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An amendment to the Income Tax Act, effective from 1 March 2018, has made it a lot easier for taxpayers to account for interest owed to them by SARS.
Until last year, you had to “accrue” such interest – in other words, show it as income regardless of whether or not you had actually received it. The difficulty here has been that SARS can take a few years to actually pay the refund, exacerbated by the fact that SARS frequently adjusts the interest due to you, which can relate to a prior year.
The new procedure is that you only need to show the interest in the year it is received – a bonus both for ease of completing your tax return, and for your cash flow.
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“Sustainability” is one of those concepts increasingly in the news - a trend that will most definitely accelerate in the future.
But what is sustainability and what can we do about it? What principles and values do we need to build into our businesses in order to achieve it? What vision should we adopt, what strategic framework should we put in place?
We’ll address those questions as part of a discussion around the importance of continually tweaking our businesses for corporate sustainability, thus ensuring their resilience, competitiveness, and long term survival both for our benefit, and for the benefit of future generations.
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What’s going on with our economy? Where is it headed? With the economy shrinking sharply in the first quarter but then rebounding to 3.1% positive growth in the second, are we destined for good news or bad?
Bearing in mind the caution from physicist Niels Bohr that “Prediction is very difficult, especially if it’s about the future” (humorous but very true!) let’s analyse the positives and negatives in our economy – there are some interesting stats there, which may point the way.
We’ll end off with a discussion around the thorny question of fixing our economy, plus some thoughts on the possibility that we will, despite everything, just continue to “muddle through”.
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