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The ‘No Fireworks’ Budget Speech Of 2022

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Finance Minister Enoch Godongwana’s maiden Budget Speech of 2022 was themed “keeping money in the pockets of South Africans”. In essence, the budget speech boils down to making good use of small gains. Treasury has done what it can to create an environment conducive to returning business confidence and investment, and the Cabinet is hoping…

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Tax effects on assessed loss brought forward limitation

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Background 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…

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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 aka a crypto asset is not considered 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…

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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 such as leadership, 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…

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

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The POPI Act (POPIA) was signed into law in 2013 and finally came into full effect on 1 July 2021. Does the POPI Act 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…

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Unemployment Insurance Fund (UIF) | Limit Increase

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What is the Unemployment Insurance Fund (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 UIF for? All employees are responsible for contributions to the Unemployment Insurance Fund (UIF) as well as their employers. The…

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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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