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Using a risk matrix to risk-proof your business

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Huysamen Westraad Incorporated September 2023
Using a “Risk Matrix” to Risk-Proof Your Business

As an entrepreneur or business leader, working out the risks your business faces is critical to planning for the future and ensuring you are ready when disaster strikes. A “risk matrix” is a tool designed to help in this scenario as it allows you to plot and compare the likely risks your business faces and therefore establish a hierarchy of threat.

Here is our guide to creating and using risk matrices to help you prepare for the threats that could scupper your business.

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Common Tax-Related Criminal Offences, and How to Avoid Them…  
Corporate Taxpayers: Hello Tougher SARS Verifications  
Quiet Quitting and How to Prevent It  

Most tax criminal offences are not premeditated acts of tax evasion, but ordinary events that now - in terms of the Tax Administration Act - expose individuals and businesses to the possibility of committing offences that carry harsh penalties, including fines, imprisonment, and other implications for those convicted. 

With the requirement that a tax criminal offence is committed “wilfully” now removed, even inadvertent or administrative errors can be penalised to the maximum, which is why SARS itself says that professional tax assistance is crucial to avoid these tax criminal offences.  


While SARS’ announcement of the removal of the supplementary declaration for Corporate Income Tax (CIT) for companies or close corporations – the IT14SD form - appears to indicate less paperwork, cost and time when a company is selected for CIT verification, the reality is that it will result in greater scrutiny during the verification process. Because being selected for verification poses significant risk to your company in terms of time, cost and effort, and the possibility of being referred for audit, the expertise and assistance of your accountant is highly recommended. 


2022 saw a new term rapidly enter the lexicon of HR managers everywhere, “quiet quitting”. The term refers to a trend where, instead of formally resigning, workers are coming to work but only just meeting the absolute minimum requirements to keep their jobs. The trend has inspired a number of conversations around the importance of work/life balance compared with the needs of an effective business.

Now it’s clear quiet quitting isn’t going away and business leaders need to find different tactics to meet both business and employee needs.
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Your Tax Deadlines for September 2023
  • 7 September - Monthly Pay-As-You-Earn (PAYE) submissions and payments

  • 28 September - Excise Duty payments

  • 29 September – End of the 2nd Financial Quarter, Value-Added Tax (VAT) electronic submissions and payments, CIT Provisional payments where applicable.
  Physical Address:

Manor House, Farm 3
Vineyards Office Estate 
99 Jip de Jager Drive 
Bellville, 7530 
Postal Address:

P.O. Box 1950 Bellville

Contact Details:

Tel: 021 945 1009
Fax: 021 946 4086



The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.

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