The distinction between amounts of a capital nature as opposed to a revenue (or income) nature is essential, and over the years, few other topics have enjoyed so much attention in our tax courts. Although most taxpayers appreciate this distinction,
Capital gain: Calculating your foreign currency
With the fast approaching 2019 tax season, taxpayers who have realised a capital gain in a foreign currency should take note of the special rules that apply to the translation of those gains to Rand. Generally, there are two ways
VAT regulations dealing with the supply of electronic services
Since 2015, foreign suppliers of electronic services (such as audio-visual content, e-books etc.) in South Africa are deemed to operate an enterprise for VAT locally. Although the regime has been in place for several years, new regulations in this regard
Capital and revenue gains on share disposals
The distinction between amounts of a capital nature as opposed to a revenue (or income) nature is essential, and over the years, few other topics have enjoyed so much attention in our tax courts. Although most taxpayers appreciate this distinction,
IFRS vs IFRS for SMEs
The majority of financial statements in South Africa are arguably compiled by implementing the International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs) as a financial reporting framework. The International Accounting Standards Board (IASB) published IFRS for
2019 Tax legislative amendment: Dividend stripping
The 2019 tax legislation amendment cycle commenced on 25 June, when National Treasury issued the initial batch of the Draft Taxation Laws Amendment Bill which covers specific provisions that require further consultation. National Treasury will be publishing the full text
Depreciation vs Wear & Tear
Deterioration, obsolescence and wear and tear are among the reasons why assets decrease in value. By realising a deduction on depreciation for tax purposes, your company can recover the costs of certain moveable assets that are used in the production
Efficient and cost-effective audits
An efficient audit is one that reduces the audit risk to the targeted level, ensures that there are no errors contained in the financial statements while completed on time and within the budget. To ensure an efficient and cost-effective audit,
Revised Standard on Auditing Accounting Estimates
During March 2016, the International Auditing and Assurance Standards Board (IAASB) released a project proposal with the intention to revise ISA 540, Auditing Accounting Estimates, Including Fair value Accounting Estimates and Related Disclosures. During April 2017, the IAASB released the
SimplePay – Frequently Asked Questions
Can SimplePay integrate with other systems? SimplePay currently integrates with Xero and Quickbooks Online. SimplePay has built an API that will allow other systems to integrate with the software. Is SimplePay able to post per pay point? You are able