Get paid on time: Five tips for business owners
Small businesses can master the skill of getting paid on time here’s how. For small and medium businesses, getting paid on time is one of the biggest administration headaches. After all, when customers don’t pay on time, cash flow takes a knock and you need to borrow money to pay suppliers and service providers. Let’s […]
Capital Gains Tax considerations for retiring small business owners
Retirement for small business owners is not simply a case of handing in your resignation letter and having a big party at which the company presents you with a gold watch. It often involves the not inconsiderable task of selling your business particularly if there is no ‘heir apparent’ to take over the reins. And […]
Cryptocurrency trading in South Africa: Exchange Controls and emerging challenges
The untold story of Exchange Control Regulations. Cryptocurrency traders in South Africa have focused on understanding the tax implications of their transactions relative to the Income Tax Act. This has proved challenging, as SARS has merely stated that “the normal rules apply” without providing authoritative guidance concerning the various cryptocurrency-related transactions, and when profits are […]
Navigating the complexities of business partnership after a partner’s demise
The sudden loss of a business partner can introduce significant complexities and challenges, not only personally, but also in the realm of managing business affairs and accessing crucial financial resources. This can be especially daunting for 60-plussers who have been in business with a partner for years and who may suddenly have to navigate the […]
Business-to-business agreements: The questions you need to ask
Your business success relies on your interaction with clients/customers and other businesses. Your profit is directly proportional to the behaviour of these external role-players. Dealing with individual clients/customers does come with some risk – especially if you offer a line of credit. However, your agreements with other businesses, in which greater risk and sums are applicable, you cannot afford to take a wrong […]
Get your guard up: The POPI Act is coming
On 1 July 2020, the enactment of the Protection of Personal Information Act (POPI Act) commenced, which will come into full effect on 1 July 2021. As its name states, the POPI Act aims to promote the safeguarding of personal information by putting in place the necessary regulations and legislation needed to realise this. Since its acceptance into parliament on 19 November 2013, the […]
Is another business passing off as yours?
Passing off is a delictual remedy that is derived from English law and has been implemented in South African law. The most authoritative definition of passing off was given in the Capital Estate and General Agencies (Pty) Limited v Holiday Inns Inc. case (“the Holiday Inns case”) as when a person represents his business or merchandise as the business or merchandise of another person. An example of passing off is depicted in the Holiday Inns […]
IMPACT OF THE POSSIBLE CREDIT AMNESTY & DEBT IMPAIRMENTS – ALTERNATIVE SOLUTIONS FOR HOME BUYERS
The possibility of the implementation of the announced Credit Amnesty, the R20 million penalty imposed on African Bank for reckless lending and the realisation that unsecured and short term lending was getting out of control, already had a severe impact in the property industry as lenders are tightening their purses. Consumers who rely on debt to make ends […]
BE CAREFUL NOT TO OVERLOOK SECURITIES TRANSFER TAX
As if there are not yet enough different types of taxes doing the rounds, Securities Transfer Tax (STT) is just another way in which SARS makes a buck. In the past, the Stamp Duties Act, 1968, catered for the registration of transfer of unlisted securities whereas the Uncertificated Securities Tax Act, 1998, catered for the change in beneficial ownership […]
WHO IS REALLY ENTITLED TO THE BENEFITS UNDER A LIFE INSURANCE POLICY?
In the back of my mind I can still hear my Financial Advisor stating the importance of nominating a beneficiary for my life insurance policy. Nominating a beneficiary on your policy assures you of where the sum assured (the amount for which insurance was taken out) will go after your passing, instead of just being pooled together […]
