Newtons

Tag: Finance

  • Provisional TAX

    Provisional TAX What is provisional tax? Provisional tax is not a separate tax.  It is an estimate of tax for the first six months of the tax year payable in August and then an estimate of the tax payable for the year payable in February. In essence therefore paid after six months of the year…

  • Recent legislative changes relating to Trusts

    Important information relating to recent legislative changes relating to trusts There have been significant changes made to legislation that affect trusts of which all trustees should be aware of.  The majority of these came about after the recent grey-listing of South Africa by the Financial Action Task Force (FATF) and Treasury introduced measures to improve…

  • The facts on Provisional Tax

    The facts on Provisional Tax Understanding the ins and outs of taxes can seem daunting as an everyday taxpayer. It should not be a painstaking process to understand why your hard-earned money is allocated to certain taxes, and that is why we have taken it upon ourselves to explain some of the terminology and criteria.…

  • Cryptocurrency

    Cryptocurrency and blockchain has been the hot topic in the media the past year. It is a concept that few truly understand, and could change the future for everyone in a major way. But what is cryptocurrency and blockchain? Per the online dictionary: A cryptocurrency is a digital currency in which encryption techniques are used…

  • Interest received by non-residents on SA bank accounts

    Persons that are not tax resident in South Africa (“SA”) are only taxed in SA on income received by or which accrued to such non-resident from an SA source. This will include interest received on an SA bank account. Non-residents may, however, be exempt from SA income tax on interest earned in terms of section 10(1)(h)…

  • Budget 2018

    Following the annual national budget speech delivered by Finance Minister Malusi Gigaba on 21 February, we highlight some of the most significant matters arising below: The much-debated VAT rate has been increased from 14% to 15%, which was widely expected although hugely unpopular given the political sensitivity coupled with the effect that this will have…

  • Claiming VAT input on “pre-enterprise” expenditure

    In terms of section 17 of the Value-Added Tax Act, 89 of 1991, a registered VAT vendor is entitled to claim back any amounts of VAT paid on goods and services acquired or imported that will be used in the furtherance of that particular VAT enterprise. The ability to claim input VAT in this manner…

  • Capital gains and cancelled sales

    Many transactions in terms in which assets are sold are subject to suspensive conditions. In terms of such agreements, the sales transaction will only take place once all the suspensive conditions have been met.[1] Many other agreements may however be subject to a resolutive condition. A resolutive condition involves one whereby an agreement is cancelled…

  • Crunching the numbers: Budget 2017

    It is an astounding exercise to go through the numbers behind the annual national budget presented recently and to start to understand what it is that the various tax changes are aimed at achieving. On 22 February 2017, Finance Minister Pravin Gordhan presented South Africa’s biggest budget yet, providing for budgeted Government expenditure over the…

  • Budget 2017

    Following the annual national budget speech delivered by Finance Minister Pravin Gordhan on 22 February, we highlight some of the most significant matters arising below:  A new tax bracket will be introduced targeting the wealthy as well as trusts. It is proposed that trusts will from now on be taxed at 45% on all taxable…

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IC Marais

Professional experience:

IC Marais is a certified CA (SA) with public sector and private sector technical knowledge based on 5 years’ Public Sector accounting, auditing and financial management experience and 5 years audit, tax and accounting experience. Detailed knowledge of private and public sector accounting and auditing standards (GRAP, IPSAS, IFRS, IAS, ISA) and public sector financial legislation (MFMA, etc.)

He enjoys the outdoors, hunting and fishing.

ic@newtons-sa.co.za

SCHALK GOUWS

Professional experience:

In 1995, Schalk started as a trainee at Warner and Newton (which became Moores Rowland in 1997 and then Mazars Moores Rowland in 2007) in Bloemfontein. In 1998, Schalk was appointed as manager at Moores Rowland, where he became a partner in 2003. Schalk received his Postgraduate Certificate in Advanced Taxation in 2006 and in 2009 he received his Certificate in the Administration of Estates.

schalk@newtons-sa.co.za

CEDRIC PETERSON

Professional experience:

Cedric started as a trainee at Warner and Newton (which became Moores Rowland in 1997 and Mazars Moores Rowland in 2007), Bloemfontein, in 1986. After completion of his articles, he joined the Special Investigations Division of the Department of Finance (SA Revenue Services) as a senior inspector from 1990 to 1991.

cedric@newtons-sa.co.za

LUCHA GREYLING

Professional experience:

Lucha started her career as a tax inspector at the Inland Revenue Department of New Zealand. After this she worked in commerce in Canada, Mexico and the United States.

On her return to South Africa, she completed her CA training contract with us and has been with Newtons ever since. She became a Partner in 2012.

Apart from her CA(SA) qualification she also holds a postgraduate certificate in Advanced Taxation (2005) and has the overall responsibility for training as our Training Officer.

lucha@newtons-sa.co.za