Latest News

July 12, 2018

Changing banking details with SARS

In order to prevent fraud, the South African Revenue Service (“SARS”) requires confirmation of new or any changes to existing banking details and will only process any refunds due once […]
July 12, 2018

IFRS 15 – Revenue from contracts with customers

IFRS 15 recently became effective for financial periods beginning on or after 1 January 2018. IFRS 15 is only applicable to entities that have implemented International Financial Reporting Standards as […]
July 12, 2018

Medical scheme fees tax credit

Section 6A of the Income Tax Act[1] provides for a medical scheme fees tax credit (“MTC”), or rebate, which reduces the amount of income tax payable by a natural person […]
July 12, 2018

Don’t be insane – Make a change!

“Insanity – Doing the same thing repeatedly and expecting a different result” – Albert Einstein Cash flow can be a big challenge for any business. Does the following scenarios sound […]
June 26, 2018

Don’t delay, submit your 2018 Income Tax Return!

Annual Tax season is here, and Income Tax return submissions starts on the 1st of July 2018. We’ve taken the liberty of answering frequently asked questions individuals may have. The […]
June 14, 2018

WHEN LOOKING FOR A BUSINESS LOAN, MAKE PURPOSE YOUR CENTRAL CONSIDERATION

Written by Marilynn Leonard – Funding Hub. MMS Group was granted permission to use this article by the author. Today there are many types of loans, from many types of lenders, including […]
June 14, 2018

PROOF REQUIRED FOR INCOME TAX RETURNS – INDIVIDUALS

Following the conclusion of the 2018 tax year, documents will be issued to you that must be retained for tax purposes. The following documents should, if applicable, be submitted to […]
June 14, 2018

HOW TO EFFECTIVELY MANAGE YOUR FINANCE FUNCTION – FROM CHAOS CENTRE TO BUSINESS ENABLER

A common perception exists that the Finance and Admin function of a company is only a cost centre and its sole purpose is to record, report, repeat. Many of our […]
June 14, 2018

WHAT ARE A DIRECTOR’S FIDUCIARY DUTIES?

Fiduciary duty of good faith In terms of the common law, a director’s fiduciary duty means that a director acts in good faith and in the best interests of the […]
May 18, 2018

CHEERS TO A DECADE!

This month MMS Trust Services is celebrating our 10th year in business and it is time to sit back and reflect on where it all started. On the 30th of […]
November 25, 2016

Will SARS allow you to deduct your company/close corporation’s assessed loss?

Under normal circumstances SARS will allow a taxpayer to carry forward the previous tax year’s assessed loss and set it off against the current tax year’s taxable income. However, there […]
November 25, 2016

Misuse of assessed losses

An assessed loss for income tax purposes is a potentially valuable asset:  it represents past losses made by a taxpayer which is able of being carried forward to subsequent tax […]
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