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PRIMORIAL Solutions (Pty) Ltd June 2021
 
 
 
Got Cryptocurrency? Here’s How Much SARS Wants…
 

Cryptocurrencies are not new, but recent developments, including the massive gains they experienced since last year, have placed them under the spotlight. South Africans’ notable interest in them, and SARS’ renewed focus on the wealthy’s undeclared assets, together with its improved capabilities to track taxpayers’ transactions, suggest SARS is intentional about tracking these activities and assets.

It is not surprising then that SARS has turned its attention to cryptocurrencies, causing a stir by requesting taxpayers with returns selected for verification to also declare their cryptocurrency holdings and to provide supporting documentation. Read on for some thoughts on what SARS will expect from you if you have made any transactions related to any cryptocurrency, and the penalties it can impose for non-compliance. 

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Youth Day: Why Our Young People Are So Important to Your Business  
 
 
How SMMEs Can Benefit Financially from the Fourth Industrial Revolution  
 
 
8 Tips for Marketing Your Business on Instagram  
 
 
 
 
 
 
 
 
 
 
 

As we commemorate Youth Day in June, we are reminded of the impact the youth can have on the future of a country. The impact of today’s young South Africans will be even more pronounced as they become the voting and taxpaying citizens of tomorrow, and the leaders who will chart the course of our economy. 

For business owners, too, the youth is immensely important, not only as the taxpayers, voters and leaders of the future, but also as the consumer market of tomorrow and as the workforce of tomorrow. This creates compelling reasons for companies to invest in the youth to ensure their own sustainable future, and to investigate the incentives available to do so. 

 
 
 

The Fourth Industrial Revolution (4IR) refers to the blurring of boundaries between the physical, digital, and biological worlds. It’s a fusion of advances in artificial intelligence (AI), robotics, the Internet of Things (IoT), 3D printing, genetic engineering, quantum computing, and other technologies. This leads to organisational and structural changes, some not so readily welcomed, particularly by SMMEs.

These may include increased spending on technology, considering running costs and maintenance et al.  Could this present an opportunity to restructure expenditure and rotate capital within these small businesses, giving a better chance of success?

We share some thoughts on how your business can address this question…

 
 
 

Since the early days of MySpace, social media has become a central part of most people's lives. It's how we get our news, share our highlights with loved ones, stay in contact with acquaintances and even discover new job opportunities.

It also offers one of the best budget-friendly ways for small businesses to expand, reach new clients and increase their profit margins. Of all the social media sites Instagram is proving itself potentially the most valuable for entrepreneurs, or at least, for those who know how to use it.

Here are 8 tips to get you started marketing your business successfully on Instagram.

 
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Your Tax Deadlines for June 2021
 
  • 7 June – Monthly Pay-As-You-Earn (PAYE) submissions and payments

  • 25 June - Value-Added Tax (VAT) manual submissions and payments

  • 29 June - Excise Duty payments

  • 30 June - Value-Added Tax (VAT) electronic submissions and payments

  • 30 June - Corporate Income Tax (CIT) Provisional Tax Payments where applicable

  • 30 June – End of the 1st Financial Quarter
 
 
 
Disclaimer

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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