Studies on goodwill have dated as far back as the late 1800’s and have remained a topic of argument and debate to present day. Goodwill in accounting is an intangible asset that arises when a buyer acquires an existing business. As per IFRS, Goodwill is an asset representing the future…

This articles discusses the basics of Securities Transfer Tax. Relevant Legislation: Securities Transfer Tax Act No. 25 of 2007Securities Transfer Tax Administration Act No. 26 of 2007Income Tax Act No. 58 of 1962:Sections 42, 44, 45, 46 and 47Tax Administration Act No. 28 of 2011(effective 1 October 2012) Other Legislation:…

IFRS is short for International Financial Reporting Standards. IFRS originated in the European Union, with the intention of making business affairs and accounts accessible across the continent. IFRS is the international accounting framework within which to properly organize and report financial information. It is derived from the pronouncements of the…

This article is a follow-on from a previous NOCLAR article published on 21 September 2020. A professional accountant (PA) in public practice may come across or be made aware of non-compliance or suspected non-compliance with laws and regulations in the course of providing a professional service to a client. The…

In 2017, the International Ethics Standards Board for Accountants (IESBA) updated the rule that dictates how accountants can respond to a client’s non-compliance with laws and regulations (NOCLAR). For the professional accountants’ context, NOCLAR is an action that violates a law or regulation that has a direct impact on financial…

This article follows on from a previously published article of January 2020 with newly published info from SARS Carbon Tax Act Roadshow of August 2020. This article focuses on the fact that the Carbon Tax Annual Return is due as from 01 October 2020 for the 2019 tax period and…

This article is number two of two in this NPO series and provides further insight in to non-profit organisations and the legal framework around them. Section 21 companies: what is a Section 21 company? Section 21 of the original Companies Act 61 of 1973 (followed by the new Companies Act…

This article provides an insight in to non-profit organisations and the legal framework around them and is split in to two articles. Firstly, one should understand the similarities between non-profit (NPO) and for-profit organisations. Both NPO’s and for-profit organisations are private, non-government organisations with self governing boards accountable to their…

In this article we will continue discussing the basics of Capital Gains Tax with an emphasis on calculations and information regarding gains or losses. Recall from article "part 2" the following formula for Time-apportionment base cost method The time-apportionment base cost method may be used when a company has a…

The Companies Act 71 of 2008 (“the Act”) provides for the authorisation and issue of various classes of shares by a company. Although shares can hold many different descriptions, shares can be basically divided into two categories, namely ordinary shares and preference shares. Various different rights and obligations are attached…