Understanding the Foreign Services Income Exemption: The Requirement for Service Rendering
Many articles have been written about the application of the foreign income exemption provided for under Section 10(1)(o)(ii) of the Income Tax Act. This section provides for an exemption from South African tax from specific employment income earned while rendering services outside South Africa. The section limits such income qualifying for the exemption to any […]
Why Should You Hire an Accountant?
When business owners work on growing their companies, budget constraints often push them towards a do-it-yourself approach to managing their finances. Many see hiring a professional for bookkeeping or accounting as an unnecessary expense. However, this viewpoint fails to recognise the tangible advantages that an accountant can offer. It’s important to reframe this decision, not […]
Pension Funds and Emigration
Investing in an offshore retirement fund is one way of growing your wealth in a stable economy over the longer term, or even gaining residency in a foreign country. However, for South Africans, this scenario presents as many challenges as it does opportunities, and should only be considered after consulting with a financial advisor and […]
Thrive in Today’s Market: How Business Advisory Services Fuel Growth
In today’s dynamic business environment, simply offering a quality product or service isn’t enough. Success hinges on strategic planning, sound financial management, and the ability to adapt. Business advisory services bridge this gap by providing the expertise you need to navigate challenges, seize opportunities, and achieve sustainable growth. Unlocking financial potential: Expert guidance: Advisors become an […]
Build Your Emergency Safety Net Fund Today
Ask any trapeze artist, and they’ll tell you that a safety net is a non-negotiable part of flying high. While few of us are circus performers, an emergency savings fund is still one of the most important requirements for our peace of mind and financial stability. Life has a way of throwing curveballs. Whether it’s […]
What to Do if You Owe SARS Money
Owing money to the South African Revenue Service (SARS) can be stressful, but don’t panic. By understanding your options and taking prompt action, you can resolve the issue and minimise the impact. This guide will equip you with the knowledge you need to navigate a tax debt situation. The importance of addressing tax debt Take […]
Tax Season 2024 with BFS Konsult
Everything you need to know for the 2024 Tax Season, brought to you by BFS Konsult. In our latest video director Gerhard Brand answers crucial questions about who should file a tax return, the optimal time for submissions, key deadlines, essential documentation, potential deductions, and the submission process itself. It is always beneficial to work […]
Maximising Wealth, Minimising Tax
A comparative look at retirement annuities versus tax-free savings accounts. When it comes to personal finance, every individual has different needs, dreams and financial goals, as well as different pathways to achieving those objectives. One of the most common long-term ambitions shared by many South Africans is to retire comfortably—to live confidently, knowing that there […]
Essential Financial Lessons Every Parent Should Pass Down
It’s true; financial literacy is as crucial as academic education, and many of us find ourselves reflecting on the lessons we wish were imparted by our parents. Growing up in South Africa, where economic challenges and opportunities coexist, understanding money management from an early age could have set a solid foundation for personal financial success. […]
What is the Difference Between a Business Consultant and an Advisor?
In South Africa, where businesses often face unique challenges and opportunities, the roles of business consultants and advisors are often crucial. Both consultants and advisors provide strategic advice, but their approaches, areas of expertise, and the nature of their engagement with clients can differ significantly. Business consultant: Strategic expertise and specialised solutions Business consultants in […]