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Industry News

27 Sep 2021

'Artificial resignations' are not legal

Momentum Corporate’s multi-employer umbrella fund, FundsAtWork, is receiving requests from participating employers to allow members to resign “artificially” to get access to their retirement savings. Employers then reinstate the employee once they’ve obtained access to their savings.

27 Sep 2021

Good faith aiding personal services providers

The illusion has at times been created that a company can be used as an effective mechanism to mitigate against any PAYE liability. The Income Tax Act, however, contains provisions that deem payments to certain service providers to be remuneration that is subject to PAYE, irrespective of the fact that the services are offered via a company.
27 Sep 2021

Are SARS lifestyle audits the answer to corruption?

The 2021 Tax Indaba commenced on 20 September 2021 and the first day of the conference saw an enthralling panel discussion chaired by Jerry Botha, Managing Partner of Tax Consulting South Africa on lifestyle audits. The panel, which included former Acting SARS Commissioner Mark Kingon and CEO of the South African Institute of Tax Practitioners, Keith Engel, shared great insight into this audit strategy.
27 Sep 2021

SA economy is Uno trying to be Ferrari – economist

South Africa is in urgent need of implementing the economic reform policies it has promised to do, but failed to deliver on, to turn the South African economy around. These were the words of warning by Dr Thabi Leoka, founder of economic consulting and advisory company Naha Investments, at the recently held Allan Gray Investment Summit, who painted a grim picture of the state of the SA economy.

23 Sep 2021

Ninety One and Imperial College launch Climate Risk Programme

Ninety One, the global investment manager, and Imperial College announce a first for both organisations as they are collaborating on a bespoke Climate Risk Programme to educate Ninety One’s employees. The programme aims to deepen understanding on climate-related risks and opportunities, to help inform investment decision-making.
23 Sep 2021

Lifestyle audits – all bark with selective bites?

In addressing the National Tax Indaba on Monday 20 September, Commissioner of the South African Revenue Service (SARS), Edward Kieswetter, noted that their position as an organization is to focus on collecting the “lowest hanging fruit”, a statement that may be interpreted in numerous ways, including taxpayers asking themselves if SARS is simply opting for the route of least resistance.
23 Sep 2021

You can never go wrong with having a valid Will in place

A Will is a very important document that we all need to have in place for when we are no longer with our loved ones. If you do not have a valid Will in place when you pass on, then your assets will be dealt with interstate and the state will appoint an executor on your behalf who will handle your estate.
23 Sep 2021

Promising future ahead of the SA travel and hospitality sector

In early 2020 leaders in the tourism and hospitality sector were faced with unprecedented turmoil in the form of the COVID-19 pandemic, which shut down the industry for four months. Since the start of lockdown, the industry has undergone various levels of restrictions, which for many establishments in the sector dealt a final blow to business. Some, however, have weathered the storm and are positioned for recovery, with a renewed focus on optimising the guest experience as a way of maintaining a competitive edge.

23 Sep 2021

The abuse of business rescue

The introduction of Chapter 6 of the Companies Act 71 of 2008 (the Act) brought with it a shift from a creditor-protectionist society towards a business rescue model that is debtor-protectionist. In consequence, there has been a multitude of applications over the last 13 years, which showcase the blatant exploitation of the business rescue scheme.
22 Sep 2021

Why short-term insurance is not the only insurance SMEs should be considering

Short-term insurance recently became one of the talking points of the July lootings after thousands of SMEs were affected by the riots, suffering loss and damage to assets. In the hopes of keeping these businesses afloat, the National Treasury announced that the South African Special Risks Insurance Association (Sasria) will be paying out R3.9 billion to small businesses, including SMEs that are not insured. Sasria is the only insurer in South Africa that covers riots.

Visit the official COVID-19 government website to stay informed: sacoronavirus.co.za