Newsletter | January 2015 Download print version
Index
Executing strategy
Managing difficult employees
Samsung Galaxy Alpha
Online marketing metrics
TAX NEWS
Tax on foreign earned pensions
Prohibited inputs tax deductions: Entertainment
 

Financial
management

 
 

Chartered Accountants SA

1st Floor
Randpark Building
20 Dover Street
Randburg

PO Box 2444
Randburg
2125

Tel: +27 (0) 11 789-1011
Fax: +27 (0) 11 789-1012
Mail: info@wallrich.co.za
Web: www.wallrich.co.za

 

Deadlines looming

Tax season deadline for eFiling (Provisional taxpayers)
- 30 January 2015 -

Budget Speech
- 25 February 2015 -

Submission and payment of Provisional Tax
- 27 February 2015 -

 
 

Dear Reader,

Welcome to our January newsletter. We trust you had a restful holiday season and wish you a happy and prosperous 2015.

Please remember to make an appointment with us to assist you with your tax planning.

Keep a lookout for our special Budget newsletter that we will prepare and send after the 2015 Annual Budget Speech.

We are here to assist you should you need us, so do not hesitate to call. You are welcome to contact us if you require further information on any of the topics covered.

Regards,

Rhoderic and Chrisna Roberts
Partners

Executing strategy

There is truth in Benjamin Franklin’s famous quote: “If you fail to plan, you are planning to fail!” However, many businesses who create a strategy or business plan fail to execute it to any significant degree. This is because it requires change, commitment, innovation, leadership and numerous other components to align your business so that it facilitates the execution of your plan.

The five steps outlined in this article will help towards the successful execution of your business strategy.

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Managing difficult employees

Effectively managing difficult employees can be a challenging prospect. Whether it is the employee who is consistently late, who complains incessantly or who seems to constantly upset their co-workers; most companies must deal with difficult employees sooner or later.

These situations drain management's time and energy, impact on the morale of co-workers and interfere with overall workplace productivity. The key to effectively address such circumstances begins with an understanding of the issues and a clear identification of the actual source of the problem.

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Samsung Galaxy Alpha

The Samsung Galaxy Alpha is Samsung's first phone with a metal frame. It is also the most aesthetically pleasing smartphone that the company has produced thus far. The phone is priced at a premium and does not have the same features the Galaxy S5 (available at the same price) has. Nevertheless, the Alpha is a very capable alternative to Apple’s iPhone 6.

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Online marketing metrics

Businesses often wonder if their online marketing is successful. Here are a few metrics which can help your business measure its online marketing success.

New business and increased revenue
This is the ultimate indication of a successful marketing campaign. While driving traffic to your site, gaining relevant social media followers and building your base of inbound leads are all steps in the right direction, the main goal is to grow your firm.

When you see an increase in new business and revenue from leads which originated online, it is a safe bet that your online marketing is successful. However, if you are not gaining new business opportunities as a result of your marketing efforts, it might be time to re-evaluate.

Read More

TAX NEWS

Tax on foreign earned pensions

Many taxpayers do not spend their whole working life within the borders of South Africa. At present, the tax regime relating to pension benefits effectively defers the timing when a taxpayer is subject to tax to when the benefits from the pension fund are withdrawn from the fund, despite the fact that these benefits are earned or funded from income generated by employment. There has recently been some debate regarding the taxability of such pensions received by persons who were employed abroad for a period during their working life while the pension benefits were earned. The position has been clarified in a binding general ruling issued by SARS. This article provides a reminder of the tax treatment of pension fund contributions and benefits as well as the treatment of foreign earned pensions, as clarified in the ruling.

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Prohibited inputs tax deductions: Entertainment

Businesses are affected by the impact of VAT on expenses incurred on a daily basis. Specifically as to whether it can be claimed back on business related expenses. Depending on the business model, the type of expenses incurred by a particular business, margins involved and pricing of outputs in the industry, the potential effect of not being able to deduct input tax may be significant.

This article considers the specific items in respect of which deduction of input tax is disallowed under the Value Added Tax Act (VAT Act) and some light that was shed on these prohibited deductions in a recent tax court case.

Read More

Is your company interested in claiming back the mandatory skills development levy payable to SARS?

Click here.

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