Proposal for Phased Economic Recovery
The following phased economic recovery plan for South Africa has been implemented: Proposal for Phased Economic Recovery. From the 01 May 2020 phase 4 will be implemented. The financial and professional services sector will open. I expect this will be accountants, attorneys, consulting engineers and other professional and consulting services.The agricultural services will continue to operate with some expansion.Mining, in particular, open cast mines can function at 100%.Export markets will open and services related to these.IT services will function. This […]
Read MoreSouth African Government Relief Measures for COVID-19
By Sheldon Conway of Business Soul Accounting CC – 24 March 2020 Please read the relevant announcement regarding the relief measures. The full statement is included here: President Cyril Ramaphosa: Escalation of measures to combat Coronavirus COVID-19 pandemic. Following the announcement text, included are our interpretation notes, to assist you to understand the relevant links and information for relevant relief applications. Business Soul Accounting interpretation notes Website links included. Temporary Relief Measures (TRM) Should you not be able to afford to […]
Read MoreBudget Speech 2018
Gigaba hardly paused for a breath during the South African Budget Speech 2018, to prevent interruptions. With the odd sip of water and random comment of “cheers”. He highlighted the challenge of our time, equal access for all and continued with words of optimism and resolve. Certainly, we need hope, as the country’s finances are in a precarious state. Malusi Gigaba was introduced to the budget speech 2018 by the DA calling him a liar under oath and called a […]
Read MoreBudget Speech 2017
Pravin Gordhan presented the Budget Speech 2017, under challenging economic conditions both globally and locally. Some significant changes were implemented this year affecting both individuals and companies. Can an economy continue to survive on a less than 1% growth rate? Mr Gordhan highlighted that GDP was 0.5% this past year. Some major contributors to slow growth is, a stagnant global economy and inconsistency in local policy, the uncertainty is affecting investor confidence in our beautiful country and thus slowing growth. The […]
Read MoreBlowing in the wind
Most storms in our region begin with a hot berg wind. Some people will bring out their costumes sit back next to the pool and enjoy the heat. Others will baton down the hatches, make sure the cars are safely parked in the garage and then sit back for the last few hours to enjoy a quick dip in the pool. Others will panic lock everything away and hide, with the expectation of heavy down pours and floods. Some don’t […]
Read MoreBackupbank saved the day
Have you ever worried about what you would do if your harddrive backups did not work or even worse your server got stolen? Here is a success story of how backupbank helped a client to resolve a serious data loss problem. A prominent and respectable attorney firm, recently had a staff member delete files and folders on the server by mistake. Added to their whose, the daily backup device failed the day before and so substantial amounts of data were […]
Read MoreTrading stock inclusion in income when applied, distributed or disposed of otherwise than in the ordinary course of trade
Have you used trading stock for personal use or changed it to use as a business asset. Have a read of this SARS interpretation note: No 65, to find out more information on how to account for it… Read SARS interpretation note
Read MoreEmployment Tax Incentive – South Africa
Once again the draft Employment Tax Incentive Bill has been tabled. The bill proposes tax relief to the employee. This is expected to pass on to the employer by reducing the effective cost to company, thus enabling companies to employ staff at a lower cost. The growing trend in South Africa is of school and university leavers not been able to find jobs in the work place. The lack of skills is often a concern to many business owners. One […]
Read MoreTrade Marks
Trade Marks protect the interest and brand of your company.Your companies reputation depends on the strength of that brand. See this article posted today by the CIPC.Please contact us if you need assistance with registering your Trade Mark. Dear CIPC Customer Are you aware that enterprise registration does NOT give you protection to use your enterprise name as a TRADE MARK? To protect your trade mark you need to lodge a separate application for a trade mark registration. What is a trade […]
Read MorePAYE Interim Reconciliation
The PAYE interim reconciliation, EMP501, period is about to commence. We would encourage all readers to check that there payrolls during August 2011, for accuracy and detail. The employee details are becoming more important and the South African Revenue Services (SARS) are tightening up on controls. All employees will need to be registered for income tax, whether or not they need to submit an income tax form. Employee address and contact details need to be accurate. The submission period is […]
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