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November 2014

RETIREMENT ANNUITY REFORM POSTPONED

The National Treasury announced recently that Government has agreed to delay the implementation of laws governing the tax treatment of retirement fund contributions.

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TIM SHALLCROSS HEADS SOUTH FOR GLOBAL CONFERENCE

Business development manager, Tim Shallcross, is heading to South Africa to address Moore Stephens Africa network partners attending their annual partners’ conference on 7 November 2014 in Clarens, Eastern Free State. Tim ShallcrossThe conference brings together 200 attendees including 60 partners from 15 African countries.

Moore Stephens
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7 DEADLY SINS – WHY BUSINESSES FAIL

The recent spate of corporate failures in South Africa should be a stark remind to all of us to have another close look at our own businesses. Why do some businesses succeed when others fail? Is it just a matter of luck? Unfortunately the reality is that there are common mistakes that kill many businesses before they ever get off the ground.

Moore Stephens
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GOING CONCERN

A going concern is a business that functions without the threat of liquidation for the foreseeable future, usually regarded as at least within 12 months. It implies for the business the basic declaration of intention to keep running its activities at least for the next year, which is a basic assumption to prepare financial statements considering the conceptual framework of the IFRS. Hence, the declaration of going concern means that the entity has neither the intention nor the need to liquidate or curtail materially the scale of its operations.

Ndamulelo Mukwevho
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HOME OFFICE EXPENSE: WHEN CAN IT BE CLAIMED BY AN EMPLOYEE?

An individual who operates as a sole proprietor is eligible for all deductions and allowances provided for in the Income Tax Act 58 of 1962 (the Act) with regard to their business expenses. An individual who is an employee however is limited in the deductions that may be claimed against their salary due to the operation of section 23(m) of the Act.

Moore Stephens
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EMPLOYMENT EQUITY REPORT DEADLINE LOOMING

The deadline for the Employment Equity Reports to be submitted to the Department of Labour is approaching fast.All reports that are manually submitted (by hand or post) needed to be in by 1 October 2014. The deadline for online submissions via the Employment Equity Online Reporting System is 15 January 2015.

Moore Stephens
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AN EVENTFUL QUARTER AT A GLANCE

The last quarter was characterised by weakness in South African equity markets, after the All Share Index failed to hold onto the all-time highs reached in the previous quarter; weakness in both commodity and foreign exchange markets with the South African Rand testing levels not seen since January this year; and weakness in the credit markets with the knock-on effects of the micro-lender African Bank (ABIL) being placed under curatorship in August was felt across the market.

David Crosoer, Executive: Research and Investments at PPS Investments
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