B-BBEE: TWO THINGS WORTH KNOWING
B-BBEE (Broad Based Black Economic Empowerment) has been with us for quite some time. The process of including the previously disadvantaged into the economy has not been without controversy but the reality is that it will not be going away any time soon.
THE NEW TAX OMBUDSMAN: WILL YOU BENEFIT?
The Tax Administration Act became effective on October 1 2012. Included in this Act is the appointment of a “Tax Ombudsman”.
Certainly, the word “Ombudsman” will give many of us confidence – we think of arbiters who help the ordinary citizen. Many of us have also experienced frustration in dealing with SARS, so is the appointment of a Tax Ombudsman good or bad for the taxpayer?
TIME IS RUNNING OUT IF YOUR RESIDENCE IS IN A TRUST, A COMPANY OR A CLOSE CORPORATION
Did you purchase your residence in one of the above entities? Now do you find yourself wondering how you can extricate yourself from this without incurring transfer duty, capital gains tax (CGT), and dividends tax (DT)?
SPREADSHEETS – A TICKING TIME BOMB
It has become customary to use spreadsheets to enable decision making in business. They are easy to use and are a fast and powerful tool in many areas of business. Yet how much do we question the accuracy and integrity of the spreadsheets we have come to rely on?
DIRECTORS’ LIABILITIES: NO ROOM FOR DELINQUENT DIRECTORS IN THE NEW COMPANIES ACT
In previous issues, we have spoken about the increased liabilities placed on directors by the new Companies Act (the Act). The Act is a balancing piece of legislation and allows increased directors’ powers compared to the 1973 Companies Act. With this increased power there comes an increase in responsibility and a consequent increase in liabilities for directors.
TAX CLEARANCE CERTIFICATES – A VICTORY FOR THE TAXPAYER
Many of us have experienced the frustration of applying for a tax clearance certificate only for SARS to inform us, for example, that there is a missing VAT return from 2001 or that the PAYE reconciliation (the EMP501) for 2006 does not balance.
BEWARE: BIG BROTHER SARS IS WATCHING!
Taxpayers beware: SARS are now going to third parties to collect information about you. They already have all your IRP 5 information captured in their system – you can easily see this if you are on E-filing.
CELL PHONES AND COMPUTERS: WHAT’S THE BEST WAY TO USE THEM AND MINIMISE TAX AND ADMINISTRATION?
Technology has been the great enabler in recent times – cell phones and computers have transformed the way we live and work. They are one of the highest contributors to productivity in the economy, so how do we maximise them to ensure we get the maximum benefit out of them without incurring administrative costs or tax to our business or staff?