Newsletter 4 of 2010

What is effective delegation?
Effective delegation is defined in this free article by Derek Stockley. The delegation of authority is a key team leader and management skill. Good delegation techniques and systems can help individuals and organisations to be more effective.

The importance of delegation
The importance of delegation should not be underestimated. Employees often crave trust and responsibility. Effective delegation meets these and other needs.
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Newsletter 3 of 2010

Estate Planning: 10 Reasons Not To Plan
In interviewing clients over the years about their plans for the future or what, if anything, they have done about their estate planning, I have received a number of replies.
Here are the most common:
• We are too busy to plan our lives.
• We are having enough trouble making ends meet now. We will worry about the future later.
• We have thought about writing a will, but we do not know a good estate planning attorney.
• I have life insurance, so my family will be okay.
• We cannot agree on who would raise our children if something happens to us, so we have done nothing.
• We have been unable to put money away for our children’s education, so we do not know how they will pay for college.
• I am planning to inherit from my parents, so I am not worried about my retirement.
• My spouse and I are having a few problems with communication, so there may not be a future for us.
• I cannot decide how to divide up my estate.
• We have been meaning to do something . . . . . .

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Newsletter 2 of 2010

INTERNET USAGE AND THE WORKPLACE
Internet usage at the workplace is regulated by the employer and must also be in compliance with the Regulation of Interception of Communications and Provision of Communication-related Information Act, 2002 (RICA). Upon entering the employer’s premises, the employee comes under the control and direction of the employer. The employee does not have an exclusive “right to privacy”, especially in terms of using the employer’s resources and equipment. The employer should make it a condition of employment, encapsulated in the employment contract that private use of the entity electronic communications facilities, including the internet, e-mail, fax and telephone, is prohibited. It should be further stated in the employment contract that should the employee breach this clause, disciplinary action will follow which may lead to dismissal.

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Newsletter 1 of 2010

PROVISIONAL TAX RETURN: 2 – 2010: NEW LEGISLATION
Legislation with regards to the estimation of taxable income has changed and heavy penalties will be imposed on assessment. SARS requires the estimate of taxable income be based on actual figures (including capital gain). It is therefore important that the taxpayer determines the current year’s taxable income accurately. If your estimated actual taxable income for the current year does not exceed R1 million, you may base your provisional tax return on your last year of assessment. If your estimated actual taxable income for the current year does exceed R1 million you must base your provisional tax return on the actual taxable income as estimated.

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Newsletter 4 of 2009

SARS TO APPLY STRICT NEW PENALTIES FOR OUTSTANDING TAX RETURNS
SARS will start to phase in their much publicized new Administrative Penalty System for all taxpayers. The implementation date was set for the 23 November 2009 for taxpayers with outstanding income tax returns. Initially the main focus of SARS will be repeat offenders with outstanding income tax returns. The penalty system, in terms of section 75B of the Income Tax Act (no 58 of 1962 as amended), provides for recurring penalties each month until compliance is achieved by the taxpayer. It is important to note that the penalties are levied per outstanding return.

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Newsletter 3 of 2009

A simple solution for non-public entities continued.
Last month’s article dealt with the need for developing a unique framework for such “micro” entities, the working group which was formed to address what the main criteria of a reporting framework aimed at “micro” businesses should be, and what those main criteria are. In this month’s article we look as some of the proposed simplifications from IFRS for such entities.

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Newsletter 2 of 2009

Can I move to Turnover Tax?
In the recent Budget speech, it has been announced that the VAT threshold will be increased to R2 million, and therefore a lot of companies would need to deregister VAT, and register for a new form of tax implemented by the South African Revenue Services, known as the Turnover Tax System. The new Turnover Tax System will combine all other taxes into one fixed rate, for those entities that qualify.

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Newsletter 1 of 2009

Investments for Dummies
It is rather frustrating opening every article these days for the last three months and reading: "due to the current economic state... blah blah blah". Unfortunately that is a fact. Having a few shares in a small business and then of course trying to invest the small remaining profit of a less established company can be tricky.

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Newsletter 6 of 2008

Easyfile for Tax Practioners
SARS eFiling is a secure electronic tax return and submission service offered by SARS that removes the risks and hassles of manual tax returns. Not only can you submit your returns via the Internet, but you can also make secure tax payments online.

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Newsletter 5 of 2008

To 'Trust' or 'Not to Trust'
Over the last number of years it has been a trend of businessmen to put property that they own into trusts. They therefore protect their property from possible future creditors and claim the tax benefit. Unfortunately the South African Revenue Services (SARS) have become wise to the scheme and changed the tax laws in such a way that it becomes less attractive to use trusts in this way.

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Newsletter 4 of 2008

Improve Office Morale
In today's tough times, we have to find ways to keep our staff happy and willing to come to work.

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Newsletter 3 of 2008

The Competent Director
In the last few years, there has been a move by the regulating authorities to make directors more accountable and by doing so hopefully avoid the collapse of companies that have marred the market place.

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