Author Archives: StrachanCrouse

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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THE BASICS OF CREATING A LAST WILL & TESTAMENT

Who your property is passed on to depends on whether you have a valid will or not. If you do have a valid will, then your property will be divided according to your wishes stated therein. If you die without … Continue reading

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SPECIAL TRUSTS

The Income Tax Act[1] includes specific provisions for “special trusts”. These trusts are taxed on the same sliding scale applicable to natural persons, which could be lower than the current 45% flat rate applicable to conventional trusts. Capital gains tax … Continue reading

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CAPITAL GAINS TAX AND THE ANNUAL EXCLUSION

With the 2018 tax-filing season for individuals in full swing, it is worthwhile looking at a common misconception regarding the determination of capital gains tax for individual taxpayers, specifically the role of the ‘annual exclusion’. Ensuring that the annual exclusion … Continue reading

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INDEPENDENT CONTRACTORS VERSUS EMPLOYEES

For tax and legal purposes, it is important that employers distinguish between employees and independent contractors. Let us demystify the distinction. Does being an independent contractor (as opposed to a salaried employee) make it possible to have a huge legal … Continue reading

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CA’s BEHAVING BADLY: THE SAICA PROFESSIONAL CONDUCT CODE EXPLAINED

The accounting profession is under pressure at the moment to improve public perceptions on whether they, and more specifically chartered accountants, are still behaving ethically. “Since the widespread reports of various chartered accountants’ unethical behaviour, it has become apparent to … Continue reading

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THE STRUGGLE OF SAVING

We live in a time of ever-increasing living costs and financial pressure. Fuel price hikes. Food price increases due to the drought. High interest rates. Rising taxes. It is becoming more and more difficult to save, and for some people … Continue reading

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BREAKING THE MOULD ON TRADITIONAL CA JOB OPTIONS

With the spotlight on the ethics and integrity of the major players in the auditing sector, landing an opportunity to do your training as a chartered accountant (CA) at a Big Four firms may no longer be all it’s cracked … Continue reading

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WHAT SHOULD YOU CONSIDER WHEN INVESTING IN A BUSINESS

You have worked hard for many years, and have finally saved enough funds and mustered the courage to take the big leap that you have been dreaming about for such a long time… you are going to invest in your … Continue reading

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