What is Estate Duty? 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 the property of residents and South African property of nonresidents less allowable deductions. The duty is…
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 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…
Capital Expenditure (CAPEX) Capital expenditure, or CapEx, are funds used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment. It is often used to undertake new projects or investments by the firm. This type of outlay is also made by companies to maintain or increase the scope of…
A foreign currency transaction should be recorded initially at the rate of exchange at the date of the transaction (use of averages is permitted if they are a reasonable approximation of actual). At each subsequent balance sheet date, foreign currency monetary amounts should be reported using the closing rate non-monetary items, carried at historical cost…
Forecasting in business is the practice of predicting a company’s financial results at certain points in the future, based on certain assumptions and estimates as well as past performance. At we PATC, we understand that whether the forecasting method is simple or sophisticated, the objective is to enable the company to take certain actions in…
Financing is the act of providing funds for business activities, making purchases or investing. Financial institutions and banks are in the business of financing as they provide capital to businesses, consumers and investors to help them achieve their goals. PATC is here to help you understand business financing, keep reading the blog as we explore…
What are the possible allowances and fringe benefits? Below are the lists of available allowances and fringe benefits. Also Read Now: Valuation of Shares, Goodwill & Members Interest
A person must keep records, books of account or documents. The retention of records will assist a person to fulfil the requirements of the Tax Administration Act and to satisfy SARS that the person has complied with the requirements. Who is it for? Tax Administration Act requires the following persons to keep records:
As you may well know, in recognition of Gavin’s vast experience and Tax Degree, The Office of the Registrar for the Republic of South Africa appointed Gavin in 2017 as a Commercial Member of the Tax Court for a period of five years – an appointment Gavin was honored to accept. In an effort to…
