Category: Tax Tips & Advice For You & Your Business

Company Records

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PATC defines company records as any documents, accounts, books, writing, records or other information that a company is required to keep in terms of the Companies Act 71 of 2008, or any other public regulations. The Companies Act states in Section 24 that records should be retained in writing or in a form that can…

Employees Taxation

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Personal Service Company or Trust This is a company (or trust as the case may be) that is not a labour broker, and whose services to clients are performed on its behalf by a connected person; and such a person would be regarded as an employee of the client if the relationship was directly between…

Liquidation Procedures of All Entities

PATC reveals the financial significance of foreign exchange transactions

Liquidation is the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they come due. As company operations end, the remaining assets are used to pay creditors and shareholders, based on…

Annual Audit Or Review? Which Is Right For Your Company?


With the 2011 change in the Companies Act, 80 to 90% of companies in South Africa, namely PTY Ltds, do not require an annual audit. Rather the new Act allows for an independent review – an alternative form of ‘auditing’ a company’s financial statements. Will a review do for your company? Or would an annual…

Let’s help SARS report tax or customs crimes!


What it that SARS regards as suspicious activity or potential crime? SARS has made reporting a tax or customs crime easy and simple to encourage the public to help them identify the thieves and hand them the sentence or penalty they deserve.