We read about Eskom staff having to undergo lifestyle audits so that corruption can be identified and stamped out. SARS have been conducting lifestyle audits since 2007. These audits are conducted when SARS suspects that the taxpayer is not declaring all his or her income and thus is underpaying tax due. SARS have access to […]
Globally, the COVID-19 coronavirus has spread panic amongst societies and markets. Businesses are suffering their most challenging times since the 2008 Global Financial Crisis. This is the time for urgently reviewing how events have affected your business and how you can respond to the seeming chaos. Cash is king When faced with great uncertainty, conserve […]
Consider these facts: Over 80% of hacking is password related. In the first world the average cost of fixing a successful hack is $3.9 million. The average person spends 11 hours a year changing or resetting his or her passwords. For a company with approximately 15,000 employees, the cost of this is $5.2 million per […]
Catastrophes like floods and fires do occur and there is insurance to cater for these types of events. There are two different types of insurance cover for these events – one to repair or replace the assets damaged (your normal insurance policy) and one to compensate you for the losses incurred during the time it […]
How long will you work for the taxman today? Input your salary into the 2020 Tax Clock calculator and find out how many hours you will spend today working for the taxman, and at what time precisely you will finally start working for yourself (warning – it’s not pretty!). How will your income tax change? Put your […]
The Companies Act 2008 places onerous duties on directors and if you do not meet these obligations, you risk personal liability for any damages flowing from these actions. “Knowing” in the company law context A director gets “knowing” (actual knowledge) of the company by remaining apprised of the conditions of the relevant industry, what is […]
Taxpayers were preparing for once again being squeezed in 2020, but we have been pleasantly surprised as we have been given a myriad of tax concessions in this budget. In fact, the average taxpayer will be over 5% better off than in 2019/2020. The Finance Minister has decided that taxpayers have borne the brunt of austerity […]
The past few years have seen scandals emerging in both the private and public sectors. Steinhoff, State Capture, Eskom, the Guptas and Bosasa, to name a few, have revealed how endemic corruption has become in South Africa. The National Prosecuting Authority (NPA) is now beginning to charge those who have been involved in these scandals. […]
Small and medium-sized enterprises (SMEs) have limited access to capital markets. As SMEs are considered to be the cheapest and most cost-effective sector in creating jobs, the Revenue authorities sought to address this by creating an attractive allowance for Venture Capital Companies (VCC) in 2009. The VCC allowance gave a massive boost to venture capital […]
