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COVID-19 - 24 04 2020

Impact of covid-19 on proposals to limit the use of assessed losses

In terms of current law, where the permissible tax deductions of a company exceed the company’s income during a year of assessment, an assessed loss may arise. The company is, in certain instances, permitted to carry forward such assessed loss to the next year of assessment for purposes of offsetting the same against taxable income in the succeeding year of assessment.

COVID-19 - 22 04 2020

The consequence of non-payment at the end of April

In the next two weeks, many businesses are going to have to make tough decisions on which creditors to pay. Some of these payments are by debit order, even though one might consider them deferrable, they will be paid automatically. In the end, as is common with businesses in a cashflow crunch, the final choices will be between net salaries to staff, PAYE and VAT.

COVID-19 - 22 04 2020

A R500 billion economic support package for SA

President Cyril Ramaphosa has announced a R500bn economic support package for SA. Here is how it makes a difference to your business: Last night (21 April 2020), President Ramaphosa announced an economic support package amounting to 10% of South Africa’s GDP.

COVID-19 - 22 04 2020

COVID 19 TERS Programme – Employer guidance

On 26 March 2020, South Africa went into lockdown. As part of the regulations enacted by President Ramaphosa in terms of the Disaster Management Act, all non-essential businesses were required to cease trading.

COVID-19 - 22 04 2020

The Impact of COVID-19 on the motor retail industry in SA.

We’re about halfway into our lockdown in South Africa. As the dust starts to settle on parked cars at closed dealerships and the reality of economic hardship starts to set in, we see some very worried dealer principals and motor vehicle franchisees.

COVID-19 - 22 04 2020

Positive leadership in a time of crisis

Today, more than any other time in recent history, it is time for leaders of organisations and businesses of all sizes to lead with positivity. I have seen a range of reactions to the COVID-19 pandemic and specifically the announcement of South Africa’s 21 day lock down. These varied from what I consider to be totally reactive and knee-jerk measures to protect shareholder profits, to balanced, considered responses which focus on all stakeholders, and critically, the people of the organisation.

COVID-19 - 15 04 2020

The curves of COVID-19

As South Africa and so many countries continue to implement measures to try flatten the curve of COVID-19, we find ourselves climbing a curve of another kind – a learning curve - in a world which didn’t plot pandemic on its 2020 plan, yet the navigation of which has now become the mission of every entity, businessman and individual.

COVID-19 - 14 04 2020

Another cut in the repo rate!

Following a unanimous decision by the South African Reserve Bank's (SARB) Monetary Policy Committee, the repo rate has been cut by 100 basis points, or one percentage point, with effect from 15 April 2020. This is the second major cut in less than a month and will lower the prime lending rate to 7.75%.

COVID-19 - 14 04 2020

Do you qualify for the COVID-19 SMME funding relief?

The following SMME emergency funding packages are being made available to small, medium and micro-businesses. While one cannot know what tomorrow holds, one can still prepare as best for whatever it delivers. We know that during this lock down as entrepreneurs and business owners you will not stop thinking about your businesses and how best to ensure that they survive and thrive post COVID-19.

COVID-19 - 07 04 2020

COVID-19: The impact on Audits

The Corona Virus (COVID-19) is already impacting South Africa in various ways and many businesses are faced with operational difficulties. However, entities must remember that the restrictions resulting from the virus, will also impact financial reporting requirements and increase the focus on certain areas during audits.

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