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Servitude Valuations

The definition of Market Value implies that it is the most probable price it will sell for. Not the highest or lowest possible price. Servitude Valuation is defined by the Dictionary of Real Estate Appraisal (6th edition) as “An encumbrance consisting in a right to the limited use of a piece of land without the

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Rights of beneficiaries in discretionary trusts

Introduction Discretionary trusts in South Africa are popular estate planning tools, allowing individuals to manage and protect their assets for the benefit of their loved ones. In these trusts, beneficiaries are the ultimate recipients of the trust’s assets, but they have limited control over when and how distributions are made. Understanding the rights of beneficiaries

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Input VAT and motor cars

Input VAT and motor cars A vendor is generally not entitled to deduct input tax on the acquisition of a motor car, irrespective of whether it is applied for taxable purposes or not. The input tax is denied even if the vendor paid Value-Added Tax (‘VAT’) when the goods or services were acquired and is

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Protecting Professionals: The Vital Role of Professional Liability Insurance

In today’s increasingly litigious world, professionals across various industries face a growing number of lawsuits and legal claims. As a result, the importance of having Professional Liability Insurance, commonly known as Errors and Omissions (E&O) insurance, has never been more critical. This type of coverage acts as a safety net for professionals, offering financial protection

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Business Rescue in South Africa Proving its Worth: An Analysis

Introduction In recent years, business rescue has emerged as a crucial mechanism in South Africa to salvage struggling companies and mitigate the adverse impact of corporate distress on the economy. As business rescue practitioners, we have conducted a comprehensive analysis of data sourced from the Companies and Intellectual Property Commission (CIPC) to shed light on

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Settlement agreement on Employment Equity

On 28 June 2023, the South African government and the Solidarity Trade Union signed a settlement agreement on employment equity. Employment and Labour Minister, Mr T.W. Nxesi, referred to the agreement as a “ground-breaking” settlement agreement amid all the negative publicity. They added that the agreement is critical to discredit the negative perceptions created maliciously

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What are the recent trends in auditing?

Artificial intelligence (AI) is transforming every industry and organisation.  The rising use of AI and automation is one of the most significant trends that will also impact the future of auditing and radically change the way of auditing in the future by automating procedures and improving audit quality. One of the most important areas where

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The accuracy of municipal valuations

Municipal Valuations are not accepted as accurate by SARS (potential tax purposes), and it is not accepted as accurate by the SA courts in litigation processes. Municipal Valuations are based on the Municipal Property Rates Amended Act 29 of 2014. Municipal valuations have the following characteristics: The reasons why it is done by applying mathematical

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Testamentary Trusts – what you should know

A trust may be established in various ways. The two most common ones are either through a contract (between living persons) or by way of a last will and testament. In the case of the former, the trust is based on a contract between the founder and trustees in terms of which assets must be

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Solar Panel Tax Incentive

Solar Panel Tax Incentive for Individuals The objective of the newly announced solar panel tax incentive for individuals announced by the Minster of Finance in the 2023/24 budget speech is to encourage households to invest in clean electricity generation capacity to supplement electricity supply. The incentive will only be available for one year to encourage

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Commercial Finance as a Growth Partner

When we hear the word debt we shiver, and rightly so. The current economic climate is such, that more and more consumers and businesses find themselves fighting for survival, and the last thing people and business need is more debt. But, if appropriated and used correctly, and at the right time, commercial finance can be

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Business Rescue

Do you want to become a Business Rescue Practitioner? Given the economic environment that South Africa finds itself in post-COVID-19 coupled with the many woes that continue to plague the country, such as load shedding, continued State Capture, and rising costs, many businesses are facing financial distress. While the outlook is not positive, this presents

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Brand Strategy

Brand strategy is an important aspect of any business. Brand strategy is an important aspect of any business or organisation. It involves defining the core values and unique selling proposition of a brand and communicating them effectively to its target audience. However, creating a compelling brand strategy requires more than just a list of features

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Who is taxed when a trust distributes gain to beneficiaries?

In a recent supreme court of appeal judgement, CSARS vs The Thistle Trust, an interesting question was considered. Who is taxed when a trust distributes gains to beneficiaries – should it be the trust or the beneficiaries? A dispute arose with SARS as to whether a trust’s disposition to its beneficiaries was to be assessed

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Interesting new court judgement regarding the accrual system

In the “old” days before 1984, couples intending to get married could only choose between two marital regimes in terms of legislation. These were in community of property, which meant that the assets of both parties would be combined into one estate of which each spouse owned one half, undivided interest, and out of community

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Why is it important to brand?

Now is an excellent time for South African products to enter global markets, according to Prof Melville Saayman, director of Tourism Research in Economic Environs and Society at North-West University. He explains why the branding of our agricultural products is so important. In 2015, the Tourism Research in Economic Environs and Society research unit at

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Bad Debt: Income Tax and VAT benefits

Section 11(i) permits a deduction from a taxpayer’s income of the amount of any debt due to the taxpayer which has during the year of assessment become bad, provided such amount is included in the current year of assessment or was included in previous years of assessment in the taxpayer’s income. This deduction will thus

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Difference between a Business valuation and a commercial property valuation

IntroductionIt is essential to understand that there are fundamental differences between how a business is valued and how commercial property is valued Commercial propertyThe valuation is based on the Net Rent income (BEFORE interest, depreciation, amortisation & tax)Thus, gearing (debt amount) has no impact on the valueThe risk in the value is in relation to

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The importance of branding in business

A business’s branding is more important than you might think. On the outside, your brand may seem like it consists only of elements such as logos and colours, but your brand is actually the entire identity of your business. Your brand gives you personality. Branding has always been a vital part of business, but it

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Appointing a B-BBEE Verification Agency

Every now and again, we are faced with the question: “Who is authorised to issue a valid B-BBEE certificate?”The answer is quite clear. A B-BBEE verification certificate can only be issued by a verification professional accredited by SANAS (the South African National Accreditation System). The ongoing importance of SANAS cannot be understated. The accreditation of

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Welcome to our comprehensive list of branding statistics!

Before we jump into the facts and numbers that help businesses rise or fall, we need to clear out the basics of branding and its importance. Branding is a combination of distinctive design and marketing tactics used to promote a specific product or service. As for its importance, branding is widely regarded as one of

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Divorce and your retirement funds – how will this affect you?

This article will deal mainly with provident funds and will not include separate rules applicable to other retirement funds. Apart from being involved in a major life-changing event involving sorting out the settlement agreement and worrying about the impact on the children, the parties to a divorce should be aware of how a divorce will

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VAT on the temporary letting of residential property by developers

Property developers develop residential property with the main purpose of selling the completed residential units in the course of making taxable supplies. Where a property developer who is registered for VAT develops residential properties for sale, the developer is entitled to deduct the VAT incurred on the development costs as input tax and is obliged

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POPIA: IT Security Best Practices

Hopefully, you are already registering for POPIA and working towards becoming compliant. The 1 July 2021 deadline is looming, and many are still unsure or unclear on what needs to happen. The very short and condensed version is you need to register an Information Officer and get all the necessary documentation in place. Unfortunately, this

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Crypto Assets and Tax

The word “cryptocurrency” was replaced with “crypto asset” in line with the proposed adoption of a uniform definition of crypto assets within the South African regulatory framework. A crypto asset is defined as a digital representation of value that is not issued by a central bank but is traded, transferred and stored electronically by natural

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Employment Equity Reporting

Employment Equity (EE) is one of the most challenging and underestimated elements of transformation that South African employers face. The window for Employment Equity reporting opened in September 2021, and the deadline for online submission is 15 January 2022. All companies qualifying as Designated Employers need to submit Employment Equity reports to the Department of

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Proxies and dementia

Clients often ask what they should do if one of their parents starts suffering from dementia. How does one even begin to manage the situation when it comes to estate planning? There are countless examples of elderly people who, due to their age and lack of ability, whether physical or mental, have given a supposed

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