How To Get a R1.8m CGT Exclusion When Selling Your Small Business

Since 2001, taxpayers in South Africa have been liable for Capital Gains Tax (CGT) on profits (capital gains) arising from the disposal of assets – at a hefty 18% for individuals.   There is a less well-known specific exclusion to the CGT payable on the disposal of a small business or its active business assets that …

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Cloud Computing Offers Small Businesses New Age Solutions for Less

The last couple of years, and the prolonged lockdown, have highlighted the convenience of working remotely and migrating work to digital platforms. “Cloud computing” is one of the trendier buzz word phrases that have increased in popularity, but what exactly does it mean and how can it benefit your business? Simply put, cloud computing refers …

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Don’t Let Delays in the Master’s Office Leave Your Family in Financial Distress

When you die your grieving loved ones could face cash flow problems unless you proactively take steps now to ensure that they will have access to enough ready funds for them to live comfortably whilst your estate is being wound up. Critically, all your bank accounts and other assets will be frozen and inaccessible to …

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Small Businesses: Reap the Benefits of Cashless Transactions

“Mobile devices, high-speed data communication, and online commerce are creating expectations that convenient, secure, real-time payment and banking capabilities should be available whenever and wherever they are needed” (Chair of the Federal Reserve of the United States, Jerome Powell) South Africa is already a cash-heavy economy as it is and this reliance on cash is …

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Letter of Demand from SARS? Handle With Care!

As SARS improves its abilities to collect taxes from businesses, more companies have found themselves on the receiving end of a SARS letter of demand. Receiving such a letter of demand is often an intimidating surprise for business owners and managers, and can cause panic and stress, even among businesses that would consider their tax …

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SMEs and Microinsurance: Benefits and Risks

Microinsurance in South Africa is regarded as the next big thing, however there is still a lot to be learned about this growing area of insurance and how small businesses and their employees may benefit. Traditionally the microinsurance sector offered only funeral cover. However, since the Insurance Act of 2017 became effective on 1 July …

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A Million Rand Warning: Act When Employees Reach Retirement Age

Increasingly, employees who reach “retirement age” have no desire at all to give up working, so they agree with their employers to stay on. That should be a win-win outcome but, as a recent Labour Appeal Court case shows, employers need to manage the process carefully and with due regard for the potential pitfalls. The …

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