Author Archives: StrachanCrouse

7 MONEY-SAVING TIPS FOR 2019

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. Set your financial goals As humans it’s common to want to wipe … Continue reading

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PURPOSE FIRST, PROFIT LATER

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 … Continue reading

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

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 … Continue reading

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ADMIN PENALTIES FOR OUTSTANDING CORPORATE INCOME TAX RETURNS

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 … Continue reading

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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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