A nod is as good as a wink to a blind bat.
A nod is as good as a wink to a blind bat.
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Alcocks Electrical Services | Alcocks Pest Control & Entomological Services | Alcocks Hygiene Services
Thanks for raising revaluation, Shaun. It's proved most useful - not so much in terms of saving tax but in getting a better grip on the real value in the business.
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My pleasure These concepts are vigorously enforced with businesses at the the corporate level, but remains relevant to sme's nonetheless. Happy to see SME's being exempted from many reporting requirements. But substantial legislation is making compliance difficult..many of them topics discussed on this forum..Fica, and now Rica, NCA, BBEE, IFRS-SME, New Companies Act and Micro Gaap...the list is endless.
Sean Goss We all are scared, but only few are brave.
www.sgafc.co.za
You're so right. I was absolutely staggered at the hidden value in my business. The only downside is with a higher capital value for the business on your balance sheet it drops your ROI ratio. But that's only an issue if you plan to sell anytime soon. For normal trading, financiers would prefer to see a more realistic valuation of the assets than the depreciated value for tax purposes, I'm sure.
And it really wasn't that much work. Adding this as an annual process isn't going to be any big deal at all.
Last edited by Dave A; 05-Nov-09 at 02:37 PM.
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Alcocks Electrical Services | Alcocks Pest Control & Entomological Services | Alcocks Hygiene Services
Hello SGAFC, quick question, seeing as we have your tax knowledge at hand, redundancy/retrenchment packages, if I remember correctly have a portion that does not attract tax. If so, what is that amount? My memory tells me R25000 but that was some time ago.
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