Money Business

Budget Speech 2012 South Africa

admin — Wed, 29 Feb 2012 21:04:53 +0000

Budget Speech 2012 South Africa has come and gone, here is an article with some superb articles and resources from one of South Africa’s leading financial services companies. They offer a unique view into the intricacies of the south african national budget with special focus on VAT, international tax, personal income tax, grants and incentives, carbon tax and energy. Follow the links below for more information on the topics:

Also download Deloitte’s Quick Tax Guide for a complete snapshot to keep as your own personal reference.

Budget 2012 Commentary

Transfer Pricing & the South African Budget 2012 With the South African budget speech for 2012 being around...
Annual Budget South Africa Infographic : Financial Infographics As all countries South Africa has its annual budget address...

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Transfer Pricing & the South African Budget 2012

admin — Wed, 08 Feb 2012 21:24:38 +0000

With the South African budget speech for 2012 being around the corner Billy Joubert, Head of Transfer pricing at Deloitte South Africa takes a look at the possible transfer pricing impacts that will be announced in the budget speech. Billy says that some of the changes we can look forward to include:

The fact that the SARS discretion to make TP adjustments is being abolished and the onus is now on taxpayers to make such adjustments themselves. This change places a significantly greater onus on taxpayers.

However, there was an additional sting in the tail of the final version of the 2011 legislation amending the Income Tax Act. This is the new section 31(3), which introduces a deemed loan in respect of TP adjustments.

This means that the potential liabilities associated with transfer pricing exposures may significantly increase. More specifically:

If a TP adjustment is required at year-end and the taxpayer makes such adjustment, this may avoid the incurral of any penalties or interest.

However, such adjustment will give rise to a deemed loan. This means that the taxpayer will be liable for tax on arms’ length interest on the deemed loan indefinitely until and unless physical payment is received of the adjusted amount.

Therefore, if the adjustment related to a non-arms’ length (insufficient) amount charged to a foreign related party, the SA taxpayer must actually charge the other party the difference (and receive payment).

Conversely, if the adjustment relates to a non-arm’s length (excessive) amount charged by a foreign related party, that other party must actually repay that amount in order for the deemed loan to be eliminated.

Find out more on Deloitte and Transfer Pricing.

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Integrated Reporting South Africa & Integrated Reports for Sustainability

admin — Tue, 07 Feb 2012 18:56:29 +0000

Integrated Reporting as enabling a process which enhances and preserves long-term sustainability in all its dimensions, without unduly sacrificing short-term performance. Integrated reporting is now a requirement for listed companies by the Johannesburg Stock Exchange and thus cannot be ignored any longer. The Integrated Report is in turn an annual report that comprises a holistic and integrated representation of the entity’s efforts to enhance and preserve long-term sustainability in all its dimensions, without unduly sacrificing short-term performance.

Deloitte South Africa has released the 2nd quarterly report on the state of Integrated Reporting in South Africa. Over a hundred Corporate Reports were analysed, covering 7 subjects, 58 principles and 160 questions. The report reveals that Integrated Reporting standards have been adopted by more than half of South Africa’s listed companies, and that laggards are becoming increasingly isolated.

Find out more on the report here – Integrated Reporting

Auditing Firms in South Africa : Best Audit Companies in South Africa Legal requirements demand that listed companies and high profile organisations...

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Annual Budget South Africa Infographic : Financial Infographics

admin — Tue, 31 Jan 2012 09:05:53 +0000

As all countries South Africa has its annual budget address to the media and general public. Deloitte South Africa has taken the next step to ensuring that everyday South Africans understand the budget and its implications by compiling the 2010/2011 budget results into an infographic. The Deloitte SA infographic highlights the key points raised by SA finance minister Pravin Gordhan.

Really nice work by their creative team, have a look and share.

Get the full infographic here – http://ow.ly/8Mgct

Auditing Firms in South Africa : Best Audit Companies in South Africa Legal requirements demand that listed companies and high profile organisations...

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Call Account Rates : Bidvest Bank Call Accounts

admin — Wed, 09 Nov 2011 20:40:25 +0000

A Bidvest Call Account offer competitive interest rates and access to your funds when you need them, offers competitive interest rates for a minimum deposit of R1000 and access to your funds whenever you need them, usually within 24 hours.

Funds can be held in the account for an unlimited investment period and partial withdrawals and additional deposits can be made at any time. The interest rate is determined by the balance in the account and is calculated daily and capitalised monthly.

7 Day Call Account

From a minimum balance of R5000 up to a maximum of R1 million, an individual can earn a flat rate of 5% per year. Funds can be held in the 7 Day Call Account for an unlimited period. Partial withdrawals and additional deposits can be made at any time after the first 7 days, thereafter access is granted within 24 hours. The interest rate is calculated daily and is capitalised monthly.

The interest rate on the account will change in line with changes in the Prime lending rate determined by the South African Reserve Bank.

Call Account Interest Rates:

Rates effective from 1 September 2011. Rates are indicative and subject to change
R 1000 < R 24 999	2.20%
R 25 000 < R 49 999	3.90%
R 50 000 < R 99 999	4.00%
R 100 000 < R 249 999	4.10%
R 250 000 upwards	rate on application

Bidvest Cash Passport : Bidvest Cash Travel Cards The Bidvest Cash Passport card offers the user all the...

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Bidvest Cash Passport : Bidvest Cash Travel Cards

admin — Wed, 09 Nov 2011 20:24:14 +0000

The Bidvest Cash Passport card offers the user all the security of a travellers cheques with the added convenience of plastic, this means travellers wont need to travel with cash on their person with the added convenience of just swiping a card.

Bidvest Bank’s Cash Passport card combines the security features of a traveller’s cheque with the convenience of a card to ensure that you do not carry large amounts of cash overseas. Cash Passport holds your foreign exchange at the rate it is purchased at and is also an ATM and debit card the can be used at millions of ATMs, stores, restaurants and hotels worldwide that display the Visa sign.

Bidvest Cash Passport Features:

Currency is pre-loaded to minimise risk of overspending
Debit card functionality
ATM withdrawal functionality allows instant access to local currency
Re-loadable at any time
Fixed exchange rate at the time of purchase protects you from daily rate fluctuations
PIN and signature protected for enhanced security
24 hour international emergency assistance for lost / stolen cards
Available in US Dollars, Euros, Great British Pound, Australian Dollars

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Auditing Firms in South Africa : Best Audit Companies in South Africa

admin — Mon, 07 Nov 2011 20:29:33 +0000

Legal requirements demand that listed companies and high profile organisations be audited to meet legal requirements and preferably at a value for money rate. Considering the fact that an audit is the most rigorous scrutiny your company might ever undergo, it is also an opportunity for the company to find out more about their business and the market that they’re in.

Currently, the Top Auditing Firms in South Africa are:

Deloitte
KPMG
PWC
Ernest & Young
Grant Thornton
BDO
Accenture

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Cadiz Investments Money Market Fund

admin — Sun, 06 Nov 2011 15:24:16 +0000

The Cadiz Investments Money Market Fund aims to deliver high levels of income in excess of returns available through the fixed term deposits and call accounts offered by banking institutions, while providing investors with capital protection and the stability of monthly returns and liquidity. The average duration of the Fund may not exceed 90 days.

Key Money Market Fund Features:

Inception Date – 1 March 2006
Benchmark – SteFI Composite
Sector – Domestic – Fixed Interest – Money Market
Risk Profile – Low
Asset Composition – Money market instruments
Minimum Investments – Lump sum: R20 000 / Monthly: R1 000 / Ad hoc: R500
Initial Fees – 0%
Annual Management Fees – 0.25% (excluding VAT)
Income Declaration – Monthly – 0.446745 cpu @ 30 September 2011
Income Payment – 1st working day after declaration date
Fund Size – R2.433 billion
Fund Manager – Adré Smit

Find out more…

Allan and Gray Investments Allan Gray is a South African investment management company that...

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Allan and Gray Investments

admin — Sun, 06 Nov 2011 15:03:12 +0000

Allan Gray is a South African investment management company that offers numerous investment vehicles to individuals and institutions alike. Allan Grey’s focus is on long term relationship and long term investment returns and performance for serious investors.

Some of Allan Gray’s largest clients include individuals, retirement funds, insurers, trusts, companies and foundations investing in Southern Africa. They do not focus size of assets under management, but rather the focus is on investment performance . Allan Gray has an international footprint through its association with the Orbis Group.

Allan Gray was founded both Allan Gray Proprietary Limited and the Orbis Group and Gray family interests continue to control both firms.

Allan Gray Investments offered include:

Units Trusts
Offshore Investments
Retirement Investments
Preservation Funds

Visit the website for more…

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Tax Implications of Gauteng Road Tolling

admin — Sun, 06 Nov 2011 14:47:07 +0000

Due to the Gauteng Freeway Improvement Project every Gauteng commuter will be required by law to pay to use the freeway. The implications of this range far beyond driving for point A to point B, but will reach even the poorest of the poor’s pockets.

Tax Director at Deloitte Billy Joubert has written a comprehensive piece of thought leadership to explain the implications on taxation that will touch our everyday lives. Joubert explains that currently employees do not receive relief for the costs of travelling to and from work, even though this is arguably incurred in the production of their taxable income.

This rule is quite harsh, believes Joubert, and can be seen to represent a departure of the basic principles of tax law. It becomes even harsher when people are obliged to incur such a significant additional expense.

Find out more…

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