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

The Importance of Estate Planning: Securing Your Legacy
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. ​

Clarity on Extension of Diesel Refund to Manufacturers of Foodstuffs
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.

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

How to Survive Trust Tax Season 2024
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.

5 Top Tips for Managing Debt in Your Startup
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.

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

2024 Tax Filing Season Updates
Nexia SAB&T on 02/09/2024

2024 Tax Filing Season Updates

The South African Revenue Service (SARS) has announced key updates for the 2024 tax filing season, which commenced on July 1, 2024. This year, SARS will continue issuing auto-assessments for taxpayers with simpler tax affairs. Taxpayers are advised to check their auto-assessment status via eFiling or the SARS MobiApp, following an SMS or email notification.

The Mandatory Compliance Checklist
Nexia SAB&T on 02/09/2024

The Mandatory Compliance Checklist

CIPC requires that a mandatory Compliance Checklist be completed and submitted by all categories of companies whose annual financial statements are audited or independently reviewed. This requirement does not apply to a close corporation. The checklist is required to be submitted within 30 business days after the anniversary of the company’s date of incorporation. The period for which the company declares its compliance is to be known as its “Compliance Year”, and is aligned to the anniversary date of its incorporation.

Tax Implications of Withdrawing from Two-Pot Retirement System
Nexia SAB&T on 02/09/2024

Tax Implications of Withdrawing from Two-Pot Retirement System

Starting from 1 September 2024, individuals planning to withdraw from the savings pot of the Two-Pot Retirement System must be registered for tax. Unregistered individuals must complete their registration before applying to their relevant fund, as unregistered requests will be rejected by SARS.

South African Revenue Service Issues Ruling on Taxable Income Set-Off against assessed losses for Companies
Nexia SAB&T on 01/08/2024

South African Revenue Service Issues Ruling on Taxable Income Set-Off against assessed losses for Companies

In a recent development, the South African Revenue Service (SARS) has issued a Binding General Ruling (Income Tax) 73 on the 30th of July 2024, shedding light on the meaning of taxable income for the purpose of setting off the balance of an assessed loss by companies. ​ This ruling aims to provide clear guidance on the limitation of set-off for companies under section 20(1)(a)(i) as amended by the Taxation Laws Amendment Act 20 of 2021. ​

South Africa Advances Trade Relations at AGOA Forum
Nexia SAB&T on 01/08/2024

South Africa Advances Trade Relations at AGOA Forum

In a recent consolidated media briefing, the Department of Trade, Industry, and Competition (dtic) highlighted significant outcomes from the 21st African Growth and Opportunity Act (AGOA) Forum in Washington, DC, and the 14th BRICS+ Trade Ministers Meeting in Moscow, Russia. ​ The South African delegation engaged with key stakeholders to bolster trade and investment ties, focusing on economic growth and job creation. ​

National Treasury Welcomes Signing of Pension Funds Amendment Act
Nexia SAB&T on 01/08/2024

National Treasury Welcomes Signing of Pension Funds Amendment Act

National Treasury expressed its satisfaction as the President signed the Pension Funds Amendment Act (31 of 2024) into law, marking the final step in implementing the two-pot system set to begin on 1 September 2024. ​ This act introduces crucial changes to various pension-related laws, including the Pension Funds Act of 1956 and the Government Employees Pension Law of 1996, essential for retirement funds, including public sector funds, to adopt the two-pot reform. ​

Is Venture Capital Right for Your Business?
Nexia SAB&T on 02/07/2024

Is Venture Capital Right for Your Business?

Few methods of finance in business cause as much confusion as “venture capital”. To most, it’s just money tech businesses get in return for a game changing idea. But the truth is it may be just the tool to help your business, regardless of what you do, how long you’ve been around or how many people you employ.