IFRS 3 Business Combinations – New definition of Business

In October 2018 the IASB issued amendments to IFRS 3 ‘Business Combinations’ clarifying the definition of a business. These amendments are effective for financial years commencing 1 January 2020. The changes are to be applied prospectively to business combinations and asset acquisitions for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 January 2020.View PDF

Budget Highlights for 2021/22

The Minister of Finance delivered his budget speech on 24 February 2021. Due to Covid pandemic, tax relief were provided mainly for individual tax to assist in the recovery of the economy. The individual tax brackets were increased with the lowest tax rate of 18% applicable to income of R216 200 and the maximum marginal rate at 45% applicable to income above R1 656 601.View PDF