When an executor has been appointed by the Master through the issuance of Letters of Executorship, their primary duty is to finalise the administration of the estate as soon as possible. This includes taking control of the deceased estate assets, selling them if necessary to pay all estate liabilities, administration costs and estate duty (if …
Sale of immovable property from a deceased estate Read More »
Retirement for small business owners is not simply a case of handing in your resignation letter and having a big party at which the company presents you with a gold watch. It often involves the not inconsiderable task of selling your business particularly if there is no ‘heir apparent’ to take over the reins. And …
Capital Gains Tax considerations for retiring small business owners Read More »
Too often, taxpayers seem to forget that the most important aspect of dealing with SARS is to ensure that they can discharge their burden of proof. As a taxpayer, it is on you to provide SARS with the relevant material that, on a balance of probabilities, supports your position. Taxpayers are required to retain relevant …
Mastering record keeping: How to meet SARS’s electronic documentation standards Read More »
We are delighted to welcome Divan Esterhuizen, Gift Mokasi, and Anel Kruger to our SAICA Trainee Accountant Program! This marks the beginning of their exciting journey towards becoming qualified Chartered Accountants. From the very start, our trainees are immersed in an environment focused on learning, growth, and opportunity. With guidance from our experienced partners and …
The South African Revenue Service (SARS) has implemented new disclosure requirements for company and trust tax returns with effect from 16 September 2024. The most significant change involves the mandatory disclosure of ultimate beneficial ownership (UBO). This new rule requires businesses to provide detailed prescribed information about the ultimate beneficial owners of their shareholders – …
In a significant advancement in the ongoing battle against financial crime, South Africa has recently introduced robust regulations concerning Ultimate Beneficial Ownership (UBO). The Financial Intelligence Centre (FIC) has issued new guidance, lowering the threshold for identifying controlling ownership from 25% to 5%. This pivotal change, outlined in Public Compliance Communication 59 (PCC59), marks a …
Top-rate taxpayers need to watch out for Section 20A SECTION 20 of the Income Tax Act 58 of 1962 deals with the set-off of losses from a trade against other income. In general, such set-off is allowed (see sub-paragraph (1)(b)), provided that the loss is incurred in the taxpayer’s own name (i.e. not in a …
The emergence of digital ghosts on social media Social media platforms have become integral to our daily lives, but what happens to these digital profiles when a user passes away? Research by Carl J. Öhman, a doctoral candidate at the Oxford Internet Institute, sheds light on this evolving issue. Öhman’s study, titled “Are the Dead …
Estate Planning: Preparing for the Digital Afterlife Read More »
Securing a loan is a common approach for financing various personal and business needs in South Africa, from purchasing property to covering unexpected expenses. However, the decision to borrow money requires careful thought and planning. Here are essential factors to consider before you commit to a loan. Assess your financial situation: Evaluate your needs and …
Key Considerations Before Borrowing Money in South Africa Read More »
When one thinks of a will, the first thing that comes to mind is probably a last will and testament. This type of will expresses a person’s wishes after they have died. However, a living will, despite sharing some similarities with a last will and testament, is not the same thing. It can be described …
