue reading

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The new B-BBEE landscape: OK for some, not so good for others

The new B-BBEE Codes of Good Practice are set to become effective on 1 May. For exempted micro-entities (EMEs) there is some good news as the threshold for EMEs has been raised from less than R5 million annual turnover to less … Continue reading

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