2016 Tax Issues for SMME
Small, Medium and Micro-sized Enterprises (SMMEs) may be relatively small, but ‘small’ certainly does not mean ‘simple’ when it comes to tax matters. Tax legislation is complex and small business owners have substantial tax risks and thus making mistakes can be extremely costly. Additionally, the Davis Tax Committee is still completing its work on the limited tax relief that is available to SMMEs.
This seminar will focus on the tax issues specifically relevant to the SMME sector: from income tax, capital gains tax, provisional tax, employees’' tax and dividends tax to VAT. Find out what tax relief and planning opportunities are available to successful tax practitioners and what risk areas you need to watch out for.
The seminar will cover tax implications of SMMEs conducted in corporate form and as sole traders and will address the following:
- The classification of SMMEs
- Small business corporations - who qualifies and what is the real benefit?
- What is turnover tax and how does a business qualify as a micro business?
- What is a small business funding entity and what are the tax benefits?
- What are venture capital companies and how can one access the tax benefits?
- CGT relief on the sale of small businesses
- How does the s23M limitation on interest deductions affect SMMEs?
- The tax pitfalls of interest-free and low-interest loans
- Assessed losses
- Dividends tax issues for small companies and CCs
- Tax administration provisions that affect small businesses
- Provisional tax
- PAYE, UIF and SDL obligations
- Independent contractors, personal service providers and labour brokers
- VAT issues
Herman van Dyk CA(SA), RA, MCom(SA and international tax)
Herman van Dyk is the Programme Leader for Taxation at the Potchefstroom Campus of the North-West University. He is a Chartered Accountant (SA) and Associate Chartered Accountant (England & Wales). He graduated with an MCom in South African and International Taxation cum laude. He received an academic award for the research part of this qualification titled Grounds for allowing a tax deduction for employee share incentives (best dissertation in the class). In 2012 he received the Rapport Top Lecturer Award for inspirational teaching and academic leadership in the Faculty of Economic and Management Sciences. In 2014, he received an Institutional Teaching Excellence Award. Herman has contributed to several accredited South African and international journals.
This DVD and successful completion of the online assessment will secure 4 hours verifiable output CPD points/units.
Including the following professional bodies. (SAICA, CIMA, SAIPA, SAIBA, ACCA, FPI, CSSA, LSSA, FISA, ICBA, IAC, AAT)