Tax changes for 2021

There are several tax changes for the 2021 tax year. They include:

 
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Tax shakeup for business sales

Proposals in the new tax Act will mean sellers of a business must notify buyers and Inland Revenue about the amounts they have allocated for various assets. 
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Transferring assets from South Africa to New Zealand

Click here to see the advertisement for:

Free seminar on building wealth from your South African investments. 

 

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Get personal – business loan arrangements right

A client bought a new car for his business. The business paid for the car but the finance arrangement was in his own name. The interest is not tax deductible on the money borrowed.

While we can remedy the situation, it adds to our work and your costs. Make sure if you are borrowing money for your company, the documentation is made out to the company and is signed on behalf of the company by you as a director.

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Protecting your key asset – your business income

This month I am looking at how you can protect your business by planning for future possibilities now to avoid major problems in the future.

These come under two key areas – shareholder and partner agreements to help you when you are in business with other people – including friends and relatives and, linking with this, the process of having insurance policies in place to protect your family by protecting your business continuity.

 

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