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Tax effects on assessed loss brought forward limitation

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Background 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 carried forward in a particular year…

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Business Succession Planning: Passing the torch to the next generation

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Building 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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The tax effects of your crypto assets

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Cryptocurrency is not considered as a currency for the purposes of South African income tax, it is regarded as an asset and SARS applies the normal income tax rules to it. Income received or accrued from crypto assets transactions can be taxed on revenue account under “gross income” or alternatively such gains may be regarded…

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The Importance of Independence of your Auditor

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Auditor independence is part of the foundation of the auditing profession. An independent, reliable, and ethically sound audit gives a company credibility and allows the public to trust in the accuracy of the results and the integrity of the accounting profession. Since the early 2000s, a series of publicized accounting scandals involving corporate fraud have…

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The role of leadership in the financial industry.

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In the past year, many of us – individuals and companies, in South Africa found ourselves reassessing our priorities, abandoning old ways of operating and embracing new approaches. Effective leadership is especially important in challenging and uncertain times, particularly so with the Covid-19 pandemic, and the resulting economic impact. While the normal aims of our…

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Protection of Personal Information Act no.4 of 2013 (POPI ACT)

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The act was signed into law in 2013 and finally came into full effect on 1 July 2021. Does POPI apply to you? Everyone is affected. Every single business will need to become compliant with this Act or face serious consequences. Every person and company is protected by this Act. Why should you comply with…

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UIF Limit Increase

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What is the UIF When workers become unemployed or are unable to work because of maternity, adoption leave, or illness then The Unemployment Insurance Fund (UIF) provides short term relief. Who is it for All employees are responsible for contributions to the UIF as well as their employers. The following employees are excluded from contributing…

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How is the estimated provisional tax for a company determined and when should it be paid?

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The amount of provisional tax payable is worked out on the estimated taxable income for that particular year of assessment, as follows: The First Period: Half of the total estimated tax for the full year. Less the employees’ tax for this period (6 months). Less any allowable foreign tax credits for this period (6 months).…

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Fourth Industrial Revolution (4IR): An understanding of the impact of technology on the accountancy profession

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The term “Industrie 4.0” was first coined in 2011 at the Hannover Trade Fair in Germany and describes the 4th Industrial Revolution, which we are currently experiencing. The Fourth Industrial Revolution is characterised by the continuous automation of traditionally manual processes and involves aspects such as AI, big data, Internet of Things, Blockchain and machine…

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How Financial Audits Boost Business

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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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