HERE’S WHO IS PAYING SOUTH AFRICA’S TAX

SC_blog_Feb19_SAsTax2National Treasury and the South African Revenue Service (SARS) have published tax statistics showing that for the first time since the 2008 global financial crisis, tax revenue growth did not exceed GDP growth.

Despite tough economic conditions in which real and nominal GDP increased by a modest 1.3% and 7.0% respectively, the Tax-to-GDP ratio decreased marginally from 25.9% in 2016/17 to 25.8% in 2017/18.

However, tax revenue collected still increased, amounting to R1.22 trillion.

This reflects year-on-year growth of R72.4 billion (6.3%) – mainly supported by Personal Income Tax, which grew by R37 billion (8.7%).

Personal Income Tax (PIT) at 38.1%, Corporate Income Tax (CIT) at 18.1% and Value-added Tax (VAT) at 24.5% in aggregate remain the largest sources of tax revenue and comprise about 80.7% of total tax revenue collections.

Assessments of taxpayers

Geographic and demographic analysis of the assessments of the taxpayers who had been assessed as at the end of June 2018 showed some interesting results:

  • 2,678,743 (54.7%) of assessed taxpayers were male taxpayers while 2,219,822 (45.3%) were female;
  • 1,331,419 (27.2%) of assessed taxpayers were aged 35 to 44 years;
  • 1,966,744 (40.1%) of assessed taxpayers were registered in Gauteng, of which 629,113 lived in the Johannesburg Metro and were taxed on an average taxable income of R446,838.

Statistics regarding CIT reveal that just over 24.2% of the 768,687 companies assessed as at 30 June 2018 for tax year 2016 had positive taxable income.

A further 48.3% had taxable income equal to zero and the remaining 27.4% reported an assessed loss.

VAT

The key VAT statistics were as follows:

  • Net VAT collections totalled R298 billion and grew by R8.8 billion (3.1%) compared to the previous year;
  • Domestic VAT, which amounted to R336.3 billion and grew by R14.8 billion (4.6%), was the key driver for the aggregate growth in net VAT;
  • Import VAT collections totalled R152.8 billion and grew year-on-year by R3.5 billion (2.4%);
  • VAT refunds totalled R191.1 billion and grew by R9.5 billion (5.2%);
  • 76% of active VAT vendors were companies or close corporations. They contributed 92% to Domestic VAT payments and accounted for 89.8% of VAT refunds;
  • Although individuals (sole proprietors) comprised 18.4% of VAT vendors, they contributed 3.1% of Domestic VAT payments and received 1.5% of VAT refunds

https://businesstech.co.za/news/finance/291516/heres-who-is-paying-south-africas-tax/

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

Posted in Tax | Tagged , , , , , | Comments Off on HERE’S WHO IS PAYING SOUTH AFRICA’S TAX

FORM REQUIREMENTS FOR OBJECTIONS

SC_blog_Feb19_formsDispute resolution with the South African Revenue Service (SARS) generally has a two-pronged approach. Firstly, taxpayers must present their case on the merits – this will include the factual basis and background that has led to the dispute. Secondly, and equally important (if not more so), is the procedural process. This deals with timeframes, form requirements, notices of delivery etc. The procedural aspects are dealt with in the Tax Administration Act[1] (in the Act itself and further in dispute resolution rules promulgated in terms of the Act). The procedural process to an objection is crucial since non-compliance can result in a negative outcome for the taxpayer, despite having very strong merits. The following are some of the more important procedural aspects:

Timeframe: Assessments must be objected to within 30 days after the date of an assessment. Where reasons have been requested for an assessment, the objection must be delivered within 30 days after receipt of the reasons. Importantly, “days” are business days (days other than Saturdays, Sundays, public holidays and the period between 16 December and 15 January of the following year annually).

Forms: Depending on the tax type (income tax, VAT, PAYE, etc.), SARS prescribes certain forms that must accompany the objection. For taxpayers who can submit disputes via eFiling, there is a guided process that populates the correct form. For taxpayers who do not use eFiling, manual forms are available on the SARS website.

Address: If eFiling is not used, taxpayers must specify an address where SARS’s decision of the objection or other documents can be delivered. The taxpayer who makes use of eFiling must always ensure that their most recent and up to date particulars(physical address, email address, contact persons etc.) are captured on the system, to ensure proper delivery of documents.

Grounds: The grounds on which the taxpayer objects are crucial, since a taxpayer may not appeal on a ground that constitutes a new ground of objection (if the dispute goes past the objection phase). Objections should therefore not only deal with the principal matter at hand but also any understatement penalties, provisional tax penalties and interest.

After the objection has been submitted, SARS is allowed to request additional substantiating documents to make a decision on the objection, these documents must be delivered to SARS 30 days after the request. If no additional documents have been requested, SARS has 60 days within which to consider the objection. If they did request documents, they are afforded a period of 45 days after delivery of the requested documents.

The above merely sets out the basics in terms of the procedural requirements for objections to assessments. Despite the standardised forms and prompts that have been included on SARS eFiling to assist taxpayers with objections, they are strongly advised to seek advice from a tax practitioner when entering the dispute resolution process, since dispute resolution has become a specialist field, which requires a hands-on approach.

[1] No. 28 of 2011

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

Posted in Tax | Tagged , , , , , , | Comments Off on FORM REQUIREMENTS FOR OBJECTIONS

RING-FENCING OF ASSESSED LOSSES OF CERTAIN TRADES – PART 2

SC_blog_Feb19_ringfencingSection 20A of the Income Tax Act[1]ring-fences losses incurred by natural persons from certain trades under specific circumstances. If applicable, the natural person will not be able to set off the loss incurred from that trade against the income from any other trade (such as salary or other professional income) and may only set off the loss against future income derived from the trade to which the loss relates.

The first requirement for section 20A to apply, is that the natural person must fall within the highest income tax bracket during the relevant year of assessment.[2] The second requirement relates to the nature of the trade carried on by the natural person and the fact that the person has incurred losses in respect of that trade for at least three of the last preceding five years of assessment.[3]

There is, however, an exemption to section 20A. The losses incurred in respect of the specific trade will therefore not be ring-fenced if the natural person can prove that the trade constitutes a business in respect of which there is a reasonable prospect of deriving taxable income (other than a taxable capital gain) within a reasonable period of time.

The factors to take into consideration include the proportion of gross income derived in relation to the allowable deductions for the relevant year of assessment, the level of activity and the amount of expenses incurred in respect of advertising or promoting the trade and whether or not the trade is carried on in a commercial manner.  In respect of the latter requirement, consideration must be given to the number of full-time employees, the commercial setting of the premises where the trade is carried on, the extent of the equipment used exclusively for purposes of carrying on that trade and the time the natural person spends at the premises conducting the business.

Other factors include the number of years during which losses were incurred in proportion to the period in which the trade was carried on (considering unexpected events giving rise to the losses and the nature of the business involved), business plans and changes to ensure taxable income in future and the extent to which assets of the business are available for recreational or personal use.

Please note that the exemption in section 20A(3) will not apply if the trade is listed in section 20A(2)(b)  and in carrying on the trade the natural person has incurred losses in at least six of the last ten years of assessment (ending on the last day of the relevant year of assessment).

[1] No. 58 of 1962

[2] Section 20A(2)

[3] Section 20A(2)(a) and (b)

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

Posted in Tax | Tagged , , , , , | Comments Off on RING-FENCING OF ASSESSED LOSSES OF CERTAIN TRADES – PART 2

WHAT SOUTH AFRICANS NEED TO KNOW ABOUT TAX AND THEIR FINANCES BEFORE EMIGRATING

SC_blog_Feb19_SATaxWhile South African citizens temporarily working overseas are still subject to South African tax laws, individuals who wish to permanently emigrate to a new country need to ensure that they follow the correct steps to enable them to take their savings with them and avoid running up against unnecessary tax problems down the line.

This is according to Daniel Baines, tax consultant at Mazars, who said that individuals who emigrate to new tax jurisdictions could face problems in withdrawing their retirement annuities (RA) if they wait too long before getting their tax affairs in order.

“One of the main problems is that withdrawing your RA requires up-to-date tax returns to be submitted,” he said.

“If you have not applied to the South African Reserve Bank to no longer be considered as a South African resident for exchange control purposes prior to emigration, and you subsequently do not file South African tax returns for a number of years after emigrating, gaining access to your South African RA may prove difficult.”

Baines said that it is therefore vital for all South African citizens thinking about emigrating, to get all of their tax affairs in order as quickly and efficiently as possible.

To formally emigrate, Baines says that the following steps are crucial:

  • Ensure that your South African tax returns are up to date;
  • Apply to SARS for an emigration tax clearance certificate; and
  • Apply to the South African Reserve Bank to formally emigrate.

Baines notes that the first two steps can be carried out by a tax advisor, but the third step must be handled by a South African bank.

He states that individuals who choose to not leave the country permanently, need to still make it a priority to file their tax returns.

“If tax returns are not filed while you live and work abroad, it may prove to be very difficult to get your South African tax affairs in order when you do decide to become a permanent resident in a foreign country.”

Another important point to note, according to Baines, is that South Africans under the age of 55 (unless the RA is worth R7,000 or less) will not be able to withdraw funds from their RA unless they formally emigrate.

“If you do not formally emigrate and leave your RA in South Africa, by only bringing it to your new country when you retire, there is a good chance that this asset would also have devalued significantly due to a potentially weaker rand in the future.”

Another common reason for South African citizens to consider formally emigrating is when they have received a large inheritance in South Africa, as they may have issues getting the inheritance out of the country unless they formally emigrate.

“To avoid any issues or delays when you plan to formally emigrate, it is advisable to get your tax affairs in order sooner rather than later,” Baines said.

https://businesstech.co.za/news/lifestyle/290224/what-south-africans-need-to-know-about-tax-and-their-finances-before-emigrating/

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

Posted in Tax | Tagged , , , , | Comments Off on WHAT SOUTH AFRICANS NEED TO KNOW ABOUT TAX AND THEIR FINANCES BEFORE EMIGRATING

7 MONEY-SAVING TIPS FOR 2019

SC Blog January 2019-02

The New Year represents the perfect opportunity to whip your finances back into shape, beginning by implementing these seven simple money-saving tips from Citadel Advisory Partner Daryl Coker.

  1. Set your financial goals

As humans it’s common to want to wipe the slate clean in January, and look for ways to do better than we did the year before – especially with a debt hangover from December spending still lingering.

January is thus the perfect time to reflect on your accomplishments during 2018, and set new financial goals for the year ahead. These may include paying off debts, saving towards a deposit on a home, or even revving up your retirement savings.

Having a clear and detailed set of goals to measure your progress against will help you to focus your efforts on saving, instead of falling back into bad financial habits and unnecessary spending.

  1. Reassess your budget

Many people diet in January because they put on a little too much weight during the holidays and are trying to get their life back in order, and budgeting is similarly an important exercise for trimming the fat from your finances.

Look for places where you can cut back or may be overspending, and see whether you have any surplus cash left at the end of the month that you should be putting to better use. If you have received a salary bump, also remember to allocate a portion towards saving rather than just increasing your lifestyle spending.

  1. Pay back the money

Interest rates are on an upward cycle both in South Africa and globally, meaning that your debt is likely to become even more expensive in 2019.

As part of your budgeting process, you should therefore look to put any spare funds or bonuses and salary increases towards eliminating debt, as paying down your debt more quickly could save you significant amounts in repayments over time.

Begin by creating a debt strategy that will help you to repay your debts as quickly and effectively as possible. This means prioritising your debts in order of the most expensive according to the interest being charged on the debt – usually starting with costly short-term debt on credit cards, followed by less expensive debt on cars and homes.

  1. Price check your short-term insurance

One simple, yet often forgotten, method for cutting costs is to re-examine your short-term insurance cover and costs each year. This means comparing quotes from different providers, as well as checking that your motor vehicles, home and household contents are still insured for the right amounts.

While it’s important to make certain that you are not under-insured, it’s equally important to check that you’re not over-insured. If you insure your car for R100,000 and it is only worth R80,000, remember that you will not be paid out the extra R20,000 even though you’ve been paying higher premiums.

  1. Manage school fees wisely

Think carefully before paying school fees upfront as a lump sum.

Most schools do offer a discount of usually between 4-7% for early payment. However, also consider that by opting for monthly payments, your child is essentially receiving a year’s education upfront and you will not be charged any additional interest on the amount owing – the monthly cost will remain the same, which is almost like receiving an interest-free loan.

If you are going to make a lump-sum payment, it might be wiser to repay other debt that will charge interest, such as credit cards or your mortgage, thus driving your interest repayments down.

  1. Optimise your tax affairs

With the February tax season soon upon us, high income and provisional earners should also consider seeking professional tax advice in order to optimise their tax efficiency, for instance by making the most of allowable deductions for contributions to retirement savings before the financial year end.

You are also entitled to tax deductions for donations to recognised non-profit organisations that are able to issue Section 18A certificates, which is a nice way to manage your tax affairs while giving money to a good cause.

  1. Consider the timing of buying a new car

If you are considering purchasing a new vehicle, remember that it may be more beneficial to buy in early 2019 rather than later in year.

If you buy a new car in November or December, it will almost immediately lose a year’s value on the first of January even though it may only be a month or two old, as it will still be classified as the previous year’s model.

If you are looking to purchase a new vehicle and your budget allows, it may be more beneficial to buy earlier in the year rather than later, or even worth saving and waiting until the beginning of 2020 instead.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

Posted in Finance | Tagged , , | Comments Off on 7 MONEY-SAVING TIPS FOR 2019

PURPOSE FIRST, PROFIT LATER

SC Blog January 2019-04

South African business headlines were dominated by corporate disgrace in 2018 – the continued fallout from the Steinhoff scandal, the listeriosis outbreak, the Momentum life insurance controversy, and the state capture allegations tainting the reputations of several leading management consulting firms, to name just a few.

My hope is that 2019 will be the year that more South African companies embrace the importance of putting long-term purpose ahead of short-term profit. I say short-term profit because having a purpose beyond making money is what actually enables the world’s greatest businesses to thrive and grow in the longer term.

This is not a new idea, but an old idea that is taking on more urgency in the age of the connected and empowered consumer. Jim Collins and Jerry Porras argued in their 1994 book, Built to Last, that companies guided by a purpose beyond making money returned six times more to shareholders than explicitly profit-driven competitors.

Crisis of trust
This resonates in an age where there is a crisis of trust in capitalism and growing cynicism about the role that large companies play in our lives. Today’s consumers expect more from businesses than compliance with the law. They also expect them to be a force for social good and to have a reason to exist that goes beyond simply making money for their shareholders.

Connected customers – especially Generations Y and Z – look for brands that align with their values, do the right thing and behave in a manner that is fair, transparent and equitable. Research such as Deloitte’s millennial annual survey consistently finds that these generations overwhelmingly feel that business success should be measured in terms of more than financial performance.

Navigating social justice isn’t a simple matter for brands in a polarised world – think about the passionate debates about climate change, Donald Trump and Brexit and closer to home, state capture and land reform – but companies that get it right can reap significant rewards. Consider how Nike’s sales soared after an ad campaign starring, Colin Kaepernick, the American football player and ‘take a knee’ protester.

Elsewhere, the European insurance company, AXA, has redefined its purpose as empowering people to lead better lives. This includes goals for sourcing electricity from renewable energy by 2025, making insurance affordable for emerging consumers, and helping customers collectively become 50,000 years ‘younger’ through wellbeing programs.

Patagonia, the outdoor clothing brand is another great example. It is well-known for its support of environmental initiatives and its transparency about where it sources its materials and how it makes its products. Such is its commitment to sustainability that it encourages customers to repair, reuse or recycle its clothing rather than buying new apparel.

There are several reasons that purpose-driven companies thrive:

  • Having a purpose and a focus on business sustainability is attractive to investors. Why? Because it goes hand in glove with good corporate governance, visionary leadership, great employees and loyal customers. Investors know that a purpose-driven company is less likely to get caught up in a value-destroying reputational crisis because its processes behind the scenes are designed to balance short-term profitability with ways to sincerely serve customers’ needs. What’s more, its customers are less likely to switch to a competitor for a small cost-saving because they are invested in its mission and products.
  • Purpose-driven companies have a good story to tell that differentiates them from other companies selling similar products and services. And this resonates with customers, winning their trust and excitement. In our media-saturated world, customers believe that most companies are the same. Purpose-driven companies show that they are different. They break through the noise because their customers share their story through authentic social media and word of mouth testimonials.
  • The workforce in purpose-driven companies is happier, more productive and more customer-focused. When the people believe in what the business does, it will enjoy higher employee retention rates and better performance.

Having a vision and purpose beyond profit resonates with customers and employees. The businesses that stand up against dodgy practices in their industry, those that balance their need for profits with the best interests of consumers, are not only getting customers, but also fans and members of their tribe. This is how one builds a sustainable and profitable business that lasts.

Author: Ernest North, co-founder at Naked

  • https://www.bizcommunity.com/Article/196/724/185870.html

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

Posted in Business | Tagged , , | Comments Off on PURPOSE FIRST, PROFIT LATER

RING-FENCING OF ASSESSED LOSSES OF CERTAIN TRADES – PART I

SC Blog January 2019-01

Persons are generally allowed to set off any losses incurred in respect of one trade against the income derived from another trade, thereby reducing their overall tax liability.

However, section 20A of the Income Tax Act[1]ring-fences losses incurred by natural persons from certain trades under specific circumstances. If applicable, the natural person will not be able to set off the loss incurred from that trade against the income from any other trade, but may only set off the loss against future income derived from the trade to which the loss relates.

The rationale for this provision was to disallow natural persons to conduct hobbies disguised as trades in order to set off expenses from that hobby against other income such as salary income or professional income.

The first requirement for section 20A to apply, is that the natural person must fall within the highest income tax bracket during the relevant year of assessment.[2] For the 2019 year of assessment, the person’s taxable income and any assessed loss or balance of assessed loss of the taxpayer must be equal to or exceed R1.5 million.

The second requirement relates to the nature of the trade carried on by the natural person.[3] In this regard, he or she (or any relative of that person) must be engaged in one of the following trades. These include the practising of any sporting activity, any dealing in collectables, any animal showing by that person, any form of performing or creative arts or any form of gambling or betting performed.

Also included are the rental of residential accommodation or vehicles, aircraft or boats (unless at least 80% of the accommodation, vehicle, aircraft or boat is used by persons who are not relatives of the natural person for at least half of the year). Farming or animal breeding will also fall within section 20A unless such activities are engaged in on a full-time basis.

Furthermore, he or she must have incurred an assessed loss in at least three of the preceding five years of assessment, ending on the last day of the relevant year of assessment.[4]

Both these requirements must be met in order for the loss in respect of the specific trade to be ring-fenced.

The take away is that taxpayers with additional income sources should carefully consider the provisions of section 20A to the extent that the current ITR12 income tax return for individuals require taxpayers to indicate whether or not the losses are ring-fenced. Taxpayers may also be requested by the South African Revenue Service to confirm why section 20A should not apply in instances where that question was answered ‘no’.

[1] No. 58 of 1962

[2] Section 20A(2)

[3] Section 20A(2)(b)

[4] Section 20A(2)(a)

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

Posted in Business | Tagged , , | Comments Off on RING-FENCING OF ASSESSED LOSSES OF CERTAIN TRADES – PART I

ADMIN PENALTIES FOR OUTSTANDING CORPORATE INCOME TAX RETURNS

SC Blog January 2019-03

In general, all registered companies must submit corporate income tax (“CIT”) returns within 12 months of the end of the company’s financial year-end. This is applicable to all companies that are resident in South Africa, that receive source income in South Africa, or that maintain a permanent establishment or a branch in South Africa.

On 29 November 2018, the South African Revenue Service (“SARS”) issued a media release confirming that SARS will soon start imposing administrative non-compliance penalties as provided for in Chapter 15 of the Tax Administration Act[1] for outstanding CIT returns. To date, these penalties were only imposed on individuals with outstanding income tax returns.

This announcement follows a media release earlier in November 2018 which stated that SARS is once again embarking on a nationwide awareness campaign to reinforce taxpayers’ obligations to submit outstanding tax returns, specifically targeting companies.

In this regard, the fixed amount penalties in terms of section 211 of the Tax Administration Act range from R250 (where the company is in an assessed loss position) to R16,000 (in instances where the company’s taxable income exceeds R50 million) for each outstanding return. Once the penalty has been imposed, the penalty will increase by the same amount for every month that the non-compliance continues.

In order to determine the amount of the penalty to be imposed, SARS will consider the year of assessment immediately prior to the year of assessment during which the penalty is assessed.

The penalties will furthermore be imposed by way of a penalty assessment. Any unpaid penalties will be recovered by means of the debt recovery steps.

According to the media release, the administrative non-compliance penalties will be imposed for outstanding CIT returns for years of assessment ending during the 2009 and subsequent calendar years. Please note that this will also apply to dormant companies with no receipts or assets.

SARS will, however, issue the relevant company with a final demand which will grant the company 21 business days from the date of the final demand to submit the outstanding returns before the penalties will be imposed.

Companies may request remittance of the penalties imposed from SARS and have the right to lodge an objection via eFiling should the request for remittance be unsuccessful.

The takeaway is that all companies with outstanding CIT returns (whether these companies have assessed losses for those outstanding years or not) should complete and submit these returns as soon as possible in order to avoid the administrative non-compliance penalties being imposed.

[1] No. 28 of 2011

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

Posted in Tax | Tagged , , | Comments Off on ADMIN PENALTIES FOR OUTSTANDING CORPORATE INCOME TAX RETURNS

TEN TIPS TO MAKE YOUR HOLIDAYS LESS FRAUGHT AND MORE FESTIVE

Holidays are a time of high stress. Despite the delight of not having to work for several days or even weeks, holidays come with pressures.

These can include catching up with family, giving gifts, consuming to keep the economy buoyant, and having enough fun to see us through to the next holiday.

Here are ten tips for enjoying things that little bit more without all the stress and after-effects.

Don’t go into debt

Each Christmas season, the media will, like clockwork, report on Christmas spending.

This is the time of year when much of the retail sector depends on consumers to spend big. We often are made to feel like we aren’t doing our bit for the economy if we aren’t giving our credit cards a bootcamp-grade workout. But you don’t need to do it.

Gifts need to be thoughtful – not expensive. Why not draw on any talents to make a homemade gift or a promise of services (like babysitting or lawnmowing), or perhaps give a personally designed IOU card for a gift you can purchase when the Christmas sales are on?

Or why not go green and buy quality second hand products?

Holiday at home

One way to avoid debt is to not undertake an expensive holiday during this higher-priced, peak tourism season.

Bali can wait for later. Instead, explore your own backyard with a renewed perspective. Remember, international tourists pay serious money to visit our beautiful beaches, national parks and recreational playgrounds.

If you can’t avoid a nagging feeling that your neighbour holidaying in Europe has outdone you, try thinking again.

Back to nature

Another upside to holidaying at home: these breaks are the rare chance we all have to have some serious downtime.

There are plenty of things you can enjoy with your family and friends much closer to home – nature, for example.

Taking walks for a meditative experience in nature.

Simple things

This holiday season, why not engage your playful creativity to invent ideas for simple fun and joy?

Let’s celebrate the fact we are in the sun in the southern hemisphere and forget the carols that dream “of a white Christmas”. Picnics packed with our extraordinary foods and wines in the hidden beauty spots known only to locals.

What about playtime? Kids remind us that fun can be had with things at hand – a frisbee, a puppy, or their peers.

Moderation in pleasures

This is the hard one at this time of year.

For many the festive season is about enjoying good food and drink in the company of loved ones. But don’t let your spirit of the season be undone by the “spirits” of the season.

Hangovers and food babies are not a good look – so why don’t we just avoid them this year?

Think of others and give back

The end of the year provides us with a chance to understand the blessings we have enjoyed in 2018.

One way to feel really good this holiday season is to take a little time to give back.

Find some reflective time

The end of the year also offers time to think about the year that was and set some intentions for the year to come. While the joy of being together is a feature of this time, also try to create some reflective time for yourself too.

Resolutions for new beginnings

This reflective time can give us an opportunity to take stock of our lives and use the traditions of the New Year to make 2019 better and more balanced.

We joke about resolutions, their making and their breaking, but these quaint traditions have some folk wisdom behind them.

Each new year offers new opportunities to transform some things we would like to change.

Travel with pets

When we do go on holidays, we have found in the past that our best friends have sometimes been less then welcome. I speak of our dogs and cats.

Let your pets enjoy the holiday season too.

Digital detox

The impact of technology, social media and instant communications results in some workers finding work creeping into their after hours’ lives. This holiday, what about trying a digital detox and get off the mobile, the email and Facebook for a specified period of time?

In fact, digital detox holidays are a “thing” now. That many of our iconic national parks don’t have reception is a bonus.

http://theconversation.com/ten-tips-to-make-your-holidays-less-fraught-and-more-festive-88866

– as amended

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

Posted in New Year | Tagged , , | Comments Off on TEN TIPS TO MAKE YOUR HOLIDAYS LESS FRAUGHT AND MORE FESTIVE

KORPORATIEWE BEHEER – FINANSIËLE JAAREINDE

A3Die finansiële jaar van ’n maatskappy staan bekend as die rekenkundige periode. Ingevolge artikel 27 van die Maatskappywet No. 71 van 2008 (“die Wet”), het elke maatskappy wat geregistreer is ingevolge die Wet ’n finansiële jaareinde. Hierdie datum word vervat op die Kennisgewing van Inkorporasie-dokument van ’n betrokke maatskappy.

Die eerste finansiële jaareinde van ’n maatskappy begin op die datum waarop die maatskappy geregistreer is. Hierdie laasgenoemde datum verskyn op die registrasie dokumentasie van die maatskappy. Die finansiële jaareinde van die maatskappy sal dan eindig op die datum soos wat dit verskyn op die Kennisgewing van Inkorporasie-dokument van die maatskappy.

Die opeenvolgende finansiële jaar van ’n maatskappy begin op die datum direk na die voorafgaande finansiële jaar geëindig het, en sal dan weer eindig op die datum soos vervat in die Kennisgewing van inkorporasie-dokument van die maatskappy, behalwe as die maatskappy se finansiële jaareinde verander word deur ’n besluit van die direksie gedurende die betrokke finansiële jaar.

Die direksie van ’n maatskappy mag die finansiële jaar van ’n maatskappy enige tyd wysig deur ’n aansoek van wysiging in te dien by die Companies and Intellectual Property Commission (“CIPC”) deur die indiening van ’n CoR 25-vorm wat geteken is deur een van die direkteure van die maatskappy asook ’n ondersteunde resolusie wat geteken is deur al die direkteure van die betrokke maatskappy.

Die vereistes vir die wysiging van ’n finansiële jaareinde soos uiteengesit is in die Wet is as volg:

  1. ’n finansiële jaareinde mag slegs een keer in ’n betrokke finansiële jaar gewysig word;
  2. die nuut-verkose finansiële jaareinde moet ’n datum wees wat later is as die datum waarop die wysiging ingedien word by die CIPC; en
  3. die nuwe finansiële jaareinde mag nie daartoe aanleiding gee dat die nuwe finansiële jaar langer as 15 maande sal wees ná die voorafgaande finansiële jaar geëindig het nie.

Hierdie artikel is ʼn algemene inligtingsblad en moet nie as professionele advies beskou word nie. Geen verantwoordelikheid word aanvaar vir enige foute, verlies of skade wat ondervind word as gevolg  van die gebruik van enige inligting vervat in hierdie artikel nie. Kontak altyd ʼn finansiële raadgewer vir spesifieke en gedetailleerde advies. (E&OE)

Posted in Finance | Tagged , , | Comments Off on KORPORATIEWE BEHEER – FINANSIËLE JAAREINDE