Please find below, our newsletter for April 2018.
The 2017 tax season as well as the provisional tax for period 2018 P2 has been completed for taxpayers with a February year end.
We are now focusing on taxpayers with alternative year ends as well as the filing of the EMP501 reconciliation due end of May. (IRP5 generation process).
With regards to recent tax developments, we have been advised that Sars has now focused on targeting taxpayers with outstanding tax returns, and secondly, an article on a recent court case whereby the court ruled that revised assessments cannot be secretively completed, and the taxpayer must receive an opportunity to respond to this.
The 2018 Annual Financial Statements season is now in full gear, and our team will be communicating with you regarding these statements. Please remember, to ensure that your CC or Company, has a compliant Asset Register, as we find SARS is requesting this more frequently, as they focus on wear and tear ( ie tax depreciation) allowances.
See an article on director’s responsibilities and obligations – being a director comes with high levels of both. This is known as fiduciary duties ie the concept of extra care to be taken.
Our webinar training sessions and e-learning video courses continue to be very popular – check out our website for more details and ensure you stay current with vat, credit collection and many other topics. www.bizfacility.com
Estate planning and trusts
Our new company was launched in September, and we remind all of our clients of this offering – we have a highly experience lawyer working with us. Estate planning is vital for the protection of your wealth at time of your death, as the cost of estate management at time of death can be large. Please contact us for more information.
We attach an article on the importance of trustees working together – decision making by trustees is not a majority vote, but a unanimous one!
Do you have a valid Will ? Having a will is a critical part of financial planning because it allows you to specify exactly how you wish to distribute your assets on your death. This enables you to plan your estate according to your own wishes and needs to appointed beneficiaries.
Working with us to draft a will ensures that this document meets all legal requirements, and that your estate can be set up in a tax-efficient way to minimise estate taxes.
It is vital that there is adequate liquidity in your estate to meet necessary obligations during the winding-up period, as provision for this situation is often over looked. www.finsolveplanning.co.za
Content compiled by
Gavin Beretta – Financial Director
MBA, FCIS, CMT
FinSolve – Registered Accountants,
Business Valuation and Tax Practitioners