Your guide to understanding estate duty
Planning for the future involves more than just accumulating wealth; it requires understanding the intricacies of estate duty – the tax imposed by SARS on your estate after you die. Here’s what you need to know to ensure your legacy is preserved while minimising tax liabilities.
Why a will is vital for estate management and tax efficiency
When it comes to planning, few things are as important as creating a will. A will serves as your voice beyond the grave, ensuring that your wishes are respected, and your loved ones are cared for. Beyond the emotional comfort it provides, a well-structured will plays a pivotal role in managing tax liabilities and simplifying estate distribution.
Trustees: your new role as a third-party data provider to SARS
Are you a trustee of a resident trust in South Africa? Brace yourself for significant changes as SARS now demands that trustees become third-party data providers. In this blog, we’ll dive into the increased reporting requirements, explore potential challenges, and offer expert advice on navigating this new landscape to ensure compliance and transparency.
Reporting obligation for trusts: do you understand beneficial ownership and compliance?
Since April 2023, trustees have had a new responsibility under the amended Trust Property Control Act, Act 57 of 1998 (TPCA) to report and maintain accurate records of the beneficial ownership of their trusts. Why has this amendment been made?
Mastering the balance: 5 tips for business stress management
Running a business can be overwhelming, but don’t let stress hinder your success. Our latest blog reveals five practical strategies to manage stress and achieve a healthy work-life balance. Prioritise yourself, delegate tasks, set boundaries, connect with peers, and practice stress reduction techniques. Boost your well-being and watch your business performance increase.
Make the right choice for filing your tax return
Filing your taxes can be overwhelming, but before you go the DIY route, consider the potential pitfalls. Late filings and errors can cost you big time. Discover the benefits of hiring a professional accountant to handle your taxes. They’ll save you time, optimise your return, and ensure you’re compliant with tax regulations. Say goodbye to stress and hello to peace of mind.
Essential practices for mastering your business’s financial management
Financial management is the backbone of a thriving business. Discover the key practices to make informed decisions, optimise revenue, and ensure long-term stability. From strategic financial planning to effective cost management and revenue stream optimisation, this blog post unveils the secrets to financial mastery. Learn how to control costs, manage cash flow, analyse profit margins, make smart investments, and leverage professional advice. Take charge of your business’s financial future today and achieve your goals.
Should your financial management be in-house or outsourced?
Struggling to decide between hiring an in-house financial manager or outsourcing your accounting needs? This comprehensive comparison breaks down the pros and cons of each option. In-house managers provide expertise and control but can be expensive and inflexible. Outsourced accountants offer a broad range of expertise, flexibility, and cost-effectiveness, but less direct control. The decision ultimately depends on your business’s needs, size, and financial situation.
The pros and cons of SARS auto assessments
SARS auto assessments have both pros and cons for individual taxpayers. While they are convenient and can result in faster refunds, taxpayers may have less control over their tax returns and may not be able to claim all the deductions and tax credits they are entitled to. Therefore, it is important for taxpayers to carefully consider whether auto assessments are the right option for them and to seek professional advice if necessary.
How prepared is your business if the pawpaw hits the fan?
Is your business prepared for unexpected financial challenges? With insurers considering whether or not total grid failure-related risks will be insured, now’s the time to act. Don’t wait for the pawpaw to hit the fan – start creating a rainy day fund for your business today. In this blog, we explain why a rainy day fund is essential, and provide five tips for creating one. By taking proactive steps to ensure your business is financially prepared for the unexpected, you can enjoy peace of mind and focus on growing your business.