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Lyle Malander Scoops Top Prize In The SAICA Top-35-Under-35 CA(SA) Competition

Lyle Malander (30), Director: Malander Advisory, Malander Placements, Malander Digital, and Malander UK, has been announced as the overall winner of the 2018 Top 35-under-35 chartered accountants [CA(SA)] award.

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The Top-35-under-35 competition was launched by the South African Institute of Chartered Accountants (SAICA) in 2014 to recognise its young CA(SA) achievers. It has proven to be a huge success in recognising and promoting young CAs(SA) under the age of 35 who are not just achieving extraordinary results in their professional capacity, but also have a significant impact on society.

There were also five category winners:

  • Influence: Nathaniel Japhta (31), Director, F.A.M Consulting; Founder, Pro 226 Africa; and Co-owner, Easylife Kitchens.
  • Develop: Ashley-Juan van der Hoogen (28), Business Development Director, Ranzo Trading and Olbro Logistics.
  • Lead: Chris van Zyl (32), Founder and Managing Director of Walworth Consulting (Pty) Ltd, and a professional rugby player.
  • Power of Professional Thinking: Wadzanai Mabuto (34), Senior Lecturer at University of Johannesburg.
  • Out of the Ordinary: Louise Chunnett (34) and Frans Geldenhuys (34), Bidvest ALICE Founding Members, Bidvest Advisory Services (Pty) Ltd.

The Top-35-under-35 competition was launched by the South African Institute of Chartered Accountants (SAICA) in 2014 to recognise its young CA(SA) achievers. It has proven to be a huge success in recognising and promoting young CAs(SA) under the age of 35 who are not just achieving extraordinary results in their professional capacity, but also have a significant impact on society.

There were also five category winners:

  • Influence: Nathaniel Japhta (31), Director, F.A.M Consulting; Founder, Pro 226 Africa; and Co-owner, Easylife Kitchens.
  • Develop: Ashley-Juan van der Hoogen (28), Business Development Director, Ranzo Trading and Olbro Logistics.
  • Lead: Chris van Zyl (32), Founder and Managing Director of Walworth Consulting (Pty) Ltd, and a professional rugby player.
  • Power of Professional Thinking: Wadzanai Mabuto (34), Senior Lecturer at University of Johannesburg.
  • Out of the Ordinary: Louise Churnett (34) and Frans Geldenhuis (34), Bidvest ALICE Founding Members, Bidvest Advisory Services (Pty) Ltd.

Related: 10 Young Entrepreneurs Under 30 Share Their Start-Up Secrets

More on the winners

The winners are considered by the judging panel as the cream of the crop among this year’s Top-35-under-35 CAs(SA), who have gone the extra mile to achieve their career aspirations. Indeed, all 35 finalists are individuals who have not only successfully pursued their career dreams, but have also excelled and moved swiftly through the ranks to lead operations within notable organisations.

The overall winner Lyle Malander is only 30 years old, but already a trendy businessman and a trailblazer whose ambitions are fuelled by making a difference and creating a legacy. The co-founder and director of the Malander Group of companies’ core focus is providing professional advisory and resource solutions to various large and listed entities. Lyle is proud to say that in two-and-a-half years the Malander businesses have derived revenue in excess of R40 million. His hard work and arduous hours have turned his dreams into reality.

Through the Malander Advisory business, Lyle oversees a team that provides managed chartered accountant and finance resource solutions to an array of clients in various sectors and industries and has created employment opportunities for over 70 chartered accountants and finance professionals.

Influence category winner, Nathaniel Japhta, is an innovative leader pushing boundaries in the sport, corporate and social impact areas. Nathaniel was a star performer in PwC’s advisory division, where he moved between audit and public sector advisory. He led the way in helping Cipla South Africa save over R100 million in their last financial year as the lead project manager.

Today Nathaniel’s one great mission is to improve the lives of youngsters through sport. Being an exceptional sportsman himself, he excels in basketball and soccer. In 2014 he was requested to take the position of president of his hometown club, Heideveld Basketball Club on the Cape Flats, which is arguably the biggest basketball club in South Africa. He has also been at the forefront of raising funding for the community via the club. Nathaniel was elected president of the Cape Town Basketball Association at the age of 30 − the youngest president in its history.

The Develop category winner, Ashley-Juan van der Hoogen, had an affinity for business from a young age. In primary school he figured he could give the school tuck shop some stiff competition and at university he sold imported clothing to pay for tuition. Today, the humble young entrepreneur who is a philanthropist at heart has turned Ranzo, the truck business he started during his traineeship, into a fleet of 15 trucks. He is also a director of Olbro Logistics.

Building an audit robot named Alice that mimics the logic, rationale, decision-making and problem-solving of a human audit brain requires much research and development and possesses and requires volumes of training data. ALICE is currently likened to a junior IT audit trainee and Louise Churnett and Frans Geldenhuis are developing her brain capacity to build her up to an IT audit specialist with a focus on security. Not only have they achieved what many thought would be impossible, but the Out of the Ordinary category winners have exceeded even their own expectations of what ALICE would be when they started the journey.

“Bidvest ALICE is automating the entire workforce, from trainee to board member. She is allowing those charged with governance a view into the IT risks and environment that they could never achieve before. In doing so, she is leading other auditing firms to change the way they think about continuous auditing. Her ability to take the pain and work effort out of collecting data allows the auditor to rather spend time engaging in value-adding functions for the client, which is a key responsibility of all chartered accountants,” explains Frans.

The Power of Professional Thinking category winner, Wadzanai Mabuto, thrives on being surrounded by young, impressionable minds. When she delivers lectures to her students, she incorporates real-life challenges that she herself has overcome, or is currently facing, to demonstrate that despite the odds stacked against one, anything is possible!

As a Senior Lecturer in the Department of Accountancy at UJ, she is equipping her students to graduate in order to be relevant and technically savvy, but her end goal is to nurture them into becoming effective global citizens that will contribute positively to society.

In the public eye, Lead category winner, Chris van Zyl, first and foremost is a proud professional rugby player. But he has decided to deviate from the norm and pursue an alternative career while playing professional rugby.

Related: Funding And Resources For Young SA Entrepreneurs

Some of his highlights are captaining the Western Province rugby team to Currie Cup glory in 2017, playing professional rugby for the Stormers in the 2018 Super Rugby season, and launching a bespoke professional services company, Walworth Consulting (Pty) Ltd at the same time. Chris qualified as a CA(SA) in 2016 and says he has chosen to let his career take an odd direction. But his determination to work through his traineeship while pursuing his professional rugby passion bears testament to his hard-working nature and dedication. He believes his innovation will lead the way to what he hopes will become a more common practice.

The SAICA Senior Executive for Brand, Willi Coates, congratulated all the participants and especially the award winners. “It is indeed gratifying to see that our young CAs(SA) are committed to responsible leadership when the profession is under scrutiny for purported unethical behaviour by a minority of CAs(SA) who have not embraced the principle of doing the right thing even while no one is looking,” says Willi. “Our young CAs(SA) are a beacon of light and hope that points to the fact that our economy is in good hands, led by responsible young CA(SA) business leaders who, through their commitment, engender trust in the profession. I applaud all our young CAs(SA) finalists for their commitment and congratulate the winners on their achievement.”

The judging panel included 11 prestigious judges: Andile Khumalo CA(SA), Entrepreneur and former Managing Director of Power 98.7 and former COO of MSG Afrika; Dineshrie Pillay CA(SA), NeoSpective Consulting; Brett Tromp CA(SA), Chief Financial Officer (CFO) of Discovery Health; Jaco Oosthuizen CA(SA), Managing Director of Renault South Africa; Willem van der Post CA(SA), Founder xTech.Capital; Abed Tau CA(SA), Co-founder of Tuta-Me; Gugu Mtetwa CA(SA), Non-executive Director; Prudence Mashalane CA(SA), Banking team leader at Investec; Tharina Bennie-Van Dyk CA(SA), High Net Worth International Head at Investec; and Kapish Singh, Manager at PPS. Each finalist was interviewed personally, after which an overall winner was selected along with five category winners, the categories this year were: Influence, Develop, Out of the Ordinary, Power of Professional Thinking and Lead.

The competition’s proud sponsors are Renault, Investec, PPS, and Sage who have recognised the value of the competition as it provides a platform to promote young CAs(SA) who are making a valuable contribution to the economy of South Africa, as well as in their communities.

The winners are considered by the judging panel as the cream of the crop among this year’s Top-35-under-35 CAs(SA), who have gone the extra mile to achieve their career aspirations. Indeed, all 35 finalists are individuals who have not only successfully pursued their career dreams, but have also excelled and moved swiftly through the ranks to lead operations within notable organisations.

The overall winner Lyle Malander is only 30 years old, but already a trendy businessman and a trailblazer whose ambitions are fuelled by making a difference and creating a legacy. The co-founder and director of the Malander Group of companies’ core focus is providing professional advisory and resource solutions to various large and listed entities. Lyle is proud to say that in two-and-a-half years the Malander businesses have derived revenue in excess of R40 million. His hard work and arduous hours have turned his dreams into reality.

Through the Malander Advisory business, Lyle oversees a team that provides managed chartered accountant and finance resource solutions to an array of clients in various sectors and industries and has created employment opportunities for over 70 chartered accountants and finance professionals.

Influence category winner, Nathaniel Japhta, is an innovative leader pushing boundaries in the sport, corporate and social impact areas. Nathaniel was a star performer in PwC’s advisory division, where he moved between audit and public sector advisory. He led the way in helping Cipla South Africa save over R100 million in their last financial year as the lead project manager.

Today Nathaniel’s one great mission is to improve the lives of youngsters through sport. Being an exceptional sportsman himself, he excels in basketball and soccer. In 2014 he was requested to take the position of president of his hometown club, Heideveld Basketball Club on the Cape Flats, which is arguably the biggest basketball club in South Africa. He has also been at the forefront of raising funding for the community via the club. Nathaniel was elected president of the Cape Town Basketball Association at the age of 30 − the youngest president in its history.

The Develop category winner, Ashley-Juan van der Hoogen, had an affinity for business from a young age. In primary school he figured he could give the school tuck shop some stiff competition and at university he sold imported clothing to pay for tuition. Today, the humble young entrepreneur who is a philanthropist at heart has turned Ranzo, the truck business he started during his traineeship, into a fleet of 15 trucks. He is also a director of Olbro Logistics.

Building an audit robot named Alice that mimics the logic, rationale, decision-making and problem-solving of a human audit brain requires much research and development and possesses and requires volumes of training data. ALICE is currently likened to a junior IT audit trainee and Louise Churnett and Frans Geldenhuis are developing her brain capacity to build her up to an IT audit specialist with a focus on security. Not only have they achieved what many thought would be impossible, but the Out of the Ordinary category winners have exceeded even their own expectations of what ALICE would be when they started the journey.

“Bidvest ALICE is automating the entire workforce, from trainee to board member. She is allowing those charged with governance a view into the IT risks and environment that they could never achieve before. In doing so, she is leading other auditing firms to change the way they think about continuous auditing. Her ability to take the pain and work effort out of collecting data allows the auditor to rather spend time engaging in value-adding functions for the client, which is a key responsibility of all chartered accountants,” explains Frans.

The Power of Professional Thinking category winner, Wadzanai Mabuto, thrives on being surrounded by young, impressionable minds. When she delivers lectures to her students, she incorporates real-life challenges that she herself has overcome, or is currently facing, to demonstrate that despite the odds stacked against one, anything is possible!

As a Senior Lecturer in the Department of Accountancy at UJ, she is equipping her students to graduate in order to be relevant and technically savvy, but her end goal is to nurture them into becoming effective global citizens that will contribute positively to society.

In the public eye, Lead category winner, Chris van Zyl, first and foremost is a proud professional rugby player. But he has decided to deviate from the norm and pursue an alternative career while playing professional rugby.

Some of his highlights are captaining the Western Province rugby team to Currie Cup glory in 2017, playing professional rugby for the Stormers in the 2018 Super Rugby season, and launching a bespoke professional services company, Walworth Consulting (Pty) Ltd at the same time. Chris qualified as a CA(SA) in 2016 and says he has chosen to let his career take an odd direction. But his determination to work through his traineeship while pursuing his professional rugby passion bears testament to his hard-working nature and dedication. He believes his innovation will lead the way to what he hopes will become a more common practice.

The SAICA Senior Executive for Brand, Willi Coates, congratulated all the participants and especially the award winners. “It is indeed gratifying to see that our young CAs(SA) are committed to responsible leadership when the profession is under scrutiny for purported unethical behaviour by a minority of CAs(SA) who have not embraced the principle of doing the right thing even while no one is looking,” says Willi. “Our young CAs(SA) are a beacon of light and hope that points to the fact that our economy is in good hands, led by responsible young CA(SA) business leaders who, through their commitment, engender trust in the profession. I applaud all our young CAs(SA) finalists for their commitment and congratulate the winners on their achievement.”

The judging panel included 11 prestigious judges: Andile Khumalo CA(SA), Entrepreneur and former Managing Director of Power 98.7 and former COO of MSG Afrika; Dineshrie Pillay CA(SA), NeoSpective Consulting; Brett Tromp CA(SA), Chief Financial Officer (CFO) of Discovery Health; Jaco Oosthuizen CA(SA), Managing Director of Renault South Africa; Willem van der Post CA(SA), Founder xTech.Capital; Abed Tau CA(SA), Co-founder of Tuta-Me; Gugu Mtetwa CA(SA), Non-executive Director; Prudence Mashalane CA(SA), Banking team leader at Investec; Tharina Bennie-Van Dyk CA(SA), High Net Worth International Head at Investec; and Kapish Singh, Manager at PPS. Each finalist was interviewed personally, after which an overall winner was selected along with five category winners, the categories this year were: Influence, Develop, Out of the Ordinary, Power of Professional Thinking and Lead.

The competition’s proud sponsors are Renault, Investec, PPS, and Sage who have recognised the value of the competition as it provides a platform to promote young CAs(SA) who are making a valuable contribution to the economy of South Africa, as well as in their communities.

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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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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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