NLT & Sons Accountants Inc.

NLT & Sons Accountants Inc. NLT & Sons Accountants Inc. is a business and accounting consulting firm. We have SMMEs at heart.

Our current focus is to ensure that the marginalized market segment is developed and compliant at all times.

22/10/2020

A smart way to increase your tax benefit from SARS.

22/10/2020

While advising all these savings ideas, please note , A tax refund is not usually money you would have been expecting to receive, so don’t be tempted to spend it on things that you weren’t even planning on buying and don’t max out the credit card in anticipation of a refund.

Regards

Luvo Thwethwa
The Financial Freedom Advocate In Our Life Time

22/10/2020

This benefit reflects the acknowledgement by the State of people who have taken steps to cater for their financial well-being during their retirement years. If you save for retirement through those retirement savings products recognised by the State for these purposes – like retirement annuities – you may qualify for a refund on your tax from the State for every tax year.

22/10/2020

For the average income-earner, it’s quite a simple process and one definitely worth doing. You should submit a return because there’s a good chance you’ll get some money back from the Receiver,

This is particularly true if you’ve put some additional money towards your retirement during the tax period of 1 March 2019 to 29 February 2020.

18/10/2020

Principles and processes of accounting for inter company transactions for Group Accounting:

Current main focus is on Subsidiary selling to Parent Company, please note the following:

1) Sub must de recognize the sold asset
2) Sub must reflect cash as banked
3) Parent must recognize the asset
4) Unrealised profit will rise in this transaction , however it must be eliminated
5) Depreciation relating to this transaction must be eliminated
6) Deferred tax relating to this transaction must be adjusted to non controlling interest

21/09/2020

Accounting is logical science with sequential principles, here is practical example in relation to international financial reporting standard 15, when asset is recognized should also be derecognized at the same time : this means while cash flows into your bank account and asset should be exiting the warehouse. 1) dr bank cr revenue 2) dr cost of sales Cr inventory.

29/08/2020

Entrepreneurs are here to grow through different growth forms , however when such happens , you might have interest in some form of investment into entities. But then you need to understand the level of influence you would wish to have in investee’s entity as an investor. Consider the following : Total control, Joint Control aka Joint Venture, Significant influence and investment with no influence. Always consult your business professional advisor before engage in such deals by doing so you’ll avoid burning your figures.

25/08/2020

Hi fellow Entrepreneurs : please remember this when performing your tax computation : accounting deductions are granted based on accrual basis, whereas, tax deductions are granted on cash basis, however , you need to perform deferred tax adjustment which results in the recognition of income tax implications in the correct financial year for accounting purposes, and not when payment is realized. # BeSmartEnyrepreneur.

12/08/2020

When you starting your new business, for tax purposes you need to take note of section 11(a) & 11A : S11(a) says, business expenses relating to trade are generally deductible if incurred after the commencement of trade. However, section 11A allows a deductions for qualifying expenses incurred before the commencement of trade once the trade has started in the current year.

10/08/2020

The double entry system of accounting was first described in a book written by Luca Pacioli, a fifteenth century Italian monk and mathematician , although it’s origins can be traced back 300 years. His work now is the universal of accounting standards.

03/08/2020

Let us talk tax as it part of our lives

Lesson 1 - Gross Income in terms of income tax act , 1962 in relation any year of assessment , in the case of any resident, is the total amount in cash or otherwise received or accrued to or by in favor of such resident, or in case of a non resident is the total amount received by or accrued to or in favour of person from a source within the republic, during such year or period of assessment , excluding receipts or accruals of a capital nature.

Address

16 Voortrekker Road , Tiger-berg Centre/Bellville
Cape Town
7530

Opening Hours

Monday 09:00 - 17:00
Tuesday 09:00 - 17:00
Wednesday 09:00 - 17:00
Thursday 09:00 - 17:00
Friday 09:00 - 17:00

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