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Cecil Kilpin | August 2019 Newsletter

By |2019-08-22T10:52:40+02:00Aug 16th, 2019|Accounting, Business, Finance + Economics, Goverment, Tax|

National Health Insurance (NHI) The NHI Bill was recently promulgated amid a mixed reaction sentiment, positive and negative. While one can identify strongly with the rationale, affordability is paramount as is the management of such a fund. “National Health Insurance is a way of providing good healthcare for all by sharing the money available for healthcare among all our people. The health benefits that you receive will depend on how sick you are, not on how wealthy you are.” So, the big question is how we fund this. The bill is very thin on the funding model with vague mentions of around 5% of the national wage bill plus zero medical credits going forward. Very simply, it would appear that roughly 20% of the population [...]

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Cecil Kilpin | July 2019 Newsletter

By |2019-07-18T08:54:42+02:00Jul 17th, 2019|Accounting, Business, Goverment, Tax|

Business Rescue – Directors Responsibility In the current economic climate, more and more companies are becoming financially distressed. Directors are duty bound to constantly monitor the company’s financial position, to determine whether voluntary business rescue proceedings need to be initiated. Failure to implement business rescue proceedings could result in the director being charged with reckless trading and be exposed to personal liability. It is incumbent upon directors to ensure that they place their companies into either business rescue or liquidation, or to cease trading, when the warning signs become evident. Directors should be aware of the practicalities of business rescue, and the duties and powers of the business rescue practitioner. Where the director has reasonable grounds to believe that: The company is financially distressed, andThere [...]

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Cecil Kilpin | May 2019 Newsletter

By |2019-05-24T16:52:55+02:00May 24th, 2019|Accounting, Business, Finance + Economics, Goverment, Newsletter, Tax|

Carbon Tax – How does it affect your business? With the imminent introduction of Carbon Tax, it is important to know how this will affect your business. While your business may not be directly affected by the tax, your suppliers may well have to pass on additional costs incurred as a result of it. So, let’s explore who and what will be subject to the tax. Persons subject to tax: Liability for the tax arises for every entity that conducts an activity and emits GHG emissions above the threshold for the following activities: the Energy Sector (such as fuel combustion activities, petroleum refining, civil aviation, pipelines etc.). the Industrial Processes and Product Use Sector (such as cement production, lime production, Nitric acid production, ceramics, Refrigeration and Stationery Air Conditioning). the Agriculture, [...]

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Cecil Kilpin | March 2019 Newsletter

By |2019-03-29T14:15:12+02:00Mar 8th, 2019|Accounting, Business, Finance + Economics, Goverment, Newsletter, Tax|

Corporate Governance and The Prescribed Officer Corporate governance is under scrutiny like never before in South Africa. While most people believe that it is only appointed directors of a company who can be held personally liable, the Companies Act provides for a wider definition and includes Prescribed Officers. A Prescribed Officer is a title created by the 2008 Companies Act and is anyone who fulfils the role of a director but who is operating (intentionally or otherwise) under a different designation. Regulation 38 states that, despite not being a director of a particular company, a person is a “prescribed officer” of the company for all purposes of the Act, if that person: Exercises general executive control over the management of the whole, or a significant [...]

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Cecil Kilpin | October 2018 Newsletter

By |2018-10-19T09:58:32+02:00Oct 12th, 2018|Accounting, Business, Finance + Economics, Goverment, Newsletter, Tax|

Medium Term Budget Policy Statement (MTBPS) Nhlanhla Nene is the first victim of the “State Capture Enquiry”. Just twoweeks before presenting a critical MTBPS, he resigned after a massive public backlash regarding his initial non-disclosure regarding his meetings with the infamous Gupta family. His replacement, Tito Mboweni, has been well received by the markets and public in general. It would appear that his appointment will be positive for South Africa’s economic recovery , and we look forward to his budget speech presentation on the 24th October . While it appears a short time for him to pre-pare, Treasury has a contingent of experts who have prepared the necessary budgets in line with government policy. Minister Mboweni should slot in with ease! Fast facts on Tito [...]

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Cecil Kilpin | September 2017 Newsletter

By |2017-10-12T11:48:17+02:00Sep 7th, 2017|Accounting, Business, Finance + Economics, Tax|

WHAT IS ESTATE PLANNING? “In the world, nothing can be said to be certain, except death and taxes” Benjamin Franklin So, with absolute certainty we know we can plan for this event! In today’s world planning for death is only part of this complex and dynamic process. Below is a brief outline of the estate planning process: An ‘estate’ comprises the assets and liabilities that an estate planner accumulates during their lifetime, and which they leave behind at their death ‘Estate planning’ has been defined as the process of creating and managing a program that is designed to: Preserve, increase and protect an estate planner’s assets during their lifetime; Ensure the most effective and beneficial distribution thereof to succeeding generations on death, and in accordance [...]

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Cecil Kilpin | June 2017 Newsletter

By |2017-06-14T11:36:30+02:00Jun 14th, 2017|Accounting, Business, Finance + Economics, Goverment, Newsletter, Tax|

Financial Intelligence Centre Amendment Bill Signed into Law Following a long delay, President Zuma finally signed the Financial Intelligence Centre Amendment Bill into law at the end of April 2017. The bill is required for South Africa to meet its international commitments with the Financial Action Task Force (FATF).The amendments to the Financial Intelligence Centre Act (FICA) 2001 are important because they allow for the Financial Intelligence Centre (FIC) to perform its watchdog role more efficiently and effectively.  The amendments enhance the FIC’s ability to generate quality financial intelligence which can then be shared with a wider range of government departments and agencies, in an effort to combat financial crimes (such as money laundering and terrorist financing).The amendments are intended to make it more difficult [...]

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Cecil Kilpin | March 2017 Newsletter

By |2017-05-04T16:44:36+02:00Feb 28th, 2017|Accounting, Newsletter, Tax|

2017 Budget Speech – Highlights Finance Minister, Pravin Gordhan, began his 2017 budget speech by emphasizing the harsh reality facing South Africans:  unemployment is extremely high, economic growth is slow, and many businesses and families are under considerable stress. In an effort to address this challenging situation, the tax proposals this year are expected to raise an additional R28 billion.  The central thrust of government’s spending programmes will continue to be redistribution in support of education, health services and municipal functions in rural areas. Some of the main tax proposals outlined in the budget were as follows: A new top personal income tax rate of 45 % for those with taxable incomes above R1.5 million, combined with partial relief for bracket creep An increase in [...]

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