MJ Minter
MJ Minter & Co on 01/01/2019

2019 Budget - Make or Break?

Treasury has announced that Tito Mboweni’s budget speech will be held on the 20th February 2019 at 14h00. This year's budget will be one of the more challenging balancing acts Treasury has to perform. With the backdrop of an election year, the need to stimulate the economy and addressing the financial needs of ailing State Owned Entities makes it really tough for those tasked with coming up with a meaningful budget .

  MJ Minter & Co
MJ Minter & Co on 01/01/2019

SARS News

Reminder: Penalties for outstanding corporate income tax returns to kick in soon

  MJ Minter & Co
MJ Minter & Co on 01/01/2019

Estate Plan Review

The beginning of a new year is as good a time as any to review your estate plan. More specifically, it is important to make sure all your affairs are in order from an administrative point of view. As part of your estate plan it is important that you make sure that inter alia the following documents are easily available:

  MJ Minter & Co
MJ Minter & Co on 01/01/2019

What A Business Plan Can Do For You And How To Use It

Contrary to popular practice, a business plan is not a means to securing financing. Instead it is a step by step guide to running your business and creating the product or service that will make it in the marketplace. Like any other map, your plan will have to be adjusted according to your vision for the company, conditions and opportunities in the marketplace and your business’ current condition.

  MJ Minter & Co
MJ Minter & Co on 12/01/2018

SARS - Important Dates

Please ensure you make note of these key dates over the holiday period to ensure compliance.

  MJ Minter & Co
MJ Minter & Co on 12/01/2018

No Poverty - Sustainable Development Goal No. 1

Sustainable Development Goals are the blueprint to achieve a better and more sustainable future for all. They address the global challenges we face, including those related to poverty, inequality, climate, environmental degradation, prosperity, and peace and justice.

  MJ Minter & Co
MJ Minter & Co on 12/01/2018

Carbon Tax Bill Tabled

The Minister of Finance tabled the Carbon Tax Bill in Parliament on 20 November 2018, giving effect to the announcements made in the 2017 and 2018 Budget and by the Minister in his MTBPS speech in October. In tabling the bill, the Minister stated that “climate change poses the greatest threat facing humankind, and South Africa intends to play its role in the world as part of the global effort to reduce greenhouse gas emissions”. The Carbon Tax Bill, and related measures, will enable South Africa to meet its targets as agreed in the Paris Agreement.

  MJ Minter & Co
MJ Minter & Co on 12/01/2018

Economy Grows By 2.2%

Good news to end 2018 as the South African economy grew by 2,2% quarter-on- in the third quarter of 2018, bringing to an end the country’s second recession since 1994. Higher contributions to growth in a number of industries – most notably in manufacturing, transport as well as finance and business services – were enough to lift economic growth back into positive territory.

  MJ Minter & Co
MJ Minter & Co on 11/01/2018

Corporate Income Tax Returns

In a move to start tightening up on compliance, SARS has issued a notice stating that administrative penalties will be imposed on companies that receive a final demand to submit a return. In terms of Section 210 of the Tax Administration Act of 2011, non-compliance with regards to non-submission of required CIT returns may be subjected to a penalty, as follows:

  MJ Minter & Co
MJ Minter & Co on 11/01/2018

Medium Term Budget Policy Statement (MTBPS) Tax Proposals

It is not the norm for budget proposals to be mooted in the MTBPS but given the fallout from the increase in vat from 14% to 15%, concessions have been made on some basic commodities. So, with effect from 1 April 2019 the following items will be zero rated:

  MJ Minter & Co
MJ Minter & Co on 11/01/2018

The 17 Sustainable Development Goals (SDGs)

The 17 Sustainable Development Goals (SDGs) of the 2030 Agenda for Sustainable Development were adopted by 193 world leaders in September 2015 at the United Nations General Assembly: “Transforming our World: the 2030 Agenda for Sustainable Development” [known as Agenda 2030]. They officially came into force on the 1 January 2016. South Africa is one of the member states of the United Nations.

  MJ Minter & Co
MJ Minter & Co on 10/01/2018

Tax Season

Season closes on 31 October for non-provisional tax-payers and for those provisional taxpayers who opt to file at a branch. Provisional taxpayers ordinarily have until 31 January 2019 to file on eFiling only.

  MJ Minter & Co
MJ Minter & Co on 10/01/2018

Enhancements to the Income Tax Return for Trusts (ITR12T)

On 17 September 2018, SARS implemented several changes to the Income Tax Return for Trusts (ITR12T) in respect of the year of assessment ending on 28 February 2018. If you saved or submitted your 2018 ITR12T prior to the implementation of the latest changes, none of the new fields will be presented for completion. The contents of the return are fully customisable, based on answers to certain questions presented to you for completion.

  MJ Minter & Co
Profmark Team on 10/01/2018

President Ramaphosa's Economic Stimulus Package

President Ramaphosa recently announced measures to stimulate economic activity. While acknowledging the tough economic environment we are faced with, he appears very clear on the direction we need to take in order to revitalise our economy albeit over a period of time. The desired outcomes were outlined as follows:

P Profmark Team
Profmark Team on 10/01/2018

Medium Term Budget Policy Statement (MTBPS)

Nhlanhla Nene is the first victim of the “State Capture Enquiry”. Just two weeks before presenting a critical MTBPS, he resigned after a massive public backlash regarding his initial non-disclosure regarding his meetings with the infamous Gupta family.

P Profmark Team
Profmark Team on 09/01/2018

Third Top up due 28th September

A voluntary provisional tax payment, often referred to as a “top-up” payment, can be made in respect of the third period of provisional tax. The payment is generally not determined through an estimation of taxable income but is instead based on actual taxable income for the year as this figure is often known to the provisional taxpayer when making the top-up payment.

P Profmark Team
Profmark Team on 09/01/2018

How to Choose A Business Partner

When you are contemplating going into business with someone, either in the form of a joint venture, partnership or as co-owners of a business, there is no way to guarantee that it will work. However, there are some things you can do to try and prevent any problems down the line.

P Profmark Team
Profmark Team on 09/01/2018

Recession - Strategic Thinking, Planning & Action

Our previous article detailed the technical analysis of our current recession. We need to develop a strategic plan to assess the impact on our lives and businesses, and plan accordingly. Even if you don’t think the current recession will impact your business you still need to have a strategic plan.

P Profmark Team
Profmark Team on 09/01/2018

Economy shrinks by 0,7%

The South African economy slipped into recession during the second quarter of 2018, shrinking by 0,7% quarter-on-quarter. This followed a revised 2,6% contraction in the first quarter of 2018.

P Profmark Team
Profmark Team on 08/01/2018

Reimbursive Travel Allowance

A reimbursive travel allowance is where an allowance or advance is based on the actual distance travelled for business purposes (that is excluding private use). Such an allowance is subject to a prescribed rate per kilometre of R3.61 per kilometre with effect from 1 March 2018. Historically this allowance was limited to 12 000 km per annum, whereas it is now unlimited subject to actual business kilometres travelled.

P Profmark Team
Profmark Team on 08/01/2018

Land Rights – An international perspective

The land question is foremost on all South African minds, with debate raging across all spectrums. To put the land issue in perspective the following extract from the International Growth Centre policy brief on unlocking land rights for urban development highlights that the land issue is not unique to South Africa. Over above that a serious business case can be motivated for ensuring legally enforceable land rights.

P Profmark Team