Does a Settlement Agreement Constitute a Credit Agreement?
In a recent legal dispute, the court’s ruling brought to the forefront a perplexing issue that has long plagued the legal landscape: the classification of settlement agreements under the National Credit Act (NCA). The court’s decision, which emphasised the importance of preserving the amicable resolution of disputes, shed light on the intricate interplay between settlement […]
Be careful not to step into the investment scheme booby-trap
According to section 43 (2) of the Consumer Protection Act 68 of 2008 (hereinafter, referred to as “the CPA”), a person must not directly or indirectly promote, or knowingly join, enter, or participate in: a multiplication scheme, as described in subsection (3); a pyramid scheme, as described in subsection (4); a chain letter scheme, as described in subsection […]
Budget 2021: Corporate tax amendments
Finance Minister Tito Mboweni delivered his third annual budget address on 24 February 2021. The corporate tax rate reduction from 28% to 27% for years of assessment commencing on or after 1 April 2022 was arguably the most significant windfall for corporate taxpayers, although the actual cash benefits thereof will only be seen in the 2023 calendar year. Below, we highlight some of the other significant proposals, which […]
Understanding the debt collection process
Have you ever heard about the Sheriff of the Court coming to collect your assets and auctioning it off in order to cover your unpaid debt? Is it legal and what are the procedures that must be followed in order for the Sheriff to obtain authorisation to attach your property? Is this even possible if […]
SARS eases burden on taxpayers, but there’s a catch
The tax season is swiftly approaching. For many people, it’s a time of the year that they dread. When it comes down to it, tax can become complicated mess that involves a lot of maths and calculations that just doesn’t come naturally to most. For those of us who don’t have PhDs in accounting or […]
Corporate Governance – Financial year-end of a company
Every company has a financial year. A company’s financial year is any 12-month period that the company uses for accounting purposes. The financial year-end of a company is usually the end of any quarter, such as the end of February, June, September or December. Even though the financial year of a company is usually a 12-month period, […]
Valuation methods
A business valuation is a process whereby a value is placed on a business or a business unit, based on the historical and projected financial performance of the business. It is critical, as a shareholder or business owner, to know what your business is worth in order to make sound business decisions and maintain ongoing business strategy. These decisions can include evaluating or negotiating a possible sale of the […]