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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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South African National Budget for 2021 – Where To From Here?

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Comments and Cautions for Business and Private Wealth Individuals Finance Minister, Tito Mboweni, delivered a well-received South African National Budget for 2021 Speech on Wednesday the 24th of February. Millions breathed a sigh of relief as a R100bn revenue overrun translated into corporate income tax (CIT) savings, and conversations around new wealth tax were low-key.…

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Budgeting and Forecasting 2021

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For the CFO, the phrase “compliments of the season” is synonymous with “budgeting and forecasting”. The start of a New Year always signals the final checks ahead of the next financial year. Even if your fiscal year does not start on the first of March (as with many South African businesses), it’s always good to…

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Our 2021 Business Finance Forecast Based on the 2020 Mid-Term Budget Speech

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The global pandemic this year changed everything we thought we knew about how 2020 would shape-up. The year, instead, turned into one of rapid-fire adaptation and response—especially for our finance minister, Tito Mboweni. When he delivered the Medium Term Budget Policy Statement (MTBPS; aka the mini-budget), he knew that the private sector and tax-laden citizens…

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Family, Business and Death: What Happens When a Business Owner Dies

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You probably expect your business to provide for your family when you die—but don’t think that “leaving everything” to your family guarantees their financial security. Lets discuss what really happens when a business owner dies. Fact: a simple misstep now could see your loved ones and your business stranded when you pass. That’s because the…

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Why Estate Planning is Essential

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Many people think that a last will and testament ensures that your final wishes will be carried out— only to have their loved ones pay the price for ineffective estate planning. If you own a business or shares, especially, estate planning is crucial! Without it, your will could be inexecutable, leaving your dependants and enterprise…

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The Significance of Internal Control Accounting Systems

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When comparing accounting providers, you may see “internal control” listed as a service and wonder what the significance of this deliverable is. The term internal control is used for accounting systems that can add tremendous benefit to your business. How Internal Controls Improve Auditing Procedures, Financial Integrity and Operational Efficiency There are numerous advantages of…

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