Category Archives: Uncategorized

Get the Most Out of Your Audit While Saving Cost

With careful planning and good implementation, you can help your auditors give you not only a cost-effective audit but one that gives you more assurance that your systems are sound and that your annual financial statements fairly reflect your economic … Continue reading

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Importing From Amazon: You Could Be Forced to Register as an Importer

Forewarned is forearmed” (Wise old proverb) Picture this: Gavin brings in books and DVDs from Amazon (to take just one example – this applies to anything sourced from foreign online retailers like eBay, Alibaba etc). He pays VAT and Customs … Continue reading

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Directors Beware! You Could Be Held Personally Liable For Data Breaches

Hacking into computers has become common place. In the United States it grew by 45% in 2017. Yahoo, one of America’s largest Internet search engines, was recently the victim of cyber crime and disgruntled shareholders are suing the directors for … Continue reading

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Junk Status Is Now a Reality – How Will It Affect Us?

Events have moved swiftly – on 31 March the Minister of Finance and the Deputy Minister were axed. Ratings agencies Fitch and S&P downgraded South African debt to junk status the next week. Why the muted response? In December last … Continue reading

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Be prepared as government takes aim at trusts

“Let me tell you how it will be There’s one for you, nineteen for me ‘Cos I’m the taxman, yeah, I’m the taxman” (The Beatles – ‘Taxman’) For many years government has been hostile to trusts. In the latest draft … Continue reading

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Directors: Watch out for secret profits and conflicts of interest

Picture this scenarioYou have a senior manager who is deemed to be a “prescribed officer” – in other words a senior employee deemed by the Companies Act to have the duties, responsibilities and liabilities of a director. You discuss with … Continue reading

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What is slowing the growth of the sme sector? See the saica survey results here

Red tape, lack of funding and compliance with legislation continue to be the main challenges faced by most Small Medium Enterprises (SMEs) in South Africa – according to a latest survey conducted by the South African Institute of Chartered Accountants … Continue reading

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The new auditors’ report is coming: How will it affect you?

The single most important document released by auditors is the auditor’s report which appears in the audited annual financial statements. The so-called new and revised auditor reporting standards are affective for audits of financial statements for periods ending on or … Continue reading

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Trustees: The new tax return form – take advice now!

Towards the end of last year, SARS introduced a new IT12T tax return form for trusts. For the current tax year these need to be completed in full. The return needs be lodged on or by 29 February 2016. Trustees … Continue reading

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The Supreme Court of Appeal rescues business rescue

“….. a stratagem involving a wholly undesirable exploitation of legal technicalities for their own advantage” (Court’s comment on the conduct of the directors in the case below) Business rescue was one of the new features of the 2008 Companies Act … Continue reading

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