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.
Saving Tax when Selling Your Business and or Property
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?
In summary, their tax liabilities were as follows:
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% (!!!)
What is needed to prepare a Will (A guideline only)
(PATC does not charge for the preparation of Wills if Gavin Bacon / PATC will be the executor)
A.) For a basic straight forward Will: –
- Both full names and surnames – we’ve got this therefore ignore
- Your ID No’s. – we’ve got this therefore ignore
- Confirmation that Gavin Rennie Bacon of PATC will be Executor of your estates
- Who do you leave your entire estate to? Their full names, ID Nos and residential addresses. (If there are any specific requests then you must specify – Eg My house and contents to my wife, my car to my brother etc) (more…)
Tax Consequences of Being Married:
IN COMMUNITY OF PROPERTY:
If you are married in community of property, this means that current and future assets are shared equally.
10 Steps to Becoming a Successful Entrepreneur
Succeeding as an entrepreneur takes hard work and persistence because, unfortunately, there is no business-start-up fairy who magically bestows success on small businesses and their owners.
Most successful entrepreneurs follow comparable patterns and share similar basic characteristics. Hundreds of online articles and published books claim to know the secret of success in business, but for the most part, they boil down to the same major points. (more…)
Personal Liability of Members / Directors to CC / Company & Other
The members of the Close Corporation are not liable for the debt of the Close Corporation unless the members have signed surety for the debt of the Close Corporation. However, there are times when the members can be held liable for the debt of the Close Corporation in their personal capacity, even if they did not sign surety for the Close Corporation. These “times” are determined by the Close Corporations Act 69 of 1984 and is discussed below. Under thesecircumstances the fact that a Close Corporation was registered can be ignored as if it was not registered and the members be held personally liable as if the Close Corporation did not exist. (more…)
Qualifying or Non-Qualifying Report
In an audit engagement, the auditor gives his opinion on the financial information disclosed by your business. The auditor’s report is an integral element of your business’s audited financial statement. At the culmination of the audit engagement, the auditor expresses his opinion in the auditor’s report, which can be qualified or unqualified.
Professional Development
Knowledge of Fasset and Skills Development
Fasset is the Finance and Accounting Services Sector Education and Training Authority. The finance and accounting services sector is particularly important because it is the largest employer of people with financial management, accounting, and auditing skills. In 2012 more than 135 000 people worked in the sector. (more…)
Monitoring of Fees and Time Records
For Invoicing, law firms, accountants, consultancies, and other professional services firms (whose principle activity is to “sell time”) need their staff to track and account for time accurately, so that they can invoice their clients correctly.
Client Liaison Best Practices
The best way to improve communication is to write a communication policy that outlines your plan to exchange information between clients, vendors and employees.
For example, when handling potential clients who have expressed an interest in your services, you may want to create a new client communication policy that defines what steps should be taken in process.
