Monthly Archives: June 2014

10 Wenke hoe om uitgawes dop te hou

A4Hou jy behoorlik boek van jou klein onderneming se besigheidsuitgawes (operasionele koste)? Dit sal onnodige koste besnoei en jou meer voorbereid vir belastingtyd maak as jy jou uitgawes gereeld aanteken en aanpassings maak.

Probeer hierdie wenke om jou besigheidsuitgawes beter te bestuur:

  1. Gebruik sagteware. Rekeningkundige sagteware soos Quickbooks en sigblaaie van MS Office maak bestuur van uitgawes makliker. Kies dieselfde program as jou boekhouer of ‘n versoenbare een; sodoende kan jy inligting direk na jou belastingopgawe oordra.
  1. Wees gereed vir belastingtyd. Wees noukeurig wanneer jy aftrekbare uitgawes soos voertuiggebruik vir besigheidsdoeleindes, reis- en onthaalkoste, voorraad en toerusting, en bydraes aan verenigings en liefdadigheidsorganisasies aanteken. Die SAID-webtuiste voorsien  details oor hierdie uitgawes.
  1. Hou persoonlike en besigheidsrekeninge apart. Moenie persoonlike kontant, kredietkaarte of tjeks vir besigheidsuitgawes aanwend nie. Maak seker jy debiteer die korrekte rekening wanneer jy jouself of werknemers vergoed, om verwarring en navrae van SAID te vermy.
  1. Stadig met die kontant. Betalings uit die kleinkas moet beperk word – skep eerder ‘n kleinkas-rekening in jou boekhouding om effektief hiervan boek te hou.
  1. Bewaar alle kwitansies. In geval van ‘n oudit gaan jy alle kwitansies benodig om jou eise te staaf. Skryf dus die doel van die uitgawe op elke kwitansie, en neem foto’s daarvan of skandeer dit in die rekenaar in om bergplek te spaar en moeite te verminder.
  1. Teken inligting dadelik aan. Teken uitgawes dadelik aan sodat dit nie ophoop nie en jy in beheer van die boekhouding bly.
  1. Gee jouself krediet. Kredietkaarte maak dit makliker om tred te hou met jou besigheidsuitgawes, aangesien die state besonderhede van jou uitgawes volledig uiteensit. Kredietkaarte is ook veiliger en geriefliker om te gebruik as kontant.
  1. Gebruik tegnologie. Sekere draagbare toepassings stel jou in staat om jou uitgawes dop te hou en na die korrekte kliënt of rekening te allokeer. Kry produkte wat versoenbaar is met jou bestaande rekeningkundige sagteware.
  1. Monitor resultate. Skep weeklikse en maandelikse terugvoering met jou rekeningkundige sagteware om jou inkomste en uitgawe te monitor. Gebruik ‘n maandelikse, kwartaallikse en jaarlikse begroting gebaseer op spandering in die verlede om jou uitgawes met jou begroting te laat klop.
  1. Sny oortollige uitgawes. Spandeer jy meer as wat jou begroting toelaat? Wil jy ‘n groter wins maak? Analiseer jou uitgawes en begin deur die onnodige uitgawes te sny.

Hierdie artikel is ‘n algemene inligtingstuk en moet nie gebruik of staatgemaak word op as professionele advies nie. Geen aanspreeklikheid kan aanvaar word vir enige foute of weglatings of vir enige verlies of skade wat voortspruit uit vertroue op enige inligting hierin nie. Kontak altyd jou finansiële adviseur vir spesifieke en gedetailleerde advies.

Neem jou onderneming na die volgende vlak

A2Jou onderneming sal stagneer as jy die status quo wil handhaaf. Jy kan nie maar net doen wat jy altyd gedoen het nie. Neem as voorbeeld die voormalige fliek-uitlenersreus Blockbusters. Selfs sy bekendheid en markdominering was nie genoeg om dit te red toe ander maatskappye op kritieke veranderings in die mark gereageer het en Blockbusters nie.

Bestudeer die volgende stappe om te verseker dat jou besigheidstrategie gedurig ontwikkel om groei te stimuleer. 

Stap Een: Kultiveer kreatiwiteit

Elke besigheid moet iets nuuts skep om in die wedloop te bly. Kultiveer kreatiwiteit in jou maatskappy. Bring diverse werknemers met diverse idees bymekaar en moedig hulle aan om ‘n dinkskrum te hou oor huidige tendense en ontwikkelinge, met inagneming van die behoeftes van die verbruikers. Daag hulle uit met nuwe projekte wat hul denke sal stimuleer tot briljante, innoverende nuwe idees.   

Stap Twee: Optimaliseer samewerking

Spanwerk laat jou maatskappy funksioneer. ‘n Goeie span is meer as die som van al die individue; dit is meer kreatief, meer effektief en meer produktief. Elke lid se swak en sterk punte bring die beste in die ander uit, sodat elkeen ‘n uiteenlopende en spesiale bydrae kan lewer.

Stap Drie: Neem risiko’s

Sodra jy stappe geneem het om jou maatskappy meer kreatief en innoverend te maak, moet jy uit jou gemaksone tree en hierdie nuwe idees beproef. Moenie dat besware en negatiewe opmerkings jou van stryk bring nie – ‘n dapper hart is van kritieke belang as jy jou besigheid wil laat groei. Weet wat die aanvaarbare vlak van verlies sal wees as dit misluk, rol jou moue op en doen dit eenvoudig. 

Stap Vier: Aanvaar mislukking

Nie alles wat jy probeer, gaan suksesvol wees nie. Moet dit nooit van jouself, jou werknemers of jou maatskappy verwag nie. Hanteer die mislukkings as leerervarings en dissekteer dit om vas te stel waar jy kan verbeter. Om risiko’s te neem, is om soms te misluk, maar jy wil tog nie net oorleef nie – jy wil floreer! Verwag van jouself en jou werknemers om na ‘n mislukking op te staan, weer te probeer en vorentoe te kyk. Verbeter wat jy kan, probeer iets nuuts en hou aan – jou volgende inisiatief mag dalk jou groot deurbraak wees! 

Stap Vyf: Prioretiseer vir sukses

Tyd is kosbaar, so moenie tyd mors op onbeduidende projekte wat jou vordering met belangrike sake vertraag nie. Kies die projekte wat die sukses van jou maatskappy gaan bepaal en spandeer dan jou tyd daaraan. Jy kan nie vir alles “ja” sê nie, so prioretiseer. Die wêreld verander so vinnig dat jy moet seker maak jy fokus al jou pogings op die belangrike dinge. Dit is hoe jou besigheid op die voorpunt gaan beland – en daar gaan bly.

Hierdie artikel is ‘n algemene inligtingstuk en moet nie gebruik of staatgemaak word op as professionele advies nie. Geen aanspreeklikheid kan aanvaar word vir enige foute of weglatings of vir enige verlies of skade wat voortspruit uit vertroue op enige inligting hierin nie. Kontak altyd jou finansiële adviseur vir spesifieke en gedetailleerde advies.

Implications of estate duty

A3Estate duty is charged on the dutiable value of the estate in terms of the Estate Duty Act. The general rule is that if the taxpayer is ordinarily resident in South Africa at the time of death, all of his/her assets (including deemed property), wherever they are situated, will be included in the gross value of his/her estate for the determination of duty payable thereon.

The current estate duty rate is 20% of the dutiable value of the estate. Foreigners/non-residents also pay estate duty on their South African property.

To minimise the effects of estate duty you need to understand the calculation thereof. The following provisions apply in determining your liability:

  1. Which property is to be included.
  2. Which property constitutes “deemed property”.
  3. Allowable deductions: the possible deductions that are allowed when calculating estate duty. 

Property includes all property, or any right to property, including immovable or movable, corporeal or incorporeal – registered in the deceased’s name at the time of his/her death. It also includes certain types of annuities, and options to purchase land or shares, goodwill, and intellectual property. 

Deemed property

A.  Insurance policies

  • Includes proceeds of domestic insurance policies (payable in South Africa in South African currency [ZAR]), taken out on the life of the deceased, irrespective of who the owner (beneficiary) is.
  • The proceeds of such a policy are subject to estate duty, however this can be reduced by the amount of the premiums, plus interest at 6% per annum, to the extent that the premiums were paid by a third person (the beneficiary) entitled to the proceeds of the policy. Premiums paid by the deceased himself/herself are not deductible from the proceeds for estate duty purposes.
  • If the proceeds of a policy are payable to the surviving spouse or a child of the deceased in terms of a properly registered antenuptial contract (i.e. registered with the Deeds Office) the policy will be totally exempt from estate duty.
  • Where a policy is taken out on each other’s lives by business partners, and certain criteria are met, the proceeds are exempt from estate duty.

B.  Benefits payable by pension and other funds by or as a result of the death of the deceased

Payments by such funds (pension, retirement annuity, provident funds) usually consist of two components – a lump sum payment on death and an annuity afterwards. The lump sum component used to be subject to estate duty. However as from 1 January 2009, no amount received from such a fund is included in the estate of the deceased for estate duty purposes.

C.  Donations at date of death

Donations where the donee will not benefit until the death of the donor and where the donation only materialises if the donor dies, are not subject to donations tax. These have to be included as an asset in the deceased estate and are subject to estate duty.

D.  Claims in terms of the Matrimonial Property Act (accrual claim)

An accrual claim that the estate of a deceased has against the surviving spouse is property deemed to be property in the deceased estate.

E.  Property that the deceased was competent to dispose of immediately prior to his/her death (Section 3(3)(d) of the Estate Duty Act),  like donating an asset to a trust, may be included as deemed property. 

Deductions

Some of the most important allowable deductions are:

    1. The cost of funeral, tombstone and deathbed expenses.
    2. Debts due at date of death to persons who have their ordinary residence in South Africa.
    3. The extent to which these debts are to be settled from property included in the estate. This includes the deceased’s income tax liability (which includes capital gains tax) for the period up to the date of death.
    4. Foreign assets and rights:
      • The general rule is that foreign assets and rights of a South African resident, wherever situated, are included in his/her estate as assets.
      • However, the value thereof can be deducted for estate duty purposes where such foreign property was acquired before the deceased became ordinarily resident in South Africa for the first time, or was acquired by way of donation or inheritance from a non-resident, after the donee became ordinarily resident in South Africa for the first time (provided that the donor or testator was not ordinarily resident in South Africa at the time of the donation or death). The amount of any profits or proceeds of any such property is also deductible.
    5. Debts and liabilities due to non-residents:
      • Debts and liabilities due to non-residents are deductible but only to the extent that such debts exceed the value of the deceased’s assets situated outside South Africa which have not been included in the dutiable estate.
    6. Bequests to certain public benefit organisations:
      • Where property is bequeathed to a public benefit organisation or public welfare organisation which is exempt from income tax, or to the State or any local authority within South Africa, the value of such property will be able to be deducted for estate duty purposes.
    7. Property accruing to a surviving spouse [Section 4(q)]:
      • This includes that much of the value of any property included in the estate that has not already been allowed as a deduction and accrues to a surviving spouse.
      • Note that proceeds of a policy payable to the surviving spouse are required to be included in the estate for estate duty purposes (as deemed property), but that this is deductible in terms of Section 4(q).
      • Section 4(q) deductions will not be granted where the property inherited is subject to a bequest price.
      • Section 4(q) deductions will not be granted where the bequest is to a trust established by the deceased for the benefit of the surviving spouse, if the trustee(s) has/have discretion to allocate such property or any income out of it to any person other than the surviving spouse (a discretionary trust). Where the trustee(s) has/have no discretion as regards both the income and capital of the trust, the Section 4(q) deduction may be granted (a vested trust). 

Portable R3.5 million deduction between spouses

The Act allows for the R3.5 million deduction from estate duty to roll over from the deceased to a surviving spouse so that the surviving spouse can use a R7 million deduction amount on his/her death. The portability of the deduction will only apply when the entire value of the estate of the first dying spouse is left to the surviving spouse. 

Life assurance for estate duty

Estate duty will also normally be leviable on these assurance proceeds.

Source: Moore Stephens’ Estate Planning Guide.

This article is a general information sheet and should not be used or relied on 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.

Performance measurement

A1Measuring and managing the performance of your company entails you pulling away from your daily routine, standing back and assessing the bigger picture. When you stand back and think about what your company does and how it does it, you can more easily determine how your company is operating, which allows you to address the shortfalls and any other problems that you identify in the process.

Performance measurement involves looking at both financial and non-financial factors that affect your company. If you keep track of performance – within your teams, divisions and individual employees – you gain valuable feedback which will assist you with improvements, planning and forecasting, competition, rewards/incentives and compliance.

How do I measure performance?

Companies measure their performance using different methods and criteria.  The most common way is to identify key business activities and measure them using specific performance metrics (measures), and then analyse the results.

For each kind of business activity there are numerous possible performance metrics, for example:

1.      Key Activity Performance Metrics

  • Sales percentage of customer visits
  • Phone calls that generate sales
  • Percentage increase in sales over previous period or year
  • Percentage of customers retained for the period

2.      Balance as the key to a strong performance measurement system

By striking a balance in its performance measurement system, a company is able to compile a more comprehensive picture of how it’s doing. Obtaining a selection of information from many sources enables a manager, employee or executive to gain a holistic picture of the company and to learn from previous mistakes, which facilitates constant improvement. This is known as the “dashboard” approach – likened to looking at and gauging the many instruments on an aeroplane’s dashboard, such as the fuel gauge and altitude indicator.

A comprehensive picture for a company would include looking at a range of factors such as financial (revenue) and non-financial performance (employee knowledge), backward-looking (sales figures) and forward-looking indicators (customer satisfaction ratings).

An effective tool to assess performance is the Key Performance Indicator (KPI). A Key Performance Indicator is a measure reflecting how a company is doing in a specific aspect of its performance.  A KPI is one representation of a critical success factor (CSF) – a key activity needed to achieve a given strategic objective.  A KPI is therefore a quantifiable measure of how well you are performing an activity that is critical to the success of your business. For example, a strategic objective for the company could be to increase customer satisfaction, and one CSF relating thereto would be to “reduce staff turnover” (customers prefer to deal with the same salesperson).  A KPI would measure how well you are performing the task of reducing staff turnover. 

What to do?

Step 1:  Decide what to measure and define your objectives.  A comprehensive business plan would assist you to identify your strategies and overall objectives.  You are then in a more favourable position to define your Critical Success Factors (CSFs) and the performance metrics.

Step 2:  Set targets, gather data and measure reliability of the data.

Step 3:  Interpret the performance data:  Compare actual results versus targets set, generate reports and analyse the data.

A strong performance management system offers many benefits. It enables managers to define and track performance on metrics for every strategic objective set by their division or company. In addition, it highlights how performance in one part of the company affects performance in another. Using our customer satisfaction example – an improvement in order delivery time would result in an improvement in customer service.  The logistics staff (delivery of the order) and the customer service staff would then both be working towards achieving the same overall goal of the company, namely improved customer satisfaction.

By grasping these inter-relationships, companies can make more informed decisions such as increasing a budget, adding new staff, or introducing more efficient processes to improve performance instead of guessing which factors need to be addressed.

This article is a general information sheet and should not be used or relied on 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.