The 2018 Tax Season for Individuals opened on 1 July 2018. Deadlines are as follows:

 

                           Channel

Deadline

Type of Taxpayer

Manual – post or at SARS branch

21 September 2018

Non-provisional and provisional

eFiling or electronic filing at SARS branch

31 October 2018

Non-provisional

eFiling

31 January 2019

Provisional

 

The recently gazetted NHI Bill has caused much debate. While it cannot be disputed that as a society we need to ensure that all have access to quality healthcare , it has to be done on a successful economic basis. Last year, the Davis Tax Committee commented as follows:

 “The proposed NHI, in its current format, is unlikely to be sustainable unless there is sustained economic growth.”

With negative growth for the first quarter we certainly are nowhere near sustained economic growth – the launching of the NHI in its current format is probably premature. We will keep you informed on future developments.

Industry Ministers from BRICS countries recently signed a declaration on the implementation of the Digital Industrial Revolution (DIR). South Africa’s Trade and Industry Minister Rob Davies said he and his counterparts had discussed issues of skills development and capacity building for the fourth industrial revolution or DIR.

Will I Outlive my Retirement Savings?

We have all heard the saying that “50 is the new 40”. Well this statement is becoming a reality, as people are now living longer. Being able to live longer is certainly favourable, however the consequences of the increasing life expectancy are adverse when one has not saved sufficiently for retirement. Longevity risk can be reduced through maintaining a sustainable level of income.

The recent Steinhoff and Gupta debacle’s have highlighted a number of issues, least of all Directors Liability and other governance issues. But was the company itself trading recklessly?

A company must not carry on its business recklessly, with gross negligence with intent to defraud any person or for any fraudulent purpose. If the Companies and Intellectual Property Commission(CIPC) has reasonable grounds to believe that a company is engaging in reckless conduct or is unable to pay its debts as they become due and payable in the normal course of business, it may issue a notice to the company, to show cause why the company should be permitted to continue carrying on its business, or to trade, as the case may be.