MD Accountants & Auditors Inc – Section 12J Webinar

Author Archives: MDACC

MD Accountants & Auditors Inc – Section 12J Webinar

Thank you to those of you who were able to attend last week’s Section 12J session, for those of you who were unable to attend, you can watch the recording of the webinar, by clicking here. Below is a short summary of each of the Section 12J investments, as well as a video to take […]

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Trusts welcome DTIC Minister Patel’s support for ownership schemes

https://www.iol.co.za/business-report/economy/trusts-welcome-dtic-minister-patels-support-for-ownership-schemes-db44b85f-35b3-478d-a507-04e516d68976 DURBAN – A COLLECTIVE of six of South Africa’s broad-based black economic trusts yesterday welcomed Department of Trade, Industry and Competition (DTIC) Minister Ebrahim Patel’s public support for their broad-based ownership schemes. The trusts, Kagiso Charitable Trust, Mineworkers’ Investment Trust, HCI Foundation, Women’s Development Bank Trust, Ditikeni Investment Trust and Wiphold Trusts, have been […]

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FORFEITURE OF SEVERANCE PAY

This recent case highlights the need for employees to approach retrenchments with care. Being too hard-nosed can be counterproductive.  Forfeiture of severance pay – “you snooze, you lose” December 2020 By GAEL BARRABLE AND MZAMO DANANA Cowan-Harper-Madikizela, Published in Employment Law The Labour Relations Act (66 of 1995), as amended (the LRA) envisages a meaningful, joint consensus-seeking […]

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MD’s Top Tax Savings Tips – Ahead of the Budget on 24 February 2021!!!

With the upcoming Budget on 24th February 2021 and the current economic climate (SARS will try to find every possible way to increase collections!), we are expecting a tough Budget and increased taxes. The following comprehensive year-end tax planning guidance and “tax-saving tips” can help you to minimise your tax burden and protect your wealth. […]

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UIF launches e-compliance certificate system

The Unemployment Insurance Fund (UIF) is embracing technology in a big way and has finally launched its highly anticipated E-Compliance Certificate online system. This will enable employers, small businesses and entrepreneurs to apply for a UIF compliance certificate (tender letter) without leaving the comfort of their homes of having to queue for manual issuance. The […]

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MD’s Top Tax Savings Tips ahead of the Budget on 24th February

With the upcoming Budget on 24th February 2021 and the current economic climate (SARS will try to find every possible way to increase collections!), we are expecting a tough Budget and increased taxes. The following comprehensive year-end tax planning guidance and “tax-saving tips” can help you to minimise your tax burden and protect your wealth. […]

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Potential taxes to fund the vaccine. Be prepared and plan now before the Budget!

MD’s email sent out for this post | https://bit.ly/36TMUNW   With a tough budget expected on 24 February 2021 to fund the Pandemic losses and the roll-out of the vaccine we could potentially see increased taxes through Dividends Tax, Capital Gains Tax, Donations Tax and the introduction of a new Wealth Tax. Dividends Tax Although […]

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Employment Equity Amendment Bill described as a “game-changer”

Recently the Parliament’s Portfolio Committee on Employment and Labour has called for public comment on the Employment Equity Amendment Bill. The bill has been described by President Cyril Ramaphosa as a ‘game-changer’ for Black Economic Empowerment in South Africa. The Minister of Labour, after consulting with various sectors including the Commission for Employment Equity, will […]

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Are you being sold a dubious B-BBEE share option scheme? Hear what the B-BBEE Commission has to say…

This is the typical scenario presented: A QSE company (under R50m turnover) is non-compliant. They are advised to set up a separate company that would have 100% black shareholders (either black employees or an NGO) and this company would have a 51% share option in the main company, which would mean that they receive an […]

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FILING SEASON 2020: DEADLINE FOR ONLINE FILERS EXTENDED

https://www.sars.gov.za/Media/MediaReleases/Pages/28-January-2021-SARS-extends-Filing-Season-deadline-for-online-filers.aspx SARS EXTENDS FILING SEASON PROVISIONAL TAXPAYER DEADLINE FOR ONLINE FILERS “SARS extends Filing Season deadline for online filers” – for more information, access the media release. Deadline extended In the media release issued on 28 January 2021, SARS addresses the effect of the current COVID-19 wave in South Africa and states that it has […]

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