For ease of reference please refer to these links: The new tax tables for individuals and trusts other than special trusts Notes to the new tax tables The new tax tables for Small Business Corporations The new transfer duty rates
You and Budget 2017 Part 2: The New Tables Read More »
This budget is one of the most anticipated for many years with many questions still needing answers: How will the expected tax increases pan out? Will the Minister of Finance and his deputy keep their jobs? Will the budget incorporate “radical economic transformation” which has become the President’s mantra in the past few months? How
You and Budget 2017: Tax Increases Are Now the Order of the Day Read More »
Herewith a short summary of some of the tax proposals announced by the Minister of Finance, Pravin Gordhan in his budget on 22 February 2017. As far as income tax is concerned, these proposals are applicable to the 2018 tax year, i.e. year ending 28 February 2018 for natural persons. Amounts shown in brackets refer
Budget Speech 2017 Read More »
Failure by “designated” employers to lodge their employment equity reports on time risks severe penalties, with first offenders risking a fine of the greater of R1,5m or 2% of turnover (increasing to the greater of R2,7m or 10% of turnover for serial offenders). Lack of enforcement in the past (apart from a few high-profile exceptions)
Employers: Your EE Report Deadline and the R1,5m Fine Risk Read More »
This year’s new minimum wages for all domestic workers are set out in the table at the end of this article. Who is covered? All domestic workers in South Africa working in a private household People employed by employment services Independent contractors who are doing domestic work A person doing gardening in a private home
Minimum Wages for Domestic Workers Increased Read More »
“Let me tell you how it will be There’s one for you, nineteen for me ‘Cos I’m the taxman, yeah, I’m the taxman” (The Beatles – ‘Taxman’) For many years government has been hostile to trusts. In the latest draft Bill of 2016 taxation amendments, a provision has been inserted on trusts. Be aware that
Be prepared as government takes aim at trusts Read More »
Directors, managers – Your new risk of “cartel conduct” criminal liability is even wider than reported “A cartel involves an agreement or concerted practice between two or more competitors to engage in fixing prices and/or trading conditions, dividing markets and/or collusive tendering. By artificially limiting competition that would normally prevail between them, firms avoid exactly
“Cartel conduct” criminal liability is even wider than reported Read More »
“Is a stolen copyright a copy-wrong?” (Anonymous) The high profile “Moneyweb v Fin 24” High Court judgment is significant for all online publishers. In a nutshell, Fin 24 was ordered to pay damages to Moneyweb for copyright infringement in respect of one article, but the Court found against Moneyweb in regard to six other articles and
Copyright in cyberspace: New guidelines for online publishers Read More »
“Agreement makes law” (Old legal maxim) Although in our law most verbal contracts are binding, property sale agreements are an exception. They must be in writing and signed by the parties to be valid, the reason being that it greatly reduces the risk of confusion or dispute as to what the buyer and seller have
Property agreements: An alteration could sink your sale! Read More »
In the 2015 Budget, Finance Minister Nene introduced a tax free savings incentive. It allowed R30,000 per person per annum to be invested in a variety of funds including unit trusts, exchange tracker funds (ETFs), savings accounts and insurance products. The TFSA is capped at R500,000 contribution per individual. Within four months of the launch
Tax free savings accounts (TFSA) are working: Are you taking advantage of them? Read More »
