Accounting

Strengthening the Fight Against Financial Crime: New Beneficial Ownership Regulations in South Africa

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 …

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Ring-Fencing Trading Losses

Accounting / By client-admin

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 …

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Managing Complexities in Tax Practice: Resolving Current SARS Operational Concerns

Accounting / By client-admin

Tax professionals and taxpayers encounter hurdles stemming from current operational and administrative issues within SARS. Recently, a surge in these issues necessitated collaborative efforts between regulatory bodies and SARS to identify remedies. One significant concern revolves around unauthorised access to e-Filing profiles, leading to user frustration. This longstanding issue has resurfaced, with instances of profile …

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Unforeseen Tax Debt from Crypto Trading

Accounting / By client-admin

Landing in a position of indebtedness to SARS can be quite a stressful journey on its own ─ but if you forget to leave room in your suitcase for the tax on your crypto profits or gains, the destination becomes all that more daunting. If you have engaged in crypto trading, even as a hobby, …

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Maximising Wealth, Minimising Tax

Accounting / By client-admin

A comparative look at retirement annuities versus tax-free savings accounts. When it comes to personal finance, every individual has different needs, dreams and financial goals, as well as different pathways to achieving those objectives. One of the most common long-term ambitions shared by many South Africans is to retire comfortably—to live confidently, knowing that there …

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The Business of Business Travel

Accounting / By client-admin

Business travel means different things to SARS than to taxpayers. While it has been compulsory for recipients of travel allowances to substantiate their claims by means of a detailed logbook for some years, it has become ever more critical to understand exactly what SARS understands by the term ‘business travel’. The simple reason for making …

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Exceptional SAICA Trainee Opportunities at RVN

Accounting, November / By client-admin

At RVN, we are committed to nurturing the growth and development of SAICA graduates in their professional careers. We achieve this by providing a diverse range of resources meticulously designed to support emerging talents as they embark on their career journeys. Our comprehensive approach includes tailored training programmes, exposure to various industries, and well-structured mentorship …

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Testamentary Trusts Still Have Their Place

Accounting, November / By client-admin

How you can protect your assets from predators—including SARS TRUSTS HAVE received a lot of bad press over the past few years, what with SARS taking a dim view of the use of trusts as a means of avoiding tax. A 2008 case involving a property trust, where the beneficiaries were changed in the hope …

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In the spotlight: Marie van der Walt

Accounting / By client-admin

Breaking the dull and grey-suited stereotype Normally when people think of accountants, they think of boring people who show little emotion. This stereotype cannot be further from the truth when you meet director and partner Marie van der Walt at RVN Chartered Accountants Incorporated. Marie is known for her warmth, compassion, and welcoming personality, …

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Strengthening the Fight Against Financial Crime: New Beneficial Ownership Regulations in South Africa

Ring-Fencing Trading Losses

Managing Complexities in Tax Practice: Resolving Current SARS Operational Concerns

Unforeseen Tax Debt from Crypto Trading

Maximising Wealth, Minimising Tax

The Business of Business Travel

Exceptional SAICA Trainee Opportunities at RVN

Testamentary Trusts Still Have Their Place

In the spotlight: Marie van der Walt

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