Hey, Generation Y and Generation Z!
Do you think you can retire comfortably? Millions of South Africans rely on the money saved in their employers’ retirement fund to earn an income when they retire. For many people, this is their only formal savings for retirement. Unfortunately, too often, this money is still not enough to sustain them in retirement. Being a […]
Do I still need to pay my debt after all this time?
What is prescription? As a general rule, prescription occurs when a debtor’s liability to pay a specific debt is extinguished as a result of the passing of a prescribed time period. As soon as a debt prescribes, a debtor is no longer under any obligation to pay it. It is still legal for the creditor to demand payment or even sue for a […]
Rehabilitation in all its shapes and sizes
Being sequestrated by an order of the High Court has a myriad of adverse consequences that could have an inhibiting effect on an individual and his/her freedom to transact and build a new life. The Insolvency Act 24 of 1936 (“the Act”) makes provision for a sequestrated person to be rehabilitated under certain circumstances so that the insolvent person may continue with his or […]
Tax relief amid COVID-19
While South Africa is currently in a state of lockdown during which a significant number of businesses have had to cease operations, some relief from a tax perspective has been announced by the government. Tax-compliant businesses with a turnover of less than R50 million will be allowed to defer (importantly, not have waived) 20% of their pay-as-you-earn liabilities over […]