Monthly Archives: January 2020

The importance of having a well-structured Will

And why it needs to be updated every year or at least with every life event that occurs. People often neglect to give proper attention to their Will because it forces them to face their own mortality. Yet this is … Continue reading

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Too many South Africans are slaves to debt

The country has 25m active credit consumers – and more than 10m are behind on their payments. If you want to know the frustrations associated with being in debt, ask 27-year-old Muzi Mehlala (not his real name). He is over-indebted, … Continue reading

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Expat tax exemptions: No double taxation

On 1 March 2020, an amendment to the foreign employment income exemption comes into operation. There have been misperceptions about those expatriates that will be affected by this change to the tax law. Currently the exemption applies to South African … Continue reading

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Complexities of loans between related parties

Loans between related parties are a common occurrence in the SME business environment. These loans arise due to various reasons, such as assets being sold on loan account; money being drawn out, trust distributions made or dividends declared on loan … Continue reading

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Tax free investment savings accounts

Our clients will have noted the various advertisements on radio and in the media generally of financial service providers inviting the public to invest in their respective so-called ‘tax free savings’ investment products.  These accounts are made possible by section 12T of the … Continue reading

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A brief overview of parole in South Africa

Bob Hewitt a former South African tennis star, has recently made headlines again after his failed bid to be released on parole. Hewitt was initially granted parole, but Justice Minister Ronald Ramola ordered that the parole board’s decision be reviewed. … Continue reading

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Changes to bad debt allowance

Most South African businesses are at some point in time exposed to credit risk in the form of bad debts. Although taxpayers would undoubtedly prefer to recover the debts, the Income Tax Act[1] provides for some relief in cases where debts … Continue reading

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Interest free loans with companies

The latest annual nation budget presented in Parliament proposed the dividends tax rate to be increased with almost immediate effect from 15% to 20%. The increased rate brings into renewed focus what anti-avoidance measures exist in the Income Tax Act[1] that … Continue reading

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