January 2018 Newsletter

January 2018 Newsletter

Since our previous newsletter, the financial, economical and (hopefully) political world we find ourselves in changed drastically.

Steinhoff shares took a plunge. The governing ANC party got a new president. Various companies implicated in the so-called state capture are overcome with the possibility that people may get arrested. The CIPC laid (probably the first) criminal charges against a certain large audit firm and other consultancy firms for non-compliance with the Companies Act. Given that we are heading towards free education in South Africa, the SARS will soon start to pull all the stops to fill the R53 billion shortages on the fiscal budget.

Aside from that, we are still paying the same old bills and might soon be without water.

Did I skip BitCoin? (yes…)

We can learn valuable lessons from these matters.

At EFGAudit we are here to assist our clients and prospective clients, to create, fine-tune and maintain an administrative and financial system which will serve its purpose to both the owners and other interested parties. Allow me to explain:

Steinhoff: financial reporting is the responsibility of the management of a business. As this is potentially a complex area, EFGAudit has a wealth of knowledge and experience to assist you in the compilation of financial statements, management accounts and other information (information requested by banks, valuations). By assisting our clients with this vital task, external parties, like the bank and investors, and yourself, will receive understandable information which was compiled with the highest standard in mind.

The new ANC president: the rand appreciated after Ramaphosa was elected into this top position. In the global environment that we operate, almost every business has some exposure to foreign currency fluctuations. EFGAudit has regular contact with highly skilled experts in the field, that can assist in any foreign currency related matter. If you wish to invest offshore, or need forward cover, of just seek advice, we can put you in touch with the right person.

State capture, CIPC and the companies act: this week was the first time that I noted criminal charges laid against companies with regards to non-compliance with the companies act. The companies act has a section on what constitutes criminal actions, and those may carry hefty fines, and even jail time. During the coming year, we will ensure that all our clients are compliant in this area.

Free education and the shortfall on the budget: the SARS will collect more taxes and will continue to be less tolerant on any non-compliance. We will assist our clients to be compliant, to fix all instances of non-compliance. All legal steps will also be considered to optimise your tax position, as far as possible.

Paying the old bills: I am a firm believer that any business older than 5 years can become profitable, contribute to your wealth and generate reserves to operate in a sustainable manner. Unfortunately, not all business owners have the expertise to analyse their systems, accounts and budgets to know where to optimise their cash flow, where to focus, and where to let go. Merely having an accountant to do the books, is not worth much. We are available to engage with our clients, on a regular basis, to review your data to consult on the matter relevant to the growth of your business, from a financial point of view.

With 2018 already well underway, EFGAudit would love to be of more assistance to your business.


Disclaimer: any company and / or names mentioned in this newsletter are for information purposes only, and are being made with reference to articles in the public domain. EFGAudit is in no position to give opinions on the matters, and do not imply that any company or person are guilty of any form of misconduct, actual or alleged.

Income Tax and Accounting in Paarl

Income Tax and Accounting in Paarl

About Income Tax and Accounting in Paarl

Accounting can be described as a way to communicate the financial health of a business or an organization to any and all interested parties. It is a way of assessing the assets, liabilities and cash flow, or the future of an entity for all current and future investors. It is the lifeblood of a business and all types of business have basic information that is recorded to get that job done.

All accounting or book keeping has a standard set of accounting principles. It stands for every type of business. In this way there is unity in all business accounting procedures to ensure that there is unity and a clear understanding no matter what business is being monitored.

Professional accounting services for individual and business taxation is essential to your financial success.

About EFG Audit

Finding good reliable accounting advice and services is essential to your financial planning and success. Whether you need assistance with your income tax submission or business accounting and auditing services, EFG Audit has the experience and knowledge to create a custom solution specific to your needs.

We deliver services to clients across the Western Cape. EFG Audit delivers a wide range of service to the small and medium sized business.

All clients receive a personalized service with high levels of assistance from more experienced personnel. Besides adhering to all local and international guidance, we always consider the client’s specific personal and business needs.

The owner, Ernst Gouws, is a chartered accountant, and also registered with the Independent Regulatory Board of auditors.

If you are looking for professional accounting, tax(income tax or business taxation) and auditing services in Paarl, Stellenbosch, Durbanville or the Boland region, you are welcome to get in contact with us. You will always get quick and reliable advise and service.

Find out more about Income Tax from SARS website or call us for personalized advice.

How does your business registration influence your taxation?

How does your business registration influence your taxation?

Taxation options for start up businesses.

You have maybe left employment for a company and you are planning to start up on your own – or you want to add a new firm to an existing trade that you carry on – or perhaps you want to start out from the beginning of your career as an entrepreneur.

What sort of a structure do you want to have around you – a self-employment model (sole trader) or a business structure (probably a limited company)? The answer for you will involve thinking about the direction in which you expect to go – do you expect to take on staff or fellow-owners? Will you diversify? Or will you aim to remain as a solo operator? And in addition to these commercial questions, there are financial, taxation and legal issues to consider. Whichever way you decide to go, you will be in need of business accounting services.

Please contact us today for expert advice.


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