Improved Cash Flow Management and Cost-Savings Enabled by Cloud-Based Systems There’s no denying the harrowing economic effects of COVID-19 in South Africa. Regardless of sector or size, all business owners are focused on ensuring their organisations’ short, medium and long-term survival. Thankfully, the same systems that enable remote working for the safety of individuals are…

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Many employers throughout South Africa are still grappling with the ins and outs of the Temporary Employer/Employee Relief Scheme (TERS). In this post, we answer your most frequently asked questions.   What is TERS? TERS—the COVID-19 Temporary Employer/Employee Relief Scheme—is a unique benefit set up by The Department of Employment and Labour during the National…

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Financial Audit: The Multi-Tasking Business Booster Historically, financial audits have carried the reputation of being “dreaded” and “burdensome”. Something you only complete if it is required by law. The idea of a voluntary audit seems absurd. Until you understand the multiple business benefits of an audit beyond legalities compliance. Audited financials show both the shareholders…

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Bite-Sized Budget 2020/21 Take-Outs for Busy Businesses The budget speech has come and gone, but what it means for business is still baffling the best of us. While Finance Minister, Tito Mboweni, delivered some good news and some bad news, his speech mainly comprised proposals. At least, as far as the private sector was concerned.…

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How To Get The Ultimate Returns From Your Statutory Returns When you choose the right financial partner, you won’t just meet your statutory deadlines but derive exceedingly high value from them too. Exceed helps you submit sound returns, on time, and save on costs that you didn’t even realise you had! The Deadline Dilemma Ask…

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Tax Threshold changes for Individuals The South African Revenue Service together with the newly appointed SARS Commissioner Edward Kieswetter announced a new filing threshold in June 2019. The threshold of individuals who are required to file tax returns was increased from R 350 000 to R 500 000. Requirements Individual taxpayers who meet all of the following…

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Requirement Any person who receives income (or to whom income accrues) other than a salary, advance or allowance, is a provisional taxpayer and should register for provisional tax at SARS. Provisional tax is not a separate tax from income tax. It is a method of paying the income tax liability in advance, to ensure that…

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All companies are required to have Annual Financial Statements compiled to reflect the financial position and performance of the company for the past year.  This can be a stressful time for directors and staff, especially if the financial statements are subject to an audit.   With a little bit of preparation, this process can be…

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What you should know about the National Qualifications Amendment Bill.   Little white lies on your CV could now land you in big trouble. That’s because the National Qualifications Amendment Bill has been presented to Parliament in a bid to clamp down on the increasing number of South Africans with fraudulent qualifications. In fact, it…

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Fringe benefits or not.   Medical aid Contributions made by an employer, on behalf of an employee, to a medical aid scheme constitute a taxable fringe benefit.   Retirement funds Employer contributions to pension funds, provident funds and retirement annuity funds constitute a taxable fringe benefit.   Bargaining Councils Employer contributions to Bargaining Councils is…

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