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The critical numbers every business owner must know
2021 - 2021-10-18

The critical numbers every business owner must know

Just about everything in business that matters can be expressed in a number. Your sales, your margins, your customer base, your costs, your profit, and your cash flow. They are all driven by numbers.

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PAYE deferral and ETI expansion
2021 - 2021-09-28

PAYE deferral and ETI expansion

In terms of the Draft Explanatory Notes on the Emergency Tax Measures in Response to the Continuing Covid-19 Pandemic and Recent Unrest in the Country (Explanatory Notes),

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Assessed losses: Is this the right time to introduce limitations?
2021 - 2021-09-28

Assessed losses: Is this the right time to introduce limitations?

In terms of current law, taxpayers may set-off the balance of their assessed loss carried forward from a prior tax year (“Year 1”) against income of the current year (“Year 2”).

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Interest deductions:  Beware of the limitation in section 23M
2021 - 2021-09-28

Interest deductions: Beware of the limitation in section 23M

Section 23M was introduced into the Income Tax Act No. 58 of 1962 (“the Act”) with effect from 1 January 2015 to limit interest deductions in certain circumstances where the creditor is not subject to South African tax on the interest income.

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2021 - 2021-09-28

Possible further red tape around 18A receipts

A common misconception is that taxpayers may deduct donations made to any charity organisation or a non-profit organisation (“NPO”). This is incorrect. Rather, a taxpayer may in certain circumstances deduct donations made to public benefit organisations (“PBOs”) approved in terms of section 18A of the Income Tax Act No. 58 of 1962 (“the Act”) upon the issue of a section 18A receipt (adhering to certain requirements) by that PBO.

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2021 - 2021-09-28

Roll over relief on assets destroyed due to looting and unrest in South Africa

During mid July 2021, businesses across South Africa was severely impacted with violent riots, arson, destruction of property and looting.

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2021 - 2021-09-28

Additional TERS benefit

The Minister of Employment and Labour, Thulas Nxesi, signed the Direction which will make it possible for the Unemployment Insurance Fund(UIF) to implement a third extension of the Covid19 TERS benefit.

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2021 - 2021-09-20

How does Fixed asset management technology fill the Gap?

The growth and development in the cloud computing market has improved the asset management technology offering in a massive way.

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2021 - 2021-06-30

Capital gains and multiple trust structures

In March 2021, the Tax Court determined whether a trust acted as a ‘conduit pipe’ when it received capital gains from various vesting trusts as a beneficiary, and in turn distributed the same capital gains to its own beneficiaries. The court determined the trust’s tax liability in accordance with section 25B(1) of the Income Tax Act, 58 of 1962 (the Act) prior to its recent amendment.

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2021 - 2021-06-30

Draft Interpretation note on home office expenses

Following the COVID-19 pandemic and the various government restrictions imposed as a result thereof, many employees in South Africa now find themselves remotely working. Employees under these circumstances have had to accommodate this by setting up home offices and bearing certain other expenses in order to facilitate a proper working environment from home. 

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