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How does auto-assessments work? It is an automatic assessment issued by SARS to taxpayers whose tax affairs are less complicated. SARS will use data received from employers, medical schemes, banks, retirement annuity funds and others. That data will be used to calculate and generate your income tax assessment, with no input form the taxpayer. The…
Read MoreThe Covid-19 pandemic has changed the way businesses operate and the types of skills and professions that are needed in the future. With so much change and sometimes uncertainty, one could ask: is there still a demand for professions such as chartered accountants? What does it mean to be a Chartered Accountant? Also known as…
Read MoreSouth Africa is known for its many inspiring and prosperous start-up companies and entrepreneurs. Starting your own business has many rewards, but unfortunately for some, the journey ends with the idea of being an entrepreneur because the process of launching a business may seem too daunting or complicated. However, with the proper guidance and support,…
Read MoreAs the world gradually emerges from the COVID-19 pandemic and returns to a more regular routine, the permanent effects of the last 2 years on various industries are becoming apparent. Most professions were severely disrupted, especially during stricter lockdown times, with accounting and auditing being no exception. However, in many cases, these changes brought about…
Read MoreFinancial Year End (FYE) can be an overwhelming and stressful time for a business. For most companies in South Africa, the new fiscal year has only just begun and thinking of FYE may be something you only plan to do again in a few months’ time. However, being prepared and consistent with your financial records…
Read MoreEvery day, without even realising it, more businesses operate successfully with various cloud-based services. Do you know if this affects your accounting requirements and whether a cloud-based accounting system is superior to traditional on-premises software? Cloud accounting (also known as online or web-based accounting) software usage began in the early 2000s and differed from more…
Read MoreBackground of tax effects on assessed loss The carryforward of assessed losses by a company is regulated by section 20 of the Income Tax Act 58 of 1962. Currently, a company can carry forward assessed losses indefinitely subject only to the requirement that the company continue to carry on a trade. When the assessed loss…
Read MoreBuilding a business is hard work, but also a very rewarding endeavour, which many individuals see as their life’s work. Many resources, emotions and years are invested into a company, so planning what will become of it when you are no longer around is vital. This is where effective business succession planning can make a…
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