Tag: income tax

Budget statements have in recent years perennially made downward revisions in economic growth projections. Disappointing growth outcomes compared to official forecasts is partly attributed to the inability to implement planned structural reforms that would have delivered improved growth outcomes.

Keeping up to date with legislative and case law changes in the highly regulated financial services industry can be challenging. Professionals need to make effective financial decisions, with a myriad of implications, while ensuring regulatory compliance and keeping current.

Stats SA recently announced that South Africa’s unemployment rate increased by 0,1% to 29,1% of the population in the third quarter of this year. While this figure is at an all-time high since 2008, it is unrealistic to expect our government to reduce these statistics on their own.

A trust is a legal arrangement, where assets are held by one party (the trustee) for the benefit of another (beneficiary) as instructed by the owner (trustor/settlor). Recently many people have started to question the usefulness of trusts, given that the tax benefits afforded to trusts in the past, have eroded over time.

You, as the taxpayer, are responsible for declaring the correct information to SARS and will face the consequences if you don’t. Ensure that your tax practitioner declares all income by providing all the correct information to him or her.

From Trump’s trade wars and Brexit woes to the looming threat of a credit rating downgrade in South Africa, rising waves of political and market volatility have left more and more investors wondering whether it wouldn’t be better to keep assets safely tucked away in cash.

Running a business will likely be one of the most challenging things you’ll ever do. However, armed with the right advice and guidance, it can also be one of the most rewarding – providing a solid financial future for you and those you love.

The tax implications of running a business are not widely taught in the South African education system. This is why many entrepreneurs are not well equipped to deal with the taxation side of their businesses in an informed manner.

As an election year, a second State of the Nation Address (SONA) will probably be held during June 2019 wherein the newly elected government will present their programme of action for the 2020 financial year. The SONA address that was delivered by President Cyril Ramaphosa on Thursday 7 February 2019, accordingly reflected on the Medium Term Strategic Frameworks designed and implemented in the past five years.

As the afterglow of the festive season fades, we turn our attention to planning for the next 12 months and beyond. This is a great time to reassess where we are in our journey to financial well-being.