2. Don’t allow anyone else to tow your vehicle except your insurer’s accredited supplier. So always have the call centre contact number available.
When getting authorisation for the vehicle to be towed from the scene of an accident, make sure you speak to your insurer yourself. What does happen is that tow operators sometimes offer to call your insurance company and then hand you the phone. It is possible that the person on the other end is not your insurer but just someone working with the tow operator. It’s understandable that you could fall for this in all the stress and confusion of the whole event.
The panel shop will not release your vehicle until you’ve paid the excess. The excess amount is specified in your policy document and you need to be sure about what you’re liable for. There is no other arrangement that will work and it is best to plan for paying the excess before you try to get your vehicle from the panel shop.
The board of directors of a company may now authorise financial assistance to be provided by the company by way of a loan, guarantee or the provision of security to any person for the purpose of subscribing for shares issued in that company. However, and despite any provision of a company&#39;s memorandum of incorporation, the company’s directors may not authorise any financial assistance unless the financial assistance is for either an employee share scheme, or has been authorised through a special resolution by the shareholders of the company. (A special resolution involves a resolution adopted with the support of at least 75% of the voting rights exercised on the resolution, or a different percentage which may potentially be allowed for in the company’s memorandum of incorporation.) In addition, the company’s directors must be satisfied that the terms of the loan (or other form of financial assistance) is fair and reasonable to the company, and that the company would, after providing the financial assistance, still be both solvent and liquid. If the company’s memorandum of incorporation specifically imposes certain further conditions on the company granting financial assistance for the issuing of its shares, these requirements too need to be adhered to.
Gebruik sagteware.Rekeningkundige sagteware soos Quickbooks en sigblaaie van MS Office maak bestuur van uitgawes makliker. Kies dieselfde program as jou boekhouer of ‘n versoenbare een; sodoende kan jy inligting direk na jou belastingopgawe oordra.
Wees gereed vir belastingtyd.Wees noukeurig wanneer jy aftrekbare uitgawes soos voertuiggebruik vir besigheidsdoeleindes, reis- en onthaalkoste, voorraad en toerusting, en bydraes aan verenigings en liefdadigheidsorganisasies aanteken. Die SAID-webtuiste voorsien details oor hierdie uitgawes.
Hou persoonlike en besigheidsrekeninge apart.Moenie persoonlike kontant, kredietkaarte of tjeks vir besigheidsuitgawes aanwend nie. Maak seker jy debiteer die korrekte rekening wanneer jy jouself of werknemers vergoed, om verwarring en navrae van SAID te vermy.
Stadig met die kontant.Betalings uit die kleinkas moet beperk word – skep eerder ‘n kleinkas-rekening in jou boekhouding om effektief hiervan boek te hou.
Bewaar alle kwitansies.In geval van ‘n oudit gaan jy alle kwitansies benodig om jou eise te staaf. Skryf dus die doel van die uitgawe op elke kwitansie, en neem foto’s daarvan of skandeer dit in die rekenaar in om bergplek te spaar en moeite te verminder.
Teken inligting dadelik aan.Teken uitgawes dadelik aan sodat dit nie ophoop nie en jy in beheer van die boekhouding bly.
Gee jouself krediet.Kredietkaarte maak dit makliker om tred te hou met jou besigheidsuitgawes, aangesien die state besonderhede van jou uitgawes volledig uiteensit. Kredietkaarte is ook veiliger en geriefliker om te gebruik as kontant.
Monitor resultate.Skep weeklikse en maandelikse terugvoering met jou rekeningkundige sagteware om jou inkomste en uitgawe te monitor. Gebruik ‘n maandelikse, kwartaallikse en jaarlikse begroting gebaseer op spandering in die verlede om jou uitgawes met jou begroting te laat klop.
Sny oortollige uitgawes.Spandeer jy meer as wat jou begroting toelaat? Wil jy ‘n groter wins maak? Analiseer jou uitgawes en begin deur die onnodige uitgawes te sny.
Posted on 25 of February, 2016 by BadenhorstOud	in Tax
With the fiscal year-end for individuals on 29 February 2016, it is useful at this stage to be reminded of the various tax rates applicable for the 2016 tax year. These were enacted by the ​Rates and Monetary Amounts and Amendment of Revenue Laws Act, 13 of 2015 and promulgated on 17 November 2015 (to the extent that these rates were amended).
Below we set out some of the more relevant rates and tables that may be applicable to our clients.
Income tax rates for individuals for the 2015/2016 tax year:
​0 – 181 900 ​18% of each R1
​181 901 – 284 100 ​32 742 + 26% of the amount above 181 900
​284 101 – 393 200 ​59 314 + 31% of the amount above 284 100
​393 201 – 550 100 ​93 135 + 36% of the amount above 393 200
​550 101 – 701 300 ​149 619 + 39% of the amount above 550 100
​701 301 and above ​208 587 + 41% of the amount above 701 300
Interest Exemptions from Income Tax:
​Person younger than 65 ​R23 800
​Person 65 and older ​R34 500
​Per month (R) 2016
​For the taxpayer who paid the medical scheme contributions 270
​For the first dependant ​270
​For each additional dependant(s) ​181
​Primary ​R13 257
​Secondary (65 and older) ​R7 407
​Tertiary (75 and older) ​R2 466
Income Tax for companies is levied at 28%, whilst the rate is increased from 40% to 41% in the case of trusts.
Small Business Corporations are not taxed at a flat rate of 28%, but according to the below table for tax years ending between 1 April 2015 and 31 March 2016:
Taxable income (R) ​Rate of tax (R)
​0 – 73 650 ​0%
​73 651 – 365 000 ​7% of the amount above 73 650
​365 001 – 550 000 ​20 395 + 21% of the amount above 365 000
Capital gains tax is calculated by including 33.3% of an individual’s net capital gains (less R30,000) in their taxable income to be used for calculating their income tax liability (see table above). The inclusion rate for ordinary trusts and companies are set at 66.6%.
The VAT rate is retained at 14%. The same applies to donations tax and estate duty, both still levied at 20%.
​0 – 750 000 ​0%
​750 001 – 1 250 000 ​3% of the value above 750 000
​1 250 001 – 1 750 000 ​15 000 + 6% of the value above 1 250 000
​1 750 001 – 2 250 000 ​45 000 + 8% of the value above 1 750 000
​2 250 001 and above ​85 000 + 11% of the value above 2 250 000
​Taxable turnover (R) ​Rate of tax (R)
​0 – 335 000 ​0%
​335 001 – 500 000 ​1% of the amount above 335 000
​500 001 – 750 000 ​1650 + 2% of the amount above 500 000
​750 001 and above ​6 650 + 3% of the amount above 750 000
Posted on 25 of February, 2016 by BadenhorstOud	in Financial
Is dit werklik nodig om te weet hoe om finansiële risiko te bestuur? Die antwoord is ‘n besliste “Ja!” Dit kan die verskil beteken tussen ‘n suksesvolle besigheid en ‘n besigheid wat gedwing word om sy deure te sluit. Maak seker dat u u besigheid die beste moontlike kans gee om te oorleef en te floreer deur finansiële risikobestuur te verstaan en dit te implementeer.
Finansiële risikobestuur kan in die volgende stappe verdeel word:
Verstaan wat finansiële risiko beteken
‘n Finansiële risiko is enige gebeurtenis of omstandigheid wat potensieel ‘n negatiewe impak op die finansies van ‘n besigheid kan hê.
Identifiseer finansiële risiko’s van toepassing op die besigheid
Identifiseer al die finansiële risiko’s waaraan u kan dink wat moontlik ‘n impak op die besigheid kan hê. Oorweeg dit om ‘n dinkskrum en/of SWOT-analise saam met werknemers te hou ten einde so veel as moontlik potensiële risiko’s te identifiseer.
‘n Voorbeeld van ‘n finansiële risiko is wanneer kliënte wat op krediet by u koop nie meer in staat is om hul uitstaande rekeninge te betaal nie.
Assesseer elke finansiële risiko individueel
Bepaal so goed as wat u kan, met behulp van die beskikbare inligting, hoe waarskynlik dit is dat elke risiko die besigheid kan affekteer en wat die moontlike bedrae van die skade (negatiewe impak) kan wees indien die risiko realiseer.
As ons die voorbeeld kan neem van kliënte wat nie meer hul uitstaande rekeninge kan vereffen nie, is die volgende matriks handig om die waarskynlikheid en omvang van die skade te bepaal indien die risiko sou realiseer. Aanvaar dat die waarskynlikheid en potensiële skade van kliënte wat nie meer hul uitstaande rekeninge kan betaal nie hoog is, soos op die matriks met ‘n “X” aangedui.
Waarskynlikheid van skade (kliënte wat nie rekeninge kan betaal nie)
Geskatte omvang van skade
Groot skadebv. R100 000
bv. R30 000
Klein skadebv. R5 000
Gee aandag aan risiko’s om die negatiewe impak op u besigheid tot die minimum te beperk
Identifiseer en gee aandag aan daardie risiko’s waaroor u die meeste beheer het en fokus u finansiële risikobestuurspogings daarop. Beheer in hierdie konteks sal die vermoë wees om die waarskynlikheid en potensiële skade te minimaliseer indien die risiko sou realiseer.
Skep en implementeer ‘n aksieplan om elk van die geselekteerde risiko’s tot aanvaarbare vlakke te verlaag.
Oorweeg die uitneem van versekering om die besigheid teen eksterne risiko’s te beskerm waaroor die besigheid nie veel beheer het nie, bv. natuurrampe.
Om verder uit te brei op die voorbeeld: die matriks toon dat dit hoogs waarskynlik is dat kliënte nie hul rekenings sal kan betaal nie, en die gevolglike bedrag van slegte skuld kan aansienlik wees. Daar is maatreëls wat die besigheid kan implementeer om die waarskynlikheid en bedrag van skade weens slegte skuld te voorkom, of minstens te verlaag. Dis implementering van hierdie maatreëls waarop die besigheid behoort te fokus ten einde die risiko van slegte skuld tot aanvaarbare vlakke te verminder. Voorkomende maatreëls kan die nagaan van kliënte se kredietrekords voordat goedere op krediet aan hulle verkoop word, insluit, sowel as die implementering van ‘n voorafgoedgekeurde kredietlimiet per kliënt.
Monitor die finansiële risikobestuursplan
Hersien die finansiële risikobestuursplan gereeld om te verseker dat dit tred hou met die veranderende omstandighede van die besigheid en steeds effektief is in die vermindering van huidige finansiële risiko’s.
As die bostaande voorbeeld van potensiële slegte skuld gebruik kan word, kan gereelde ondersoeke van die debiteure se ouderdomsanalise ‘n toename in uitstaande bedrae toon wat daarop kan dui dat die kredietbeleid vir kliënte hersien en opgedateer moet word.
Behoorlike finansiële risikobestuur kan ‘n besigheid se kanse op sukses en winsgewendheid aansienlik verbeter. Indien u ‘n finansiële risikobestuursplan wil implementeer of vermoed dat die huidige finansiële risikobestuursplan verouderd is, kontak gerus u finansiële raadgewer vir professionele bystand.
Posted on 25 of February, 2016 by BadenhorstOud	in Financial, Tax
National Treasury introduced the Tax free savings account and these accounts have been available since 1 March 2015, available through a variety of providers.
These accounts are intended for discretionary non-retirement savings and have certain distinct features which should make them very appealing to investors. Even though the intention is that they will be used for non-retirement savings, many investors will invariably use them to accumulate wealth for their retirement. The reason for this is that the longer term allows an enhanced compounding effect since you can earn returns on the tax saved.
The better known mechanism to incentivise non-retirement savings in South Africa is the annual interest exemption. Even though this exemption will still be available going forward, it will not be increased in future and will effectively be inflated away over time. This makes the Tax free savings accounts the primary long-term mechanism to incentivise savings.
As part of this incentive, investment companies must ensure that the account which they offer must be simple to understand, transparent, flexible and should not levy undue penalties.
The primary features of the Tax free savings accounts
The Tax free savings accounts allows you to contribute a total of R30,000 per annum into your Tax free saving accounts, whether you have one or many.
Your contributions will not be tax deductible
All the return within your accounts (whether it is in the form of dividends, a capital gains or interest) will be free of tax in your hands and in the hands of the life assurer (if the Tax free savings account is housed in an endowment policy)
Withdrawals from a Tax free savings account will not be taxed in the hands of the individual or in the hands of the life assurer (if applicable)
The funds within the Tax free savings account will be accessible (even if the Tax free savings account is housed in an endowment policy)
You will have a lifetime contribution limit of R500,000 (It is not intended that the lifetime limit will be increased by inflation in the short term). It is also a reasonable assumption to make that the limit won’t be increased for a very long time period, otherwise it would be of no use
Once a withdrawal has been made, the amount cannot be placed back into the account (it has to be invested as a new contribution and will count towards the R30,000 annual limit and the lifetime limit)
The ability to transfer these accounts between product providers (without impacting on the contribution limits) will be made available at a later stage
The accounts should offer adequate asset class diversification
The accounts should not have complex pay-off structures, complex guarantees and performance charges
The remuneration and disclosure on the accounts should comply with KIID’s and RDR
Any contributions in excess of R30,000 is highly inadvisable and will be heavily penalised (40% on excess contribution)
Transfer between individuals could lead to penalties (by breaking the contribution limits) which may force investors to rather disinvest and transfer the actual money
When housed in an endowment policy
The untaxed portfolio under the four fund taxation approach will be used
No risk benefits included such as contribution waivers and/or contingency benefits
The 5 year rules related to withdrawals and the 20% contribution increase rules will not be applicable
Choosing the tax free wrapper
A Tax free savings account should probably now be one of the primary product wrappers to consider when making an investment. Before making a decision however, factors such as the investor’s Tax free savings account limits, the investor’s accessibility requirements, his tax situation, his total wealth and his expected future investable income should be considered.
Additional considerations that should be taken into consideration could include factors such as flexibility, potential early termination charges, the available fund choice and restrictions, fees and product bonuses, features specific to a product, estate planning benefits and the level of protection offered against creditors.
Each year, your first R30,000 should probably be invested into a Tax free savings account (up to the lifetime limit) and money withdrawn from this account should be done as one of your last resorts
Whilst this may seem straightforward, care needs to be taken not to be wasteful of both the annual limit and the lifetime limit if you expect that these limits may affect you over the long term
Please be aware that there are many instances where it will be to your disadvantage to follow the rule of thumb. One example will be when an investor intends to use a Tax free savings account to accumulate wealth for retirement purposes. In this instance, the investor’s circumstances may be such a retirement annuity would be a far better option. It is therefore crucially important that an investor’s individual circumstances must be taken into account before a decision is made
An example of a person trying to maximise his benefit
Jane invests exactly R30,000 into a Tax free savings account at the start of each year. (Even if it happens that the annual limit is increased every year.)
In the first year, her car breaks down and she has to use R20,000 for the repairs. Jane won’t be able to reinvest this R20,000 into her Tax free savings account that year. Had she built up an emergency fund before investing into her Tax free savings account, she would not have been forced to withdraw from the account.
In the following years, she withdraws R10,000 per year from his account to use for holiday purposes and for some minor renovations to her house.
After about 17 years, Jane has reached her Tax free savings account lifetime limit and she won’t be able to benefit on the tax free growth on any future contributions.
Jane could rather have saved R20,000 per year into her Tax free savings account. She could have saved the other R10,000 into a different investment which offers accessibility. This way she would not have wasted her lifetime contribution limit.
When using this approach, the tax liability on the R10,000 investment each year would have been rather small due to the short period of the investment (if the return was not already offset by her tax exemptions).
Should it happen that the R500,000 limit is increased in later years, she would be able to invest into a Tax free savings account again. If this only happens after 25 years, she would have missed the opportunity to contribute for about 9 years.
Hierdie artikel ondersoek die belasting-implikasies waar ‘n lid van ‘n aftreefonds en sy/haar gade skei en die lidgade se aftreevoordele tussen hom-/haarself en die nie-lidgade verdeel moet word.
Waar die nie-lidgade ‘n deel van die lidgade se aftreefonds ontvang volgens die egskeidingsbevel, moet die tipe fonds vasgestel word aangesien die lidgade se belang in die aftreefonds (die fondsbelang) verskillend bereken word afhangende van die tipe fonds waaraan die lidgade behoort.
In die geval van pensioen- en voorsorgfondse word die lidgade se fondsbelang vasgestel as die bedrag waarop die lidgade geregtig sou wees indien hy/sy uit die fonds sou bedank op die datum van egskeiding.
Waar ‘n uittree-annuïteitsfonds betrokke is, word die bedrag van die lidgade se fondsbelang volgens die volgende formule bepaal:
Totale bydraes tot uittree-annuiteïtsfonds tot op datum van egskeiding
Jaarlikse eenvoudige rente* op die bedrag van die totale bydraes tot op datum van egskeiding
* teen SAID se voorgeskrewe rentekoers op die datum van egskeiding
Die deel van die fondsbelang wat die nie-lidgade toekom, word gewoonlik as ‘n persentasie bereken, bv. 30% van die bedrag van die lidgade se belang in ‘n aftreefonds.
Wanneer die nie-lidgade hul deel van die fondsbelang ontvang, word die belasting-implikasies in terme van die Wet op Inkomstebelasting geaktiveer. Volgens die Wet op Inkomstebelasting is die lidgade verantwoordelik vir die betaling van Inkomstebelasting op die bruto deel van die pro rata fondsbelang wat deur die nie-lidgade ontvang is asof dit deur die lidgade ontvang is.
Die Wet op Inkomstebelasting bepaal verder dat die pro rata deel van die fondsbelang toeskryfbaar aan die ni-lidgade reeds in die hande van die lidgade belasbaar is al het dit bloot aan die nie-lidgade toegeval – die pro rata bedrag hoef nie werklik deur die nie-lidgade ontvang te word voordat die belasting-implikasies vir die lidgade realiseer nie. Die lidgade sal dus verantwoordelik wees vir betaling van Inkomstebelasting op die nie-lidgade se pro rata deel van die fondsbelang wanneer dit toeval aan of ontvang word deur die nie-lidgade, welke gebeurtenis ook al eerste plaasvind.
Volgens die Wet op Inkomstebelasting het die lidgade ‘n outomatiese reg om die Inkomstebelasting wat aan SAID betaal is, van die nie-lidgade te verhaal. Die netto bedrag wat die nie-lidgade gaan ontvang, sal dus soos volg bereken word:
Bruto bedrag van pro rata fondsbelang toegedeel aan nie-lidgade
Inkomstebelasting verskuldig daarop
Die belasbaarheid van die nie-lidgade se deel hou wesenlike gevolge vir albei gades in. Daar is kontantvloei implikasies vir die lidgade indien hy/sy die belastinguitgawe moet dra totdat dit van die nie-lidgade verhaal kan word. Die grootste finansiële gevolg vir die nie-lidgade is dat die netto bedrag van die fondsbelang wat hulle in werklikheid ontvang nadat die lidgade die belasting van hul verhaal het, aansienlik minder kan wees as die bruto bedrag van die fondsbelang.
Dit is van kardinale belang dat albei gades professionele advies inwin rakende die belasting-implikasies van hul egskeidingskikking voordat die skikkingsooreenkoms gefinaliseer word ten einde wesenlik nadelige finansiële implikasies vir albei gades te verhoed.
Toegang verkry op 29 September 2015