SARS recently issued a draft Tax Bill which proposed taxing South African residents the difference in taxation on offshore income earned. Thus, if 10% tax was paid on overseas income then the taxpayer was liable to pay what would have been due in terms of local Income Tax law (the maximum income tax rate here
Tax on Offshore Income – A Change in Plan Read More »
Getting payslips correct for your staff carries legal responsibilities for both you and the staff member. Payslips are of course often used in the public domain, such as for getting bank loans, and so they are a public reflection of your business. What to look for in a payslip There are many items to verify
Payslips Are Important! A Practical Guide to Getting Them Right Read More »
“Normally, the employer should conduct an investigation to determine whether there are grounds for dismissal. This does not need to be a formal enquiry. The employer should notify the employee of the allegations using a form and language that the employee can reasonably understand. The employee should be allowed the opportunity to state a case
You Don’t Need a Formal Enquiry to Dismiss an Employee Read More »
“Life is pleasant. Death is peaceful. It’s the transition that’s troublesome” (Isaac Asimov) If you don’t want to be kept artificially alive – without your consent and perhaps in pain and distress – long after your medical condition becomes hopeless, you need to communicate your decision now to the doctors, hospitals and loved ones who
Do You Need an “Advance Directive” or a “Living Will”? Read More »
The Companies Act (the Act) gives directors the power to run and manage the company’s business. In return it places responsibilities and personal liabilities on directors who do not fulfil their fiduciary duties. What is required of directors’ meeting minutes? Meetings of directors are to be kept and must contain at least: All resolutions passed
Directors’ Meeting Minutes: Why Are They So Important? Read More »
As the law currently stands, if a South African tax resident works abroad for 183 days or more (of which 60 days must run consecutively) in a year, that person is not taxed locally on foreign based earnings. Treasury has however released draft legislation which if adopted will repeal this exemption. For many South African
SARS’ Plans to Tax Income Earned Abroad Read More »
“Let’s choose executors and talk of wills” (Shakespeare) If you haven’t made your will yet, get it done now. Why is that so important and how should you go about it? To answer that let’s debunk a few of the more pervasive myths and misconceptions around those questions – “I’m too young to need a
7 Myths About Making a Will Read More »
There has been widespread reporting that globally, revenue authorities are clamping down on tax havens. As from next month, tax authorities from over 50 countries (set to grow to over 100 by September 2018) will be automatically reporting to their counterpart tax offices on, amongst other things, bank accounts and investments held by their nationals.
We have been speaking of hacking and ransomware for a while and it just grows and continues to make news. In a recent case in England, a small to medium-sized entity (SME) was fined GBP 60,000 (over R1m) for failing to take “basic steps” to prevent hackers from gaining access to clients’ personal information, including
Protect Your Clients’ Personal Information from Hackers! Read More »
The Financial Intelligence Centre Act (FICA) has been operating since 2001 but lately has been revised to bring it into line with global practices and to sharpen its focus of fighting money laundering and terrorism financing. So common has FICA become that people and banks now talk about “being FICA’d”. The outcomes of FICA before
FICA: Will the Revised Act Still be a Four Letter Word? Read More »
