The Commissioner recently issued his findings in respect of private banking insurance wrappers by means of an Advanced Tax Ruling (ATR) on an off-shore private banking insurance wrapper. What is a private banking insurance wrapper? The concept could best be described as the integration of offshore assets into an insurance policy. The owner can transfer…
DetailsDirectors and trustees to reconsider governance structures over investments Investments are the largest balance on the balance sheet of most insurers, retirement funds and other financial services entities. The collapse of global financial markets and the associated credit crisis has resulted in significant downward revaluations of investment values. Although it is common for market corrections…
DetailsBefore you think that you will miss out on the benefits that SARS will treat you to as a micro business, beware not to trick yourself into not registering for the new Turnover Tax. Turnover Tax (introduced in the Sixth Schedule to the Income Tax Act No 58 of 1962) is a new tax system…
DetailsBefore the introduction of radio, most people received the news by way of newspapers. One of radio’s most early practices was to read the newspaper over the radio. This was because the people using the new medium did not yet understand how to use the new features of radio. Subsequently, producers of radio programmes learned…
DetailsAs professional advisors to business clients, there is a tendency to focus upon the technical and legalistic aspects of merger and acquisition transactions. Accountants are required to analyse the financial position of the target and lawyers are required to analyse the legal position of the target. A great deal of time and effort is often…
Details2009While we wait patiently for our winter of financial discontent to be made glorious summer, searching eagerly for credible signs of green shoots and wondering which letter of the economic alphabet – V, W,U or, horror upon horrors, L – will most aptly describe the shape of the current recession, we know that Merger &…
DetailsThe International Accounting Standards Board (IASB) has issued proposals to amend IAS 32(AC 125) – Financial Instruments: Presentation. The purpose of the amendment is to clarify the classification of instruments that give the holders the right to acquire an entity’s own equity instruments at a fixed price (rights issue) when that price is stated in…
DetailsIntegritax, SAICA’s monthly tax newsletter, came about as a result of the efforts of the first Project Director: Tax, the late Len Norval, wanting to start a Tax Faculty in the early 1990s, for SAICA members, along the lines of a similar offering by the Institute of Chartered Accountants in England and Wales. A separate…
DetailsSo you hear that SAICA is changing its current training model and already you have pushed the panic button. As a trainee or a university professor you don’t know what this will really mean to you or how it will impact on your goal of becoming a CA(SA). You ask yourself why change a winning…
DetailsOur focus this month is our SAICA Regional presidents. We ask them questions ranging from elections of their boards, challenges and successes, and their strategic roles in implementing SAICA’s vision. To view the full version of the interviews, please visit www.accountancysa.org.za. Tim Odell ACA, CA(SA), is the Chairman of SAICA UK Region. What is the…
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