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How technology is influencing the financial world

Accounting has moved from pen and paper to the cloud, monthly payments can be done through online banking apps, and big purchases like houses and other property can be completed using cryptocurrency. For a business to be successful, it is

SAAudit November 30, 2020 Tax Read more

Employee share ownership plan – Part I

Binding Class Ruling 069 was issued on 23 October 2019 and relates to the tax implications that arise in respect of proposed employee share schemes (“the Schemes”) in terms of the Income Tax Act and the Eighth Schedule.[1] The applicant

SAAudit November 30, 2020 Tax Read more

Employee share ownership plan – Part II

Binding Class Ruling 069 was issued on 23 October 2019 and relates to the tax implications that arise in respect of proposed employee share schemes (“the Schemes”) in terms of the Income Tax Act and the Eighth Schedule.[1] The applicant

SAAudit November 30, 2020 Tax Read more

Pitfalls of VCC structures

Recently, much emphasis has been placed on the ever-growing Venture Capital Company (“VCC”) regime, particularly on the tax benefits for investors, in terms of which they can deduct the expenditure incurred in acquiring VCC shares, from their taxable income. This

SAAudit November 30, 2020November 30, 2020 Tax Read more

Business rescue vs liquidation: What is the difference?

South Africa has been experiencing very slow economic growth and international rating agencies have subsequently downgraded South Africa’s investment outlook to “junk status”. This, and a myriad of other factors, have negatively impacted South African businesses, especially small and medium

SAAudit November 4, 2020 Business planning Read more

Divorce – accrual – living annuities an asset in the estate

In the case of CM v EM it was held in the Supreme Court of Appeal of South Africa (“SCA”), case number 10861/2018, that: “The value of the Respondent’s right to future annuity payments in respect of Personal Portfolio Living Annuities (“the

SAAudit November 4, 2020 Estate Duty Read more

Bursaries and scholarships: The tax rules are changing

Over the past several years, many employers and employees have made use of the beneficial tax treatment of bursary and scholarship schemes, as provided for in the Income Tax Act. The Act contains provisions that provide an exemption in respect

SAAudit November 4, 2020November 4, 2020 Tax Read more

The who, where, why, what, how, and when of the POPI Act

Since the POPI Act came into effect on the 1st of July 2020, many businesses have had to rethink the way that they use and store information of individuals. In some ways, it may place a burden on some small business

SAAudit November 4, 2020November 4, 2020 Consumer protection Read more

Section 7C of the income tax act explained

What is section 7C? This section of the Income Tax Act is an anti-avoidance measure aimed at transactions between connected persons and trusts, where a trust is funded by low interest or interest-free loans. This is usually done to ensure

SAAudit October 27, 2020 Tax Read more

Shareholding in SA companies: Beware of residency changes

In 2001, South Africa, like many other countries, introduced capital gains tax aimed at levying capital gains tax on the gain made from the disposal of certain assets. When a South African tax resident company redomiciles abroad and changes its tax residency to another

SAAudit October 27, 2020 Tax Read more
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Recent Posts

  • How technology is influencing the financial world
  • Employee share ownership plan – Part I
  • Employee share ownership plan – Part II
  • Pitfalls of VCC structures
  • Business rescue vs liquidation: What is the difference?

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