Constance Kawelenga, Author At Zuva Financial Services |

25 May 24

Understanding XBRL Reporting for South African Businesses

What is XBRL? XBRL stands for eXtensible Business Reporting Language. It is a technology standard for the electronic communication of business and financial data, increasingly adopted worldwide. XBRL offers significant benefits in the preparation, analysis, and communication of business information. It ensures cost savings, greater efficiency, and improved accuracy and…

24 May 24

Navigating IFRS 3 – Practical Strategies for Accounting in Business Combinations

Business combinations are integral to corporate growth strategies, enabling companies to expand their operations, diversify their portfolios, and increase market share. In the realm of financial reporting, adhering to International Financial Reporting Standards (IFRS) 3 is essential for accurately accounting for these transactions. Core Principles of IFRS 3 At the…

26 Apr 24

Why Small Business Corporation Tax Might Be Your Salvation

If you are a Private, Close Corporation, Co-Operative or Personal Liability company, then this salvation might be for you. The above-mentioned companies may be classified as Small Business Corporation if they meet the requirements of being as such (SBC). Let us look into what is required for a company to…

26 Apr 24

Tax Implications for Independent Contractors – Who, What and How

There really is no specific definition of ‘Independent Contractor’. According to the common law, the concept is merely another word for “Entrepreneur” or “Employer”, whereas according to the South African law traditionally, it refers to contract of locatio conductio operis. This term includes three types of transactions namely; The letting…

26 Apr 24

What Is the Size of Your Company? | Company Categorization by SARS

Registering a company with the Companies and Intellectual Property Commission (CIPC) automatically gets you registered with the South African Revenue Services (SARS) for Income Tax purposes. This means that your company is now a registered taxpayer and therefore is obliged by law to submit an Income Tax return. SARS classifies…

26 Apr 24

What Is Beneficial Ownership?

With crime activities such as money laundering increasing, it is crucially important for proper measures to be taken to mitigate the risks that give rise to such criminal activities. The national risk assessment identified legal persons as vehicles prone to abuse for money laundering and terror financing activities. As a result, the…

26 Apr 24

VAT and PAYE Registration

VAT Introduction and Registration Process If you are a person who carries on an enterprise and looking for efficient ways your business can pay less tax and also claim back tax on expenses incurred while carrying on trade, then this might be for you. The Value Added Tax Act defines…

26 Apr 24

What Is a Personal Service Provider and Related Tax Implications

A personal service provider (PSP) is a company or trust where the owner of the business renders service in his or her personal capacity using the business as a vehicle. According to the tax act, a personal service provider refers to a company which offers particular services and in reality…

26 Apr 24

Disability Allowances: Medical Scheme Fees Tax Credit (MTC)

A Medical Scheme Fees Tax Credit (MTC) is a rebate which, in itself, is non-refundable, but which is used to reduce the normal tax a person pays. The MTC applies to fees paid by a taxpayer to a registered medical scheme (or similar fund outside South Africa) for that taxpayer and any…

26 Apr 24

Travel Allowances and Reimbursements

A travel allowance is “any allowance paid, or advance given to an employee in respect of travelling expenses for business purposes.” The general position is that private travel is taxable and business travel is not taxable. Fundamentally, the legislative framework makes provision for two scenarios – A travel allowance given to…

Constance Kawelenga

Understanding XBRL Reporting for South African Businesses

Navigating IFRS 3 – Practical Strategies for Accounting in Business Combinations

Why Small Business Corporation Tax Might Be Your Salvation

Tax Implications for Independent Contractors – Who, What and How

What Is the Size of Your Company? | Company Categorization by SARS

What Is Beneficial Ownership?

VAT and PAYE Registration

What Is a Personal Service Provider and Related Tax Implications

Disability Allowances: Medical Scheme Fees Tax Credit (MTC)

Travel Allowances and Reimbursements

Understanding Beneficial Ownership: CIPC’s New Compliance Requirements

Disputing SARS Assessments: Understanding Your Rights and the Appeals Process

Workmen’s Compensation: Employer Registration, Reporting & Employee Claims

Section 13quat Explained: Tax Savings for Property Developers and Investors in South Africa’s Inner Cities

Understanding Amalgamation Transactions & Related Tax Relief Benefits (Section 44 of the Income Tax Act)

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