“The cold, harsh reality is that we have to balance the budget.” (Michael Bloomberg, former New York City Mayor) Budget shortfalls are not uncommon across the public and private sectors, especially in these economically challenging times. A budget shortfall is a significant concern for any individual or organisation and should be corrected promptly.              …

In terms of current law (Up to 29 February 2024), should trust income be vested in a beneficiary of such trust during the year of assessment, the income flows through the trust and is taxed in the hands of the beneficiary. This is the case regardless of whether the beneficiary is a tax resident of…

Trusts, companies, other trading entities and even trading individuals have until 30 June 2021 to company to PAIA/POPI requirements.

New tax proposals have been signed into law by President Cyril Ramaphosa on 15 January 2021. There are a number of key changes taxpayers need to know, the most significant being that it is non-compliance is now a criminal offence. In the past, taxpayers would be guilty of a criminal offence if they “wilfully” failed…

We have recently come across a number of clients that are unsure of Controlled Foreign Companies (CFS’s) as well as the impact this might have on their tax situation. Perhaps time for a recap: Where companies are incorporated offshore, clients often assume this automatically means that the profits/loss from that company will not be taxed…

As part of our service offering to clients, Acredo Consulting provides regular educational information based on the most frequently asked questions from our clients. This month we have an in-depth look at Turnover Tax, a system recently implemented by SARS. Turnover Tax What is it? Turnover tax is a simplified system aimed at making it easier…

A new division of the Acredo Consulting Group comprising of a team of specialists in the area of trust administration. In conjunction with RVN Corporate Services, we specialise in Broad Based Black Economic Empowerment (B-BBEE) Ownership Trusts. Visit our Fiduciary page to learn more. The Acredo Team