Nexia SAB&T on 29/11/2024

Global Corporate Tax Changes: Advice Is More Crucial Than Ever

There have been significant shifts in the corporate income tax landscape of late – not only in South Africa, but across the globe. The global minimum tax is a pertinent example. And although its immediate impact is on large multinationals, the changes could well benefit local businesses in the long term.

Nexia SAB&T on 29/11/2024

Not Another Lanyard! How To Make the Most of Promotional Gifts

Anyone who’s attended a conference or expo has been given a promotional gift. Usually, it’s a water bottle, a pen or, worse still, a branded lanyard. It’s got so bad that very few of us understand why they even exist, including the marketing teams themselves.

Nexia SAB&T on 29/11/2024

6 Ways to Make the Most of Your Employees’ Performance Reviews

With the end of the year around the corner, many businesses will be thinking of conducting their annual performance reviews. These discussions are essential for streamlining business operations and strengthening the bonds between team leaders and employees. But all too often they’re viewed as nothing more than a necessary evil by all involved.

Nexia SAB&T on 04/11/2024

2024 Medium-Term Budget Policy Statement (MTBPS)

The 2024 Medium-Term Budget Policy Statement (MTBPS) in South Africa, presented by Finance Minister Enoch Godongwana on October 30, 2024, outlined the government's strategic response to economic challenges and fiscal constraints amid declining tax revenues. This year’s MTBPS comes at a time when the National Treasury faces a significant revenue shortfall of around R22.3 billion for 2024/25, attributed to lower-than-expected collections across various tax categories, including income tax and fuel levies. Factors like reduced energy-related imports and weaker private sector employment have contributed to this shortfall, while domestic VAT has performed slightly better due to increased corporate earnings in certain sectors.

Nexia SAB&T on 04/11/2024

SARS Enhances Security with Biometric Authentication for eFiling

The South African Revenue Service (SARS) has introduced biometric facial recognition as a new security measure for its eFiling system, aiming to protect taxpayer information from identity fraud and profile hijacking. This innovative step is part of SARS's ongoing efforts to enhance the security and efficiency of its electronic services.

Nexia SAB&T on 04/11/2024

Africa Overview

“Africa is on its way to becoming a preferred investment destination, a potential pole of global growth, and a place of immense innovation and creativity. But there is also a long way to go — and Africa’s governments must as a matter of urgency turn their attention to those who are being left behind. I believe Africa and its leaders can rise to this challenge. If they do, Africa will become more prosperous, stable and equitable.”

Nexia SAB&T on 04/10/2024

Trust Tax Season 2024: What Business Owners and Trustees Need to Know

The 2024 trust tax season is well underway, with the South African Revenue Service (SARS) setting the filing period for trusts between 16 September 2024 and 20 January 2025. This year has brought some significant changes that trustees and business owners need to be aware of. These changes not only require thorough documentation but also increased transparency and detail on the activities and financial position of trusts. It is essential for trustees to ensure compliance, as SARS has intensified scrutiny on trust operations and beneficial ownership.

Five Signs It’s Time for a Rebrand
Nexia SAB&T on 04/10/2024

Five Signs It’s Time for a Rebrand

Marketing is a tricky game with ever-changing rules. When your marketing doesn’t seem to be working and you aren’t getting the results you want, it might be time to go back to the drawing board.

How To Avoid an eFiling Profile Hijacking
Nexia SAB&T on 04/10/2024

How To Avoid an eFiling Profile Hijacking

SARS eFiling profile hijackings are becoming an increasingly concerning and common hazard. Reports of this type of cybercrime have peaked in recent months and both individuals and businesses must take proactive steps to prevent an attack.

Updated Specification for the Two-Pot retirement system
Nexia SAB&T on 01/10/2024

Updated Specification for the Two-Pot retirement system

Since the implementation of the Two-Pot Retirement System on 1 September 2024, SARS has taken note of the challenges the industry is experiencing. To this end, various enhancements have been incorporated into the SARS interface. These enhancements and changes inter alia include:

Nexia SAB&T on 01/10/2024

The Importance of Estate Planning: Securing Your Legacy

In an ever-changing world, the importance of estate planning cannot be overstated. Estate planning is not just for the wealthy or the elderly; it is a crucial process for anyone over the age of eighteen. ​ It involves creating a strategic plan to manage and distribute your assets during your lifetime and after your death, ensuring that your wishes are honoured and your loved ones are protected. ​

The Crucial Role of Trustees in South African Trusts
Nexia SAB&T on 01/10/2024

The Crucial Role of Trustees in South African Trusts

In South Africa, the role of trustees in managing trusts is pivotal to ensuring the proper administration and safeguarding of trust assets. ​ Trustees are appointed to act in a fiduciary capacity, holding and managing assets for the benefit of the trust's beneficiaries. ​ Their responsibilities are governed by the Trust Property Control Act and the trust deed, which outlines the framework within which they must operate. ​

SMEs Embrace AI to Boost Efficiency and Competitiveness
Nexia SAB&T on 01/10/2024

SMEs Embrace AI to Boost Efficiency and Competitiveness

Berlin, October 2023 — Small and medium-sized enterprises (SMEs) are increasingly turning to artificial intelligence (AI) to enhance their operations, improve customer experiences, and stay competitive in a rapidly evolving market. ​ A recent study published in the Journal of Business Management highlights the key AI applications being adopted by SMEs and the challenges they face in implementation. ​The findings reveal that while only 28% of SMEs have integrated AI solutions, those that have are seeing significant benefits. ​

Nexia SAB&T on 12/09/2024

Clarity on Extension of Diesel Refund to Manufacturers of Foodstuffs

In a move aimed at bolstering the local manufacturing sector which is currently under severe pressure further compounded by the Ukraine crisis, the South African Revenue Services (SARS) has provided much-needed clarity on the extension of the diesel refund scheme to manufacturers of foodstuffs.

Nexia SAB&T on 12/09/2024

Tax Evasion and SARS's Crackdown on Non-Compliance: What South African Business Owners Need to Know

In recent years, the South African Revenue Service (SARS) has ramped up efforts to combat tax evasion, a growing concern that has led to significant revenue losses for the country. For business owners, understanding the importance of tax compliance and maintaining proper records has never been more crucial. As SARS intensifies its crackdown, the risks associated with non-compliance have increased.

Nexia SAB&T on 12/09/2024

How to Survive Trust Tax Season 2024

Trustees take note! The 2024 Tax Season for trusts opens on 16 September this year and will close on 20 January 2025. During this time, all trusts – including dormant trusts – are required to submit income tax returns aligned with other SARS reporting requirements and accompanied by extensive supporting documents.

Nexia SAB&T on 12/09/2024

5 Top Tips for Managing Debt in Your Startup

Whether you’re launching a fintech app or a fish ’n chips shop, taking on and managing debt is an essential component in the success of most startups. As your business grows, it may be necessary to take out a loan for advertising, infrastructure improvement or expanding your workforce.

Nexia SAB&T on 12/09/2024

Beware the Taxman When Accessing Your Three-Pot Retirement Savings!

Two new ‘pots’ have been added to SA’s retirement system from 1 September 2024. This allows South Africans to access a portion of their retirement savings before retirement, without having to resign their jobs and withdraw all their savings, as before.