Are you aware that the South African National Treasury has raised the VAT rate from 14% to 15% effective from 1 April 2018. This means that from 1 April 2018, all taxable goods or services supplied by vendors, goods imported, as well as certain services supplied by non-residents to residents for non-taxable or private use […]
The Tax Increase And Your Guide To Value Added Tax Read More »
The “new” Companies Act of 2008 promised to place greater accountability and liability burdens on directors. This was in response to directors being given greater powers in the Act. Importantly, the Act does not distinguish between non-executive and executive directors. What is required of you as a director? A director is to act in
Directors: The Steinhoff Debacle Highlights Your Exposure to Personal Liability Read More »
The new minimum wage provisions, originally due to start on 1 May but now reportedly facing delay due to the high number of submissions received from the public, will affect us all significantly. Assuming that the National Minimum Wage Bill’s provisions are enacted in substantially their current format, from implementation just under half of the
Minimum Wage Starts Soon: Make Sure You Are Ready Read More »
If you are inheriting from someone who passed away on or after 1 January 2018, don’t blame the estate’s executor for one substantially-increased cost you may notice – Master’s Office fees. They are calculated on the value of the deceased estate and were long overdue for an increase, going up sharply from the old maximum
Wills and Estates: Cost of Dying Rises with Master’s Fees Increase Read More »
Both sellers and buyers (of anything – houses, cars, you name it) need to understand how the CPA (Consumer Protection Act) has impacted on the very common “voetstoots” (“as is”) clause. Firstly, what’s the difference between “patent” and “latent” defects? Before we get into the meat of this question, let’s understand two important terms –
Can You Still Sell As Is? CPA v The Voetstoots Clause Read More »
A well-known attorney recently said he is constantly surprised by the number of shareholder disputes that could be quickly resolved if there was a shareholder agreement. The importance of shareholder agreements Human nature is fickle and a few years after starting a company on a handshake, things can quickly unravel. That’s why shareholders should apply
Make Sure You Have a Shareholders’ Agreement Read More »
What people really want is fairness. They want people paying their fair share of taxes” (Barack Obama) In the Medium Term Budget Speech (MTBS) last October, Finance Minister Gigaba laid out some frightening numbers – tax revenue was not rising as predicted and expenditure was inexorably increasing. The forecasted spending ceiling was breached and the
You and Budget 2018: It Could Have Been Worse! Read More »
Firstly, a warning to anyone selling or buying property to/from a trust – have your lawyer check upfront that you are adequately protected by the terms of the sale agreement. The problem is that contracting with trusts has its own specific set of rules and, as a recent High Court case illustrates, standard sale agreements
Trustees: Your Risk of Personal Liability in Property Sales Read More »
“Honesty is the best policy” (Benjamin Franklin) Employees have a general duty to act loyally, honestly and in their employers’ best interests, and amongst other things that entails avoiding any possible conflicts of interest. A recent Labour Court decision confirms that any breach of this duty risks dismissal. A long-service municipal employee dismissed An employee
Employees be Warned! A Conflict of Interest Can Get You Dismissed Read More »
“It is well established that contractual provisions are against public policy ‘… if there is a probability that unconscionable, immoral or illegal conduct will result from the implementation of the provisions according to the tenor’” (extract from judgment below) When you choose to buy into a security estate or other community scheme, you will invariably
Security Estates: Are Your Rules Enforceable? Read More »
