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Tax considerations for when your hobby becomes a business

24 April 2014 | Tax

In today’s fast-paced world of juggling careers, partners, children and extended family, only a fortunate few are able to devote attention to a passion or pastime. In certain, often unforeseen, circumstances, such as retrenchment, divorce, or death of a spouse, a hobby can evolve into a fully-fledged business. But, having a creative idea for a business is not enough. Considerations such as the venture’s legal nature, taxation requirements and the impact the business will have on a personal estate should be taken into account when a hobby becomes a business.

Will new tax reporting standards create shifting alliances?

24 April 2014 | Tax

What do Al Capone and the famous boxer Joe Louis have in common? They were both hunted, and convicted, by the US authorities on charges of income tax evasion. Tax evasion is a significant global problem which slows down the growth of many countries as tax revenue is a major source of income which is used to fund government programmes and create employment.

Global standard on exchange of tax information will help fight against tax evasion

16 April 2014 | Tax

A new global standard on the exchange of tax information intended to raise the bar on international cooperation will make it easier for the authorities to track down tax cheaters and fight tax evasion, says PwC. But the new standard also raises questions around privacy and cost implications, in particular for developing countries in Africa.

Capital Gains Tax – Method of valuation on the disposal of shares

14 April 2014 | Tax

Capital Gains Tax (CGT) is payable on the disposal of capital assets which were in the seller's possession on, or were acquired after 1 October 2001 (valuation date). A capital gain or loss is determined by calculating the difference between the proceeds and the base cost of the disposed asset.

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If you had to choose one approach to protect your hard-earned investment cash from today’s market madness, which would it be?

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