Author Archives: StrachanCrouse

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, … Continue reading

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KORPORATIEWE BEHEER – FINANSIËLE JAAREINDE

Die 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 … Continue reading

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SARS INTEREST ON PROVISIONAL TAX

As with various other business transactions, taxes in their various forms also attract interest, either payable by the taxpayer to SARS, or due to the taxpayer from SARS. Apart from knowing which of the various SARS interest rates are applicable … Continue reading

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VALIDITY OF VOETSTOOTS CLAUSES UNDER THE CONSUMER PROTECTION ACT

Consumers often opt to purchase second-hand goods in order to save money or because of the mere fact that they stumbled upon a bargain. Second-hand goods, although a possible bargain, can be risky to buy as it may contain defects, … Continue reading

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NON-COMPLIANT COMPANIES WILL FEEL THE PAIN FROM SARS FROM DECEMBER

The South African Revenue Service (SARS) will be using information supplied by the Companies and Intellectual Property Commission (CIPC) to determine which companies are not tax compliant and impose penalties accordingly, from 7 December 2018. ?bacho12345 123rf.com The national revenue collector … Continue reading

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VAT TRAP COULD IMPACT ON YOUR EARNINGS

It’s been nine years since the annual threshold required to register as a VAT vendor was increased from R300,000 to R1m. If you consider the effects of inflation over that period it seems clear that a growing number of businesses, … Continue reading

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TAX ON RETIREMENT LUMP SUMS

Determining the tax consequences in respect of any lump sum benefits from retirement funds can be complex and various legislative changes have been incorporated over the last few years, to regulate and align the tax treatment of these benefits. Lump … Continue reading

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MANAGEMENT’S RESPONSIBILITY

Throughout the audit of a set of financial statements, the phrase “management/director’s responsibility” appears. It is included in the engagement letter, the financial statements and the auditor’s report. But what does it mean? Management is responsible for the management of … Continue reading

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ADMINISTRATIVE PENALTIES FOR CORPORATE INCOME TAX (CIT) TO BE IMPOSED

Dear Taxpayer SARS will be imposing administrative penalties from December 2018 for outstanding Corporate Income Tax (CIT) returns. Administrative penalties will be imposed on companies that receive a final demand to submit a return. In terms of Section 210 of … Continue reading

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WHEN SHOULD FINANCIAL STATEMENTS BE AUDITED, REVIEWED OR COMPILED?

The 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 … Continue reading

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