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September 2024
NEWSLETTER
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Beware the Taxman When Accessing Your Three-Pot Retirement Savings!
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Two new ‘pots’ have been added to SA’s retirement system from 1 September 2024. This allows South Africans to access a portion of their retirement savings before retirement, without having to resign their jobs and withdraw all their savings, as before.
Beware, however! There can be significant immediate and long-term tax implications to dipping into your savings! This is where we come in. Allow us to ensure that you and your employees understand the full tax consequences and possible alternatives before withdrawing retirement savings.
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5 Top Tips for Managing Debt in Your Startup
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Whether you’re launching a fintech app or a fish ’n chips shop, taking on and managing debt is an essential component in the success of most startups. As your business grows, it may be necessary to take out a loan for advertising, infrastructure improvement or expanding your workforce.
Knowing how to effectively manage this debt is crucial if you hope to create a company that can grow sustainably and is capable of meeting all its obligations. Here are our five top tips for managing debt in your startup.
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Is it Possible To Run a Successful Ethical Business?
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There’s no denying that current economic conditions are not ideal. Tough times have forced many business leaders to make tough decisions.
With costs spiralling ever upward, it can be tempting to think that cutting corners in business, dodging essential regulations, and making other unethical decisions may be the only way to keep your head above water. But you fall into this trap at your peril.
Luckily it is still possible to run an ethical business and make a profit.
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How to Survive Trust Tax Season 2024
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Trustees take note! The 2024 Tax Season for trusts opens on 16 September this year and will close on 20 January 2025. During this time, all trusts – including dormant trusts – are required to submit income tax returns aligned with other SARS reporting requirements and accompanied by extensive supporting documents.
With the delayed filing season opening date and the numerous changes that have recently been implemented, trustees should rely on our expertise to ensure all the compliance boxes are ticked and penalties are avoided.
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Your Tax Deadlines for September 2024
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- 06 September – Monthly Pay-As-You-Earn (PAYE) submissions and payments
- 16 September – Start of Filing Season 2024: Trusts
- 25 September – Value Added Tax (VAT) manual submissions and payments
- 27 September – Excise duty payments
- 30 September – VAT electronic submissions and payments, Corporate Income Tax Provisional Tax payments where applicable, and Personal Income Tax Top-up Provisional Tax payments.
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Disclaimer
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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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