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Cecil Kilpin | April 2024 Newsletter

By |2024-04-18T12:12:59+02:00April 18th, 2024|Accounting, Business, Environmental, Finance + Economics, Newsletter, Tax|

Employer Annual Declarations (EMP501): 1 April to 31 May 2024. As an employer, it’s essential to stay informed about your tax obligations. The Employer Annual Declaration period is a crucial time when you need to submit accurate information to the South African Revenue Service (SARS). Let’s dive into the details: What is the Employer Annual Declaration (EMP501)? The EMP501 is an annual reconciliation declaration that employers must submit. It provides SARS with up-to-date payroll information about their employees. During this period, employers review their records, ensure accuracy, and report the necessary details. Key Dates: Opening Date: The Employer Annual Declaration period opens on 1 April 2024 Closing Date: Employers have until 31 May 2024 to complete and submit their [...]

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Cecil Kilpin | July 2023 Newsletter

By |2023-09-19T15:08:09+02:00August 20th, 2023|Business, Finance + Economics, Goverment, Newsletter, Tax|

New Chief Director of Tax Policy at the Ministry of Finance. Ms Yanga Mputa has been appointed as the new Chief Director of Tax Policy at the Ministry of Finance. Ms Mputa has a wealth of experience in tax administration and policy, having served as a senior manager at the South African Revenue Service (SARS) and as a tax consultant at PwC. She holds a Master of Commerce degree in Taxation from the University of Cape Town and a Bachelor of Accounting Science degree from the University of South Africa. Ms Mputa will be responsible for overseeing the development and implementation of tax policy reforms, as well as engaging with various stakeholders, including the National Treasury, Parliament, civil society and the [...]

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Cecil Kilpin | Legislation Changes – Beneficial Ownership

By |2023-06-13T11:15:32+02:00June 13th, 2023|Business, Environmental, Finance + Economics, Goverment, Newsletter, Tax|

AMENDMENTS TO THE TRUST PROPERTY CONTROL ACT. The General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act (no. 22 of 2022) came into force on 1 April 2023, and amends the Trust Property Control Act [as well as the Nonprofit Organisations Act (no.71 of 1997), the Financial Intelligence Centre Act (no.38 of 2001), and the Companies Act (no.71 of 2008)]. It is hereinafter referred to as “the Amendment Act”. The amendments to the Trust Property Control Act are significant – the intention is to increase the disclosure requirements on trustees, to prevent the misuse of trusts, and to combat money laundering, terrorist financing and other financial crimes. The Amendments Comprise: The insertion of the definition of ‘‘accountable institution’’ Increased disclosure [...]

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Cecil Kilpin | May 2023 Newsletter

By |2023-05-29T13:10:46+02:00May 29th, 2023|Business, Environmental, Finance + Economics, Goverment, Innovation & I.T, Newsletter, Tax|

Cybercrime and the Role of Directors. The recent pandemic has seen a dramatic move towards the use of technology in the business world. While the use of technology has in some instances increased productivity and eased the way of doing business, cybercrime has become is a global phenomenon with company data being hacked on an all to regular basis. The big question is who is responsible for the safety of data and privacy of information. South Africa has world class legislation which at times does not deter cyber criminals due to the lack of enforcement by authorities. Legislation clearly puts the onus on directors of a company to take all reasonable steps to protect sensitive data. Directors duties [...]

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Cecil Kilpin | March 2023 Newsletter

By |2023-03-09T12:38:04+02:00March 9th, 2023|Business, Environmental, Finance + Economics, Goverment, Innovation & I.T, Newsletter, Tax|

Estate Duty. When a natural person (taxpayer) dies, that person is called a ‘deceased person’ and all his or her assets on date of death will be placed in an estate. This estate is called an estate of a deceased person (commonly known as a ‘deceased estate’). Assets in a deceased estate can amongst other things include immovable property (house), movable property (car, furniture, etc), cash in the bank, etc.  The person who administers a deceased estate is called an ‘Executor’. Once the Executor has finalised all the administration in the deceased estate, the remaining assets (after paying all the debts) will be distributed to the beneficiaries. A beneficiary can consist of either heirs and/or legatees.  A legatee is a [...]

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Cecil Kilpin | January 2023 Newsletter

By |2023-01-24T16:40:26+02:00January 24th, 2023|Business, Finance + Economics, Goverment, Newsletter, Tax|

Administrative Penalties for Late Submission of Tax Returns. With effect from 1 December 2022*, administrative penalties relating to the late submission of a tax return will be charged when one or more tax return(s) relating to tax years from 2007 up to 2020 are outstanding. Prior to this change, taxpayers were only liable for administrative penalties for late submission if they had two or more tax returns outstanding for these tax years. Incidences of non-compliance subject to a fixed amount penalty: Individuals (Personal Income Tax) – From 1 December 2022 if a natural person failed to submit an income tax return for years of assessment from 2007 onwards when that person has one or more income tax returns [...]

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Cecil Kilpin | December 2022 Newsletter

By |2022-12-15T16:56:15+02:00December 15th, 2022|Business, Finance + Economics, Goverment, Newsletter, Tax|

Overview of Monetary Policy Committee Statement. High inflation and weak economic growth continue to shape global conditions alongside monetary and fiscal policy responses. Russia’s war in the Ukraine drags on, impairing trade and raising prices of a wide range of energy, food and other commodities. Growth in the United States is set to weaken, and remains low in China. Although energy constraints have eased somewhat in the Euro Area, recession risk is high. Additionally, a number of developing economies face debt distress, exacerbated by tighter global financial conditions. Policy normalisation has accelerated, and monetary conditions are likely to tighten further to ensure inflation declines from its current high rates. With long-term borrowing costs high and fiscal positions extended, [...]

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Topic: 2022 Medium Term Budget Policy Statement

By |2022-10-28T09:17:15+02:00October 28th, 2022|Business, Finance + Economics, Goverment, Newsletter, Tax|

The supportive global conditions that spurred the economic recovery in 2021 are dissipating, and domestic shocks – Particularly power cuts – have lowered economic growth and confidence. A broad slowdown in global growth and high inflation are forecast. Rapid and decisive implementation of structural reforms, especially in the energy sector, supported by a clear and stable macroeconomic framework and improved state capability, remain crucial to improve the economy’s productive capacity and international competitiveness. Key Issues: Since the 2022 Budget Review, global and domestic risks to the economic outlook have materialised, including slower global growth, higher levels of inflation, accelerating interest rate increases and intensified power supply interruptions Real GDP is projected to grow by 1.9 percent in 2022, compared with 2.1 percent [...]

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Cecil Kilpin | October 2022 Newsletter

By |2022-10-20T16:52:56+02:00October 20th, 2022|Business, Finance + Economics, Goverment, Newsletter, Tax|

DIRECTOR’S ROLE AMIDST RECENT TRENDS IN THE BUSINESS WORLD. Some of the recent trends in the business world, which directors should take cognisance of, are: Environmental, social and governance (ESG): This is an approach to evaluating and operating businesses that goes beyond the sole focus of shareholder return. ESG has three main focus points, being: An environmental aspect: the focus is on preserving the natural world, such as climate change, greenhouse gas emissions, biodiversity loss, deforestation, pollution, energy efficiency and water management. A social aspect: the focus is on people and relationships including working to support gender and diversity, equity, and inclusion, enhancing customer satisfaction and employee engagement. A governance aspect: the focus is on moving beyond how [...]

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Cecil Kilpin | September 2022 Newsletter

By |2022-09-26T16:35:27+02:00September 26th, 2022|Business, Finance + Economics, Goverment, Newsletter, Tax|

WHO NEEDS TO DO ESTATE PLANNING? Many may think that they are not old enough or wealthy enough to warrant doing any estate planning. However, if a person is over the age of eighteen, no matter how small his estate is, it is advisable to begin the process. All persons 16 years and older are competent to make a Last Will and Testament, in order to determine how their estate should devolve upon their death (where applicable). Where an estate planner is “at” in life, will determine his/her strategic plan for his/her estate, and which techniques to use in order to implement in the plan. An estate planner may be single, married, divorced, or separated. He/she may have [...]

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