Common errors with tax returns – SARS taking a tough stance on submissions
Various recent media reports commented on the planned changes to the tax legislation which could see common errors on tax returns resulting in jail time. “New draft legislation seeks to scrap the concept of “intention” from tax crimes – this means the prosecutors don’t have to prove that you wilfully broke the law, and the […]
Credit Ombud Disputes – Annual report shows decrease in disputes and faster turnaround times
The purpose of the Credit Ombud is to provide a safe haven in which consumers and credit providers can resolve their disputes. How did this body fare over the past year and what was the most common cases dealt with? The Annual report indicates that during the 2019 year under review, the Credit Ombud assisted […]
Two important issues on short-term credit transactions clarified by the courts
The issue of charging interest on initiation fees levied in terms of short-term credit transactions and unsecured credit transactions have long been debated within the credit industry. On the one hand, the industry accepted that it is permitted and on the other hand, the Regulator, through a non-binding guidance note, contended that it is not. […]
Important changes to General Code of Conduct and Fit and Proper requirements – Moonstone webinar explains impact of changes on you
Towards the end of June 2020, the Financial Sector Conduct Authority (FSCA) published the final amendments to the General Code of Conduct as well as Fit and Proper requirements under the FAIS Act. According to the FSCA, the amendments were necessary to contribute to the fulfilment of their legislated objectives and is ultimately intended to promote […]
Working from home – Can you claim from SARS?
“Amid some uncertainty, SARS has confirmed that full-time employees will be able to claim home-office expenses during lockdown. But you have to work from home for at least six months of the tax year. And you can’t just work from your dining room table,” a SARS spokesperson confirmed to Business Insider SA. In a recent […]
Update on phasing out of financial emigration – Three-year limit to be introduced
Towards the end of July 2020, National Treasury published the Draft Taxation Laws Amendment Bill, 2020 (Draft Tax Bill). One of the proposals of the Draft Tax Bill relates to an overhaul of the rule for taking retirement funds abroad. According to Jean du Toit, head of Tax Technical at Tax Consulting SA, taxpayers may, under […]
The ABC of investment advice – There are no shortcuts to compliance
Although many might feel that the Sharemax debacle is old hat, and that FSPs could not have foreseen its implosion, it still serves the purpose of reminding us of the basics of compliance : A provider must at all times render financial services honestly, fairly, with due skill, care and diligence, and in the interests […]
Clarifying the OSTI’s role – It’s all about a balance of probabilities
As intermediaries, we have a very important role to play when a dispute arises between a client and the insurer. Understanding the roles of the various parties can help us retain clients by arriving at an amicable settlement. “OSTI remains an independent organisation. It continues to deliver fair and just outcomes,” the chairman of OSTI’s […]
Business Interruption Case heard in High Court – Judgment reserved
The Western Cape High Court case between Ma-Afrika and Stellenbosch Kitchen versus Santam was heard on 1 September, with the ruling delayed. The applicants’ legal team requested that the judgment be handed down before the Café Chameleon appeal case, which is to be heard by the SCA on 16 November. Café Chameleon won its case in late […]
Consumer online expectations – A lot more focus required
Less than half of all the consumers who reached out to their bank and insurer on social media received a response from their service provider. This was the finding in a recent BrandsEye’s report analysing social media conversation of banks, insurers, and telecommunication companies in East, West, and Southern Africa. In the study, BrandsEye used […]