Not just a pretty face – Meet Sané van der Watt,

Not just a pretty face

Meet Sané van der Watt,

Third year SAICA trainee accountant at Newtons and resident fitness guru. Sané has been an inspiration to us all with the dedication and hard work she put into preparing for the NABBA Free State / Northern Cape Provincial Competition that took place on 16 September. Here she came 3rd and qualified for the SA’s in the Sportsmodel category which took place in Pretoria on 7 October where she placed 6th.

Well done Sané!

Keep your business growing

Having a successful business means ensuring that it continues to grow. Without growth, your business will eventually run dry and stagnant. But with the added responsibility of maintaining your business and keeping things running smoothly, it can be difficult to know where to look for business growth.

1. Look for cost savings

This point is especially true when your business is trying to survive a struggling economy. Making cost saving choices can become more or less difficult depending on how you manage your incomings and outgoings.

Try find cost savings wherever you can. What subscriptions are you still paying for that you no longer need? Which supplier relationships need to be terminated? Are you spending too much on stationery? Aim to eliminate all unnecessary costs, even if they’re small.

2. Automate everything

When you waste time, you waste money. When it comes to things like report preparation, data entry, and accounts payable and receivable, it’s worth investigating your automation options. Things like pursuing invoices can now be done with a click of a button and a few strokes of the keyboard. What’s more, they can be handled safely, legally, and efficiently.
Once you’ve automated portions of your business, you can focus exclusively on growing the business rather than just maintaining it. This is critical, because growing a business takes extreme dedication and commitment.

3. Target other markets

If your current market is serving you well, then ask yourself if there are others. Sometime, those other markets are what make money. If your consumer market ranges from young professionals to young families, think about where these people spend most of their time. Could you introduce your business to schools, restaurants or community events? You could also offer discounts to special-interest clubs or donate part of your profits to schools and associations.

This article is a general information sheet and should not be used or relied upon 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 financial adviser for specific and detailed advice.  Errors and omissions excepted (E&OE)

Tax clearance certificates

Taxpayers may require SARS to issue them with a tax clearance certificate for various reasons. This includes a general confirmation that the relevant taxpayer’s affairs are all in order and up to date (a so-called “Good Standing” tax clearance certificate), or a certificate being required to participate in certain government tenders.

Perhaps most notably in recent times, natural person taxpayers are also requesting “FIA” tax clearance certificates, being tax clearance certificates issued to taxpayers who intend to utilise their R10m annual foreign investment allowances to transfer funds abroad for investment purposes. The South African Reserve Bank (through its authorised dealers (most commercial banks)) will not grant approval for transfer of funds in this manner without confirmation from SARS in the form of a FIA certificate being issued that the individual’s tax affairs are all up to date and in order.

Many do not realise that the issuing of tax clearance certificates is a process specifically regulated by the Tax Administration Act. Any tax clearance certificate must be requested in the prescribed form and manner by a taxpayer or his/her representative. A tax clearance certificate must be issued in the prescribed format and include at least the original date of issue of the tax compliance status confirmation to the taxpayer, the name, taxpayer number and ID number (or company registration number) of the taxpayer.

After receipt of an application in the prescribed form, SARS must either issue or decline to issue the tax clearance certificate requested within 21 business days, or such longer period as may reasonably be required if a senior SARS official is satisfied that the confirmation of the taxpayer’s tax compliance status may prejudice the efficient and effective collection of revenue.

In practice, SARS often takes well in excess of the 21 business days in which to issue tax clearance certificates, especially for purposes of Foreign Investment Allowance applications. In terms of the Tax Administration Act, SARS may not take longer than the 21 days to process such an application, unless there is some form of proof that tax collections may be jeopardised if the certificate is issued (and which will rarely be the case). Where such delays are experienced though, taxpayers are in practice left with very few remedies, which are conceivably limited to either approaching the Tax Ombud (whose recommendations are not binding), the Public Protector or the High Court for an order forcing SARS to make a decision on issuing a certificate. Most taxpayers will therefore, sadly, simply have to endure SARS’ delays in processing tax clearance certificate applications.

This article is a general information sheet and should not be used or relied upon 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 financial adviser for specific and detailed advice.  Errors and omissions excepted (E&OE)

Take care of your biggest asset

I recently dreamt that I was at a conference and the topic was

“SHOULD EMPLOYEE COSTS BE CAPITALISED AS AN ASSET OR EXPENSED?

Now that is obviously NONSENSE but let us consider it for a moment.

  • The single biggest cost of some businesses is employee costs
  • You cannot do all the work yourself
  • Your quality of service is often dependent on the service levels of your employees
  • Service includes sales, administration, security, etc

One of the old wise business adages is to surround yourself with quality people – they will make you look good. Indeed most businesses can only flourish if the correct people are employed.

One must therefore consider changing the thought pattern of not regarding employee costs only as expenses but rather that this is your largest asset.

Assets are maintained, insured, protected and given a lot of TLC.

The same should be done with potentially your biggest asset by:

  • Proper communication
  • Respect
  • Training
  • Complimenting
  • Encouraging

Money is not necessarily the main driver of human beings. In terms of “Maslow’s Hierarchy of Needs” as set out below Self Actualization and Esteem Needs far outweigh Physiological Needs.

This is FOOD for THOUGHT so EAT DRINK AND BE MERRY and have a WONDERFUL CHRISTMAS filled with FUN and JOY !!!!!!!

From Cedric Schalk Wayne Lucha
And all the managers and staff of NEWTONS

This article is a general information sheet and should not be used or relied upon 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 financial adviser for specific and detailed advice.  Errors and omissions excepted (E&OE)

Congratulations to our Breast Cancer Awareness Fundraising winners!

IMG_3541

Congratulations to our “Toasted Sandwiches Making” team who raised the most money during our breast Cancer Awareness Month Fundraising Challenge!

IMG_3541

Thanks to their efforts they raised R800!

IMG_3541

In second place, we had the “Guess how many Marshmallows in the Jar” team.

Congratulations Lucha on wining a delicious Carrot Cake by guessing the closest number!

IMG_3541

In third place was the “Brownies and milkshake” team.

Thanks for all the initiative, effort and work that went into these weekly Friday events during October! In total, we raised R2129.00 for Breast Cancer Awareness!

Heritage Day 2017

.facebook_1505110586186

Heritage Day Celebrations

This year Newtons took Heritage Day celebrations to different level by hosting a Braaibroodjie Challenge!

The whole firm was divided into teams who each had to present a braaibroodjie to our judges, the partners. The judges were quite difficult to impress and scored the different teams efforts on presentation, taste and braai technique.

Congratulations to the Fire Lighters team who walked away with the title of “Braaibroodjie champions for 2017!”

Danie endures the desert and the dunes

.facebook_1505110586186

The Walvis Bay endurance is the African Championships and this takes place every year at the end of August, this year it was their 21st year of existence. Riders from all over the world participated. Danie Saayman, a trainee at Newtons, represented the international barbarian team in this championship, where they competed against the South African and Namibian team. It is a 120km desert ride, and is considered one of the most challenging rides in the world. The ride starts at 4 o’clock in the morning and successful riders finish late afternoon. It was the 4th time that Danie completed this ride successfully, but the Namibian team unfortunately prevailed. It’s always an incredible privilege to ride Walvis Bay, and it’s one of the rides you can truly say, “TO FINISH IS TO WIN.”

Dividends tax returns

With effect from 1 April 2012, dividends tax was introduced to replace the then “secondary tax on companies” (or “STC”). The tax is currently levied at 20%. The dividends tax regime brought with it a requirement for dividends tax returns to be submitted periodically (if even no liability for dividends tax arose) and we wish to bring to our clients’ attention when this would be required.

From 1 April 2012, dividends tax returns were required for all taxpayers who paid a dividend. Although not initially required, but the Income Tax Act was subsequently amended retrospectively to provide therefor. Returns were, from that date, not required for dividends received though. However, through various amendments being introduced, the scope of the dividends tax compliance regime was broadened significantly. With effect from 21 January 2015, dividends tax returns were also made compulsory for all dividends tax exempt (or partially exempt) dividends received. The most significant implication flowing out of this amendment is that from this date, all South African companies receiving dividends from either South African companies, or from dual-listed foreign companies (to the extent that the dividend from the foreign company did not comprise a dividend in specie). The requirement for dividends received from dual-listed foreign companies to also carry with it the requirement for a return to be submitted was however removed a year later, with effect from 18 January 2016.

Where dividends are paid by a company, or dividends tax exempt dividends are received by any person from South African companies, the relevant returns (the DTR01 and/or DTR02 forms) must be submitted to SARS by the last day of the month following the month during which the dividends in question were received or paid. In those instances, where a dividends tax payment is also required, payment of the relevant amount of tax is to be effected by the same date too.

Although the non-submission of dividends tax returns at present to not carry any administrative non-compliance penalties, we always encourage our clients to ensure that they are fully compliant with relevant requirements prescribed by tax statutes. We would therefore encourage our clients to revisit their dividends history and ensure that their records and returns are up to date and as required by the Income Tax Act.

This article is a general information sheet and should not be used or relied upon 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 financial adviser for specific and detailed advice.  Errors and omissions excepted (E&OE)