The Benefits of Business Process Automation
Nexia SAB&T on 10/06/2024

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,

How to Use AI in Formulating a Business Strategy
Nexia SAB&T on 08/05/2024

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
Nexia SAB&T on 08/05/2024

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.

The upcoming South African elections
Nexia SAB&T on 11/04/2024

The upcoming South African elections

The upcoming South African elections hold the promise of change, introducing a range of potential impacts on local businesses. As business leaders, we must pay attention to several factors that could significantly affect the business environment:

Tax Chronology of South Africa: 1979–2024 
Nexia SAB&T on 11/04/2024

Tax Chronology of South Africa: 1979–2024 

The Tax Chronology of South Africa: 1979–2024 provides a comprehensive overview of the current and historical rates for various taxes, duties, and levies collected by the South African Revenue Service (SARS). This publication covers the period from 1979 to 2024 and includes details on tax rates, duties, and levies.

Employer Annual Declarations (EMP501): 1 April to 31 May 2024
Nexia SAB&T on 11/04/2024

Employer Annual Declarations (EMP501): 1 April to 31 May 2024

As an employer, it’s essential to stay informed about your tax obligations. The Employer Annual Declaration period is a crucial time when you need to submit accurate information to the South African Revenue Service (SARS). Let’s dive into the details:

Draft National State Enterprises Bill
Nexia SAB&T on 10/10/2023

Draft National State Enterprises Bill

Finance Minister Pravin Gordhan has unveiled a sweeping plan to overhaul the governance and management of state-owned companies, which he said have been plagued by corruption, inefficiency and poor performance. The plan, which was announced in his medium-term budget policy statement on Wednesday, aims to restore the financial viability and strategic relevance of the entities, which collectively have more than R1 trillion in assets and employ over 300 000 people.

PAYE Monthly Payroll Submission to be automated by 2025
Nexia SAB&T on 10/10/2023

PAYE Monthly Payroll Submission to be automated by 2025

The SARS PIT/PAYE journey to end state is to replace the current employees’ tax, provisional tax and assessment filing seasons for employers and individuals by a modern, fully automated process of near real-time tax liability estimation, withholding and paying to SARS of the correct tax due. This will be underpinned by a taxpayer account that reflects taxable events and 3rd party data in real time (or close to real-time), in a manner that allows SARS to transition all their value chain activities (like verification & disputes) to real-time.

Companies First Amendment Bill, 2023 And Second Amendment Bill, 2023
Nexia SAB&T on 10/10/2023

Companies First Amendment Bill, 2023 And Second Amendment Bill, 2023

The Companies First Amendment and Second Amendment Bill were tabled in Parliament on the 28 August 2023, and have been published. [The initial draft of the Companies Amendment Bill was published in 2018, followed by a revised draft Bill in 2021, both of which have undergone extensive public consultation and engagement].

SARS Digitilisation of Tax Administration
Nexia SAB&T on 07/09/2023

SARS Digitilisation of Tax Administration

The South African Revenue Service (SARS) has embarked on a digital transformation journey to modernise and enhance its tax administration capabilities. The aim is to improve service delivery, compliance, efficiency and effectiveness, as well as to combat tax evasion and fraud. Some of the key initiatives that SARS has implemented or is planning to implement include:

Employer Interim Reconciliation starts on 18 September 2023
Nexia SAB&T on 07/09/2023

Employer Interim Reconciliation starts on 18 September 2023

Employer Interim Reconciliation is part of the Filing Season. This year, the Employer Interim Reconciliation for Employers filing season starts on 18 September 2023 until 31 October 2023. During this period, all employers in both private and public enterprises must reconcile their Monthly Employer Declarations (EMP201). These reconciliations are based on the Monthly Employer Declarations (EMP201) submitted with the tax values of the interim IRP5/IT3(a)s certificates generated, accurate payroll information and employees’ tax (PAYE) payments made during the period 1 March 2023 – 31 August 2023. Thereafter, employers can submit an Employer’s Reconciliation Declaration (EMP501) to SARS.

Directors Role
Nexia SAB&T on 07/09/2023

Directors Role

In terms of the Companies Act, the business and affairs of a company must be managed by or under the direction of its board, which has the authority to exercise all of the powers and perform any of the functions of the company.

What You Need to Know About Living Wills
Nexia SAB&T on 07/09/2023

What You Need to Know About Living Wills

A living will is not the same as a last will and testament. A living will is a document that lets you express your preferences for medical care in case you become unable to communicate them yourself. A living will can help you avoid unwanted or unnecessary interventions, such as life support, resuscitation, or tube feeding, that may prolong your suffering or go against your values. A living will can also help your family and doctors make difficult decisions on your behalf, and reduce the potential for conflicts or disputes. A living will should be prepared separately from your last will and testament. Your last will and testament only takes effect after your death, while your living will takes effect while you are still alive but incapacitated.

Progress reported in government and business partnership, with commitment to further accelerate key actions
Nexia SAB&T on 08/08/2023

Progress reported in government and business partnership, with commitment to further accelerate key actions

The government and business leaders have announced the progress made in their partnership to address the most pressing challenges facing the country. The partnership, which was launched last year, aims to foster collaboration and innovation across sectors and regions, and to leverage the strengths and opportunities of both public and private actors. Some of the key achievements of the partnership include inter alia:

Important laws affecting businesses in South Africa
Nexia SAB&T on 08/08/2023

Important laws affecting businesses in South Africa

Knowledge of and compliance with both the common law and legislation is essential for good governance. Not only do directors need to make sure that they are maintaining the highest standard in respect of their duties, but they must also ensure that they are complying with the administrative provisions of other legislation, such as the Income Tax Act. In addition, it is important that directors have a working knowledge of the guidance provided in King IV ™.

Global Economy Review
Nexia SAB&T on 08/08/2023

Global Economy Review

The global economy showed signs of recovery in July 2023, as the effects of the COVID-19 pandemic and the trade tensions between the US and China eased. According to the International Monetary Fund (IMF), the world output grew by 4.5% year-on-year, compared to 3.8% in June. The IMF also revised its forecast for the global growth in 2023 from 5.2% to 5.6%, citing the improved vaccination rates, fiscal stimulus, and consumer confidence.