In the fast-paced business world, to purchase a “shelf company” or “shelf close corporation” has become a norm, simply because acquiring a “shelf” is both quicker and more efficient than incorporating the company or close corporation. The case of Airport Cold Storage (Pty) Ltd v Nizaar Ibrahim and Others (Airport Cold Storage case) reminds us…
DetailsDo You Know Your Full Tax Liability? Introduction In Part 1, capital distributions arising in terms of the provisions of the Companies Act, 1973 (the Act) in the context of the dividend definition and the treatment of capital distributions for capital gains tax (CGT) purposes prior to 1 October 2007 were examined. The record-keeping requirements…
DetailsTop three candidates: 1st Laura Sassoon – Stanlib Wealth Management * 2nd Richard Tunstall – Investec * 3rd Nicolas van der Meer – Standard Bank * * All three candidates passed with Honours (75% and above) The Financial Management route is one of two streams (the other being auditing) that prospective students can follow…
DetailsVir inflasie om te bly versnel, moet daar iets verkeerd loop met die kredietskepping, veral as gevolg van oordanige owerheidsbehoeftes om geld te leen. ‘n Inflasie spiraal kan dan maklik ontstaan, en uiteindelik hand uitruk en in ‘n hiperinflasie eindig. Ons, en die wêreld, is egter nie in so ‘n situasie nie. In ons geval…
DetailsYou may rightly question your correspondent’s sanity. Has she forgotten, I hear you ask, that this column deals with tax? All will be revealed. It is an understandable human habit, writes R E Megarry QC in Miscellany-at-Law published by Wildy, Simmonds & Hill (1955), to illustrate the characteristics of fellow men by reference to the…
DetailsThe biggest challenge for us as the New Generation is that we live in a very fast-paced world. Things are constantly changing and the ability to adapt has become essential for survival in our world of speed. One of the ways we can stay on track in our current culture is through NLP (Neuro-Linguistic Programming).…
DetailsIntroduction IFRS 3 – Business Combinations was initially issued by the IASB in March 2004 and its US GAAP equivalent, SFAS 141 – Business Combinations, was issued in June 2001. These two standards have now been substantially revised in terms of the first ever joint project between the IASB and the FASB. The FASB issued…
DetailsInternal control is a process effected by an entity’s board of directors, management and other personnel and is designed to provide reasonable assurance that the system achieves its objectives of efficient and effective operations, reliable financial reporting and compliance with legislation. After identifying the business objectives, the existing controls for managing the risks should be…
DetailsSince last contributing to ASA in May 2007 (IFRS, Cold Comfort at Minus 40), I have continued my travels to deliver the IFRS message. Last year took me to Russia, to South East Asia and to one of the new EU states in Eastern Europe. All three had different reasons for having or wanting to…
DetailsIntroduction The introduction of capital gains tax (CGT) with effect from 1 October 2001 brought about many additional administrative changes. In addition, CGT had to be integrated with a variety of different sections in the main body of the Income Tax Act, 58 of 1962 (the Income Tax Act). The topic of dividends was no…
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