In the words of the Tax Ombudsman, Judge Bernard Makgabo Ngoepe “We will be judged by what we do here and now…and not necessarily by what we ought to have done.” We have all heard the saying “actions speak louder than words”, and this rings true even in the accounting and auditing profession. We are …
Management is responsible for implementing a system of internal control, and these controls should be designed to ensure reasonable, rather than absolute, certainty in regards to the reliability of the financial statements, adequate security, control and responsibility for assets, as well as identifying and preventing misstatements and losses. All these controls should be well documented …
Risk management has become increasingly popular in the past twenty years. It is also a corner stone of good governance. Despite this increased focus, businesses are still being blindsided by events which result in high costs being incurred. Potential problems and unpredictability – think “out of the box” Usually a risk assessment is done via …
State Capture and the recent high-profile corruption scandals in the private sector are behind the new CIPC (Companies and Intellectual Property Commission) “Guideline for the Corporate Compliance Programme”, and we summarise the 7 Compliance Principles that you should incorporate. With reports that we have lost R700 billion to corruption over the last 20 years, we …
Directors: Fighting Corruption via Your Social and Ethics Committee Read More »
Valuing a business or assets may become necessary or beneficial at any time, but it is particularly important when buying or selling. So what is valuation all about? Is a valuation worth anything? How do we determine value and is it possible to do so on an objective basis? Let’s look at how the value …
What Is a Valuation Worth? The Art of Valuing Assets and Businesses Read More »
New regulations coming into effect on 1 April 2019 will considerably widen the application of VAT to electronic services. Firstly, the definition of “Electronic Services” has been substantially broadened and we discuss some of the more common types of business which will now fall into the net. We look also at the exclusions and at …
Be Aware Of the Changes to VAT on Electronic Services Read More »
Managing your cash flow is fundamental to the success of any business, and a recent Supreme Court of Appeal judgment addresses one particular threat that all taxpayers should heed. The case concerned a R1.9m tax assessment raised by SARS against a property developer. The question was whether the developer/seller had to declare its income in …
As a small business you want your accounting software to do the job quickly, securely and cost-effectively, making you as competitive as possible against big business. We discuss how the technological revolution is reducing your costs, and we look at what “cloud accounting” is and how it works. It may or may not suit your …
Cloud Based Accounting: Ideal For Your Small Business? Read More »
There are only run-of-the-mill tax deadlines for November but companies need to take note of a new warning from SARS that it will be imposing administrative penalties from December 2018 for outstanding Corporate Income Tax (CIT) returns. Until now, penalties have only been imposed for failure to lodge personal returns. The penalties, says SARS, “range …
Beware the New Corporate Income Tax Penalties! And Your Tax Deadlines For November Read More »
Are you struggling in your dealings with SARS? If so, you aren’t alone, and the good news is that the Tax Ombud may be able to help. We’ll start off with a look at what types of issues the Ombud can assist taxpayers with, and at the hoops you normally have to jump through before …
Is Your Problem With SARS A Systemic Issue? If So, Speak To the Tax Ombud Read More »
