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Call For SA Innovators & Entrepreneurs To Enter R1 Million Reality Show

South African innovators and entrepreneurs could win R1 Million in prize money thanks to Hangman – Cell C’s online reality show which aims to uncover South Africa’s greatest innovator.

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South African innovators and entrepreneurs could win R1 million in prize money thanks to Hangman – Cell C’s online reality show which aims to uncover South Africa’s greatest innovator.

Hangman is a show unlike anything on any screen anywhere! A global first in interactive, immersive entertainment, it puts viewers in the driver’s seat. By “investing” in a virtual Stock Exchange, they can help determine the outcome of the show, while standing in line to win great prizes including a car.

This new 10-part reality show also gives wings to the aspirations of entrepreneurs who have identified a gap in the market and have come up with an innovation that fills that space and want to bring it to the market.

Hangman consists of two different content streams. The first is the actual reality online series – hosted by Maps Maponyane – which would traditionally be consumed on prime-time TV but will be streamed live online from October.

Innovators who are selected to be on the show will be put through a series of gruelling challenges, but their fate will be determined by more than performance alone. They will have to win the approval of ‘Backers’, captains of industry and investment with keen business acumen and ruthless standards. These include businesswoman Phuti Mahanyele, celebrity economist Iraj Abedian, self-made billionaire Quinton van der Burgh and Bonang Mohale, chairman of Shell South Africa Energy Limited.

Related: Shark Tank’s Dawn Nathan-Jones: How Leaders Who Focus On Growth Will Build Successful Companies

The innovator who succeeds in garnering the support of the Backers, while rallying viewer/‘investor’ sentiment, could walk away with a R1 million cash prize and everything needed to succeed in a 21st century market.

Entries are now open to anyone residing or working in South Africa who wants to participate in the competition or just view the series.  Simply download the Cell C Reality App on Android or iOS to access the shows and to register for the competition.  Access within the App will be zero rated for Cell C customers. Any breakout from the App will be charged as per current data depletion.

The Cell C Reality App is designed with a built-in point’s programme where points are awarded when customers download and interact within the App.

Points are awarded for every week customers are active in the App, every time a video is viewed, when they create a profile, and more.

The closing date for entries is July 21 with the show streaming online from October 9 to December 11. Contestants and viewers do not need to be a Cell C customer to play or download the App but Cell C customers will receive bonuses for participation and viewing the show.

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Meet the HANGMAN backers

Bonang Mohale

Growing up in a township on the East Rand during the apartheid years, Bonang Mohale is defined by a need to take responsibility – and when his father died in his teens he stepped into the breach to help his mother raise his younger siblings.

Despite the challenges of his home life Mohale looked to the black business leaders of the day for inspiration. To emulate their success he forged ahead with his studies during a period of volatile, political turmoil.

Determination, hard work, boundless energy and a larger than life personality has seen him make it to the top in the business world. Today he is widely viewed as one of the most respected leaders in corporate South Africa having been at the helm of a string of multinational giants including Shell South Africa and Upstream.

Iraj Abedian

Born in a rural village in Iran with no running water and no electricity to a family of subsistence farmers, Iraj Abedian learnt from a young age that only way to escape that life was to apply himself to his books. He scored top marks at school and won scholarships which eventually led him to South Africa after the fall of the Shah of Iran.

Abedian spent months on horseback travelling through remote Transkei villages to collect data for his master programme on the economics of rural farmers in the 1980s. He quickly ascended the academic ranks, culminating in an appointment as Professor of Economics at UCT. Sought after by the Mandela cabinet he was called on to serve in an advisory capacity on the RDP White paper, GEAR and as a member of the President’s Advisory Commission.

His corporate life saw him serve as the chief economist for Standard Bank and he later founded the Pan African Capital Holdings. Today Abedian is a celebrity economist sought after for his integrity, his frankness and his unwavering honesty.

Phuti Mahanyele

Phuti Mahanyele learnt from an early age to dream and look for opportunities where others see obstacles. As a little girl she dreamt of being a ballerina and although that dream never materialised her success in the boardroom as a leading businesswoman has made an inspiration to hundreds of young African woman who aspire to be like her.

Today Phuti is the executive chairperson of Sigma Capital and former CEO of the Shanduka Group and was included in the Wall Street Journal’s list of Top 50 Women in the World to watch in 2008. In 2012 she was recognised by Africa Investors as a Leading African Woman in Business and in 2014 she was chosen as Forbes Woman Africa Business Woman of the Year. 

Read more about Phuti Mahanyele here.

Quinton van der Burgh

Quinton van der Burgh always knew he wanted to be a businessman and he started pursuing that dream while at school where he quickly proved his mettle as a salesman.

The self-confessed ADHD sufferer quit in grade 11 to give flight to those dreams. He hit the ground running selling cell phones out of the boot of his car. His business grew quickly but just as he started tasting success one of his clients disappeared with R12 million worth of goods overnight bringing his world crashing down around him. But Quinton doesn’t give up; he took it on the chin and moved on to bigger and better business deals.

Today the billionaire is the founder and CEO of Burgh Group Holdings – his business interests extends to coal mining, marketing, media and mining equipment.

Related: Quinton van der Burgh on Changing the Game


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Entrepreneur Today

3 Stealthy Tax Hikes Payroll Managers And Employees Need To Take Note Of

By Rob Cooper, tax expert at Sage, and chairman of the Payroll Authors Group of South Africa

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“Dammed if you do and dammed if you don’t.” 

The adage summarises the difficult decisions government and the Finance Minister faced when balancing the country’s books, rescuing state-owned enterprises, and reviving the growth of our economy. Given the economic pressure that most taxpayers are facing, government ideally needed to achieve all of that without direct increases to personal income tax in the most recent Budget Speech.

Personal income tax has comprised at least a third of South Africa’s total tax revenue in recent tax years, despite growing unemployment. The 2019 Budget, presented in February, forecasts that personal income tax will account for nearly 39% of tax collected during the upcoming (2019/20) tax year. Given that we are in an election year and that the tax base is fragile, it’s not surprising that the Finance Minister and the National Treasury avoided direct increases to the statutory tax tables used to calculate PAYE for employees in the budget.

Nonetheless, government has made inflation work in its favour to impose some tax increases by stealth. Here are three ways government is raising more revenue without direct tax increases:

1. Bracket creep

The statutory tax tables used by payrolls and employers have not been changed for 2019/20, nor have the brackets been adjusted for inflation. This effectively amounts to an indirect tax increase that will yield a revenue saving of approximately R12.8 billion for government’s coffers.

It is not unusual for government to use ‘bracket creep’ to effectively raise more revenue. But unlike previous tax years, even low- and middle-income earners are not getting much relief. Rebates and the tax threshold are being increased by small amounts to allow some relief, but many people this year will feel the pain as inflationary salary increases push them into a higher tax bracket.

2. Medical aid credit not adjusted for inflation 

As proposed in the 2018 Budget, the Finance Minister did not apply an inflationary increase to the Medical Tax Credit, which allowed him to raise an extra R1 billion in revenue for the year. Surprisingly, these funds will be allocated to general tax revenue rather than ring-fenced for healthcare. In previous tax years, revenue generated from below-inflation increases on medical scheme credits was used to fund National Health Insurance (NHI) pilot projects.

There is still no clarity on how the NHI is going to be funded except for a general statement that the funding model is a problem for the National Treasury to solve, and that the principles of cross-subsidisation will apply. One wonders if any real progress will be made soon, given the fiscal constraints government faces.

3. Business travel deduction left untouched

The Budget leaves the per-kilometre cost rates used to determine tax deductions for business travel untouched. By not increasing travel rates to account for inflation, government effectively increases income tax collection at the cost of the taxpayer. This will be a blow for people who need to claim from their employers for business travel in their personal vehicles. This change has slipped through largely unnoticed and the budget does not provide numbers for the expected increase in tax revenue.

Closing words

Amid political turmoil and uncertainty, the Finance Minister presented a balanced budget for 2019/20 that offers hope for the future along with some tough love. With government taking steps to accelerate economic growth and improve revenue collection, we should hopefully see a steady improvement in government finances, which will translate into less pressure on the taxpayer in future years.

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Entrepreneur Today

SMEs: Staying On The Right Side Of The Taxman

Remaining SARS compliant can be a constant challenge for small- to medium-enterprises (SMEs), especially when they are trying to focus on growing their businesses and streamlining their operations.

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EasyBiz Managing Director, Gary Epstein, says submitting taxes can be a seamless process that does not have to take up more time than is necessary. “If business owners understand what is required of them and they put a few processes into place to deal with their tax submissions properly, their lives will be so much easier.”

What are the top three considerations for SMEs when submitting tax returns?

“Firstly,” says Epstein, “SARS returns must be accurate and submitted in terms of the relevant Act. Secondly, returns should be submitted and paid on time to avoid unnecessary penalties and interest, and thirdly, business owners must follow up on queries issued by SARS. “Do not ignore these queries, act on them as soon as possible”.

What are the major SARS submission deadlines for SMEs?

Epstein points out that small business owners need to adhere to various tax deadlines, each with their own particular dates for submission. “It is important that business owners diarise the dates (and set advance reminders for themselves) and/or enlist the services of an accountant or financial adviser to help them keep abreast of requirements.”

Value-added tax (VAT)

VAT payments need to be submitted in the VAT period allocated to the business, according to various categories and ending on the last day of a calendar month. This may mean making payments once a month, once every two months, once every six months or annually, depending on the category.

Provisional taxes

Provisional tax should be submitted at the end of August (first provisional) and at the end of February (second provisional) – for February year-end companies.

Employee taxes

In addition to submitting an annual reconciliation (EMP501) for the period 1 March to end of February for Pay-As-You-Earn (PAYE), Skills Development Levy (SDL) and Unemployment Insurance Fund (UIF), employee tax, in the form of an EMP201 return, needs to be submitted by the seventh of every month.

When can SMEs get extensions and is it worth it?

Epstein says SMEs can apply for various extensions, but these are subject to the Income Tax Act and Tax Administration Act.

“It is best for SMEs to consult their tax professionals to get advice regarding extensions for their businesses.”

What is SARS not flexible about?

SARS is not flexible when it comes to late returns and late payments.

“I cannot stress enough how important it is for SME owners to ensure their tax returns are submitted on time. In this way, they will avoid the inconvenience and expense of additional fines and interest,” notes Epstein.

What skills do SMEs need in their organisations to be able to submit to SARS efficiently?

Business owners often don’t have the time or expertise to deal with tax submissions throughout the year. If the business cannot afford to employ a full-time accountant or financial services expert, it would do well to outsource its tax requirements to a registered tax practitioner.

“I would recommend that even if they are not submitting the tax returns themselves, business owners should have a broad understanding of the tax regulations and what is expected of them. There is a lot of helpful information on the various Acts and tax requirements on SARS’ website,” says Epstein.

How does the right software help SMEs remain SARS compliant?

SME’s (and their accountants’) jobs can be made easier by using reliable accounting software to calculate accurate VAT reports. These reports are only as accurate as the data entered into them, which means care needs to be taken when inputting data into the accounting programme. Epstein says a good accounting software package must be reliable, easy to use and functional.

“SMEs need to check that the software has thorough reporting capabilities and can interface with other software solutions. Of course, it is also important to find out whether the software is locally supported by the vendor or not.”

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Entrepreneur Today

4 Dangers Of Business Under-insurance

A common short-term insurance peril that many SMEs face when submitting a claim following an insured event is the risk of being underinsured.

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Malesela Maupa, Head of Products and Insurer Relationships at FNB Insurance Brokers says, many small business owners mistakenly believe that by merely having a short-term insurance policy in place they are adequately protected against unforeseen events.

“This is technically correct provided that the business is covered for the full replacement value of the items insured. However, in circumstances where the sum insured does not cover the full replacement value or material loss of the item insured, the business is underinsured,” explains Maupa, as he unpacks the dangers of business underinsurance:

1. Financial loss

The most common risk is financial loss on the part of the business. If the business is underinsured or the indemnity period understated, the short-term insurance policy will only pay out the sum insured for the stated indemnity period as stated in the schedule, with the business owner having to provide for the shortfall. This often leads to cash flow challenges, impacting profit margins or rendering it difficult for the business to recover following the financial loss.

2. Reputational damage

Should an underinsured business not have sufficient funds to replace a key business activity or critical component following a loss, this may impact its ability to fulfil its contractual obligations, leading to a loss of business or market share, and irreparable reputational damage in the worst-case scenario.

3. Legal action

A small business also faces the risk of customers or clients taking legal action against it, should it fail to deliver on goods and services following a loss or be unable to honour its financial commitments that they committed to prior to the loss.

4. Survival of the business

A catastrophic event such as fire, which could result in the loss of stock or company equipment and documentation, could threaten the survival of a small business that is not yet fully established, if the business assets are not adequately insured.

Working with an experienced short-term insurance broker or insurer is essential when taking up short-term insurance to ensure that business contents are covered for their full replacement value.

Furthermore, depending on the nature of the business or item insured, the policy should be reviewed on a regular basis to avoid underinsurance as the value of items often change overtime due to fluctuations in economic activity. Where it’s necessary, evaluation certificates need to be kept up to date.

“Lastly, SMEs should ensure that the sum insured does not exceed the replacement value, which would lead to over insurance. Should a business submit a claim following a loss, the insurer would only pay out the replacement value, regardless of the higher sum insured,” concludes Maupa.

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