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

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

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

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. ​

Interesting Statistics about South Africa

Graph 1 indicates Mid-year population estimates for South Africa by population group 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

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 incentives to boost renewable energy generation

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

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

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. ​

The Government of National Unity impact on the economic future of South Africa

President Cyril Ramaphosa has recently announced the formation of a Government of National Unity (GNU) in South Africa. This decision was made in response to the clear desire of South Africa’s people for political parties to cooperate for the nation’s future. The GNU is a coalition of 11 parties that have committed to collaborating together.

SARS Announces Auto-Assessment and Digital Platforms for a Seamless Filing Season

The South African Revenue Service (SARS) has recently made an important announcement regarding the upcoming Filing Season. ​ In line with their commitment to making the process easier and more convenient for taxpayers, SARS will be implementing auto-assessment for a larger pool of taxpayers this year. ​ Additionally, they have introduced various digital platforms to facilitate seamless interactions with taxpayers. Here is an overview of the announcement and highlights the key points for taxpayers to take note of.

Operation Vulindlela: A Path to Economic Reform and Democratic Alliance Support

Operation Vulindlela (OV) has emerged as a crucial initiative in South Africa, aimed at accelerating the implementation of structural reforms to foster economic growth. Recently, a successful two-day conference was held to assess the progress made by OV and chart the way forward for the next five years. ​ This article will delve into the key highlights of Operation Vulindlela and explore the support it has garnered, including that of the Democratic Alliance (DA).

Maximise your tax benefits from donating to PBOs

How to maximise your tax benefit from donating to PBOs and how the new SARS rules for S18A certificates affect you.

New SARS IT3(t) Requirements

New SARS IT3(t) Requirements: What South African Trustees Need to Know

The Benefits of Business Process Automation

Over the past years business process automation, or BPA, has become more accessible to each and every business, regardless of their size or capacity. Thanks so numerous plug-and-play software and applications that are readily available online, you do not even need a whole tech team to implement and maintain automation within your business,

South Africa’s GDP down by 0.1% for the first quarter of 2024

StatsSA has released gross domestic product (GDP) data for the first quarter of 2024, showing South Africa’s GDP has decreased by 0,1%.

Statement of the Monetary Policy Committee

The Monetary Policy Committee (MPC) released a statement on 30th May 2024. This article highlights the key findings.

SARS introduces automated process for Trust Dispute Resolutions

In April 2024, an automated process for Trust taxpayers was introduced on eFiling to electronically submit documentation to lodge a dispute via a fully guided process.

How to Use AI in Formulating a Business Strategy

Artificial Intelligence (AI) is revolutionizing the way businesses operate, making it an essential component of a modern business strategy. Here’s how you can incorporate AI into your business strategy:

Key Steps to Business Success in South Africa

South Africa, known for its diverse economy and entrepreneurial spirit, offers a wealth of opportunities for businesses. Here are some key steps to achieving business success in this vibrant country.

South Africa Introduces Two-Pot Retirement System to Enhance Flexibility and Financial Security

In April Treasury held a ZOOM conference around the proposed two pot retirement system. We have summarised some of the key issues raised.