ARE YOU A “PRESCRIBED OFFICER”? IF SO BE AWARE OF YOUR ONEROUS LIABILITIES AND RESPONSIBILITIES
The 2008 Companies Act introduced the concept of “prescribed officers” three years ago. They are senior employees (not directors) deemed by the Act to have the obligations of directors. As such they are bound by the duties and responsibilities of directors. They also incur the liabilities imposed by the Act on directors.
TAX COMPROMISES WITH SARS: THE JULIUS MALEMA CASE SHOWS HOW TO DO IT
The recent high profile case of taxpayer Julius Malema, which has been the subject of much media attention and public announcements by both Mr. Malema and SARS, is a perfect illustration. Mr. Malema had not submitted a tax return since 2010 and when he did was assessed by SARS for R16 million. When he failed to pay the assessment, SARS began sequestration proceedings against him. A provisional sequestration order was granted
TRUSTEES: YOUR RISKS, ROLES AND RESPONSIBILITIES
Over the past generation, greater onus has been placed on people in authority such as directors and trustees. Much attention has been placed on directors following the new Companies Act which became effective in 2011. It is a good time to relook at trustees who are governed by the Trust Property Control Act.
RISK MANAGEMENT - A VITAL PART OF YOUR BUSINESS
Risk is an integral part of business. Every time we launch a new product or buy new assets there is risk involved. It has become accepted for many businesses, particularly large and multi-national corporates to consider risk as part of their governance and compliance process.
YOU AND BUDGET 2014
There were no real surprises or changes announced by Minister Gordhan in his budget speech. As an election is just over two months away, this is a positive outcome.
BUSINESS RESCUE IS BECOMING EFFECTIVE: IGNORE IT AT YOUR PERIL
The new Companies Act (“the Act”) became effective on 1 May 2011. One of its focus areas was to enhance protection to ailing businesses – to give them the opportunity to get back on their feet. This had become an internationally accepted practice and the old 1973 Companies Act did not adequately address this.
POPI (THE PROTECTION OF PERSONAL INFORMATION ACT) – HOW WILL IT AFFECT YOU AND YOUR BUSINESS?
Technology has unleashed enormous power which has altered the way we live and do business. It brings with it concentration of data which is easily accessible. When this data affects private information, protections need to be built in. POPI (which was gazetted in November) is aimed at codifying the use of and the safeguarding of such information.