A loan is the act of giving money, property or other material goods to another party in exchange for future repayment of the principal amount along with interest
In simple terms, this is the money you have borrowed, or the company has loaned you. (more…)
As a Director of a Company, your salary is subject to monthly PAYE and UIF deductions. Many small business owners don’t realise that if they operate their business through a company (Pty), the company needs to be registered as an employer with SARS.
This means, the company needs to deduct employee’s tax (PAYE) from the amounts paid to Directors. It’s also required to make monthly EMP201 submissions (this is the PAYE, UIF and SDL return) to SARS. The same applies even in the case of “owner managed” businesses -where there is only one director and no employees. In this case, the sole director is deemed to be an employee per the Tax Act and his/her salary will be subject to monthly PAYE and UIF deductions. (more…)
Estate Duty is payable on the estate of every person who dies and whose nett estate is in excess of R3.5 million. It is charged at the rate of 20%. Estate duty is levied on property of residents and South African property of non-residents less allowable deductions. The duty is levied on the dutiable value of an estate at a rate of 20% on the first R30 million and at a rate of 25% above R30 million. A basic deduction of R3.5 million is allowed in the determination of an estate’s liability for estate duty as well as deductions for liabilities, bequests to public benefit organisations and property accruing to surviving spouses. (more…)
Closed on the 14th December 2018 from 12.00 for our Christmas function
We will be closing at midday on the 21st December 2018 until Monday the 7th January 2019 for our Annual December Shutdown
We take this opportunity to wish all our clients, friends and colleagues a joyous, festive and happy holidays. May Christmas bring fun, laughter and happiness to All….
A personal thank you from Gavin Bacon and his team for all the support from our wonderful partners.
Debt management policies are written guidelines, allowances, and restrictions that guide the debt issuance practices in the business including the issuance process, management of a debt portfolio, and adherence to various laws and regulations
Fees in respect of professional services are based on time spent at competitive hourly rates which vary depending on the nature and complexity of the services required and range from R320 per hour for compliance services to R520 per hour for consultations, business services and value added services. Within certain circumstances, and at the sole discretion of the Service Provider, loyal clients who have been clients for more than a year are rewarded with a fixed monthly fee. Income tax returns, payroll and company and close corporation CIPC services are charged at fixed prices.
Human resource policies are the formal rules and guidelines that businesses put in place to hire, train, assess, and reward the members of their workforce. These policies, when organised and disseminated in an easily used form, can serve to preempt many misunderstandings between employees and employers about their rights and obligations in the business place.
SAIPA encourages and supports a culture of ongoing learning, personal and professional development and empowerment by providing opportunities for the continuous development of their members. One of these opportunities is the SAIPA CPD Events, held nationally throughout the year. Engaging in CPD activities ensures that both academic and practical qualifications do not become out-dated or obsolete; allowing individuals to continually ‘up skill’ or ‘re-skill’ themselves.
We have recently assisted a client when selling their property and a similar scenario when they sold their business / property. So, how do you ensure you are saving tax when selling your business and or property?
Capital Gains Tax = 80% inclusion rate and then 28% on that amount – effective 22.4%
Dividends Tax = 20% of Dividend (effective 15.52%)
Donations Tax = 20% of Donation (effective 10.35)%
TOTAL 48.27% (!!!)
(PATC does not charge for the preparation of Wills if Gavin Bacon / PATC will be the executor)
