The three-circle model of the family business

Who controls it? Who owns it? Who runs it? If you can’t answer these questions clearly, your family business could be headed for conflict.

How common law protects your property

Unless explicitly removed by statute, common law rights remain in force, and any rule that seeks to limit existing rights must be interpreted very narrowly.

To be sustainable, innovate. But not too soon!

The correct use of new technology can help a farmer become more profitable. However, being an early adopter of new technology holds risks that must be managed.

Understand the power and pitfalls of trust

Trust is a potent force for good. Break it, and you and your business could suffer severe consequences.

Get a family council working now!

Discord and bickering among members set a family business up for failure. A well-managed family council may be the answer.

When SARS fails to abide by the Tax Act

There is a good chance that an assessment based on a ‘secret audit’ will be set aside in the absence of extenuating circumstances.

Understand business roles, and pay accordingly

Ownership, directorship and management are three distinctly different roles. Be sure to remunerate fairly and correctly in each case.

Stocks and shares are not your only investment option

In these uncertain times, it can pay to get involved in alternative investments. In fact, these have a number of advantages over stocks and shares.

DIY security: the only way to ensure your safety

Farmers living under the constant threat of farm attacks do not have the luxury of discussing this issue in academic terms.

How to implement a succession plan

The importance of a succession plan for a farming business cannot be underestimated, and must be prioritised.

When losses are not deductible

Stock in trade is the lifeblood of a business. When stock is lost, or destroyed, the loss normally gives rise to a tax deduction. But this is not always the case.

Leave your business in good hands!

Ignoring succession planning, especially in a family business, is highly irresponsible.

No transformation without training

Without proper education and mentorship, transformation projects are doomed to fail.

Encouraging creativity in your business!

Energetic creativity is the difference between mediocre and great managers. But you have to work at it.

What exactly is a carbon tax?

Two aspects of the Carbon Tax Bill to be implemented in South Africa in 2019 should be of interest to farmers.

Why farmers need to be marketeers

It’s your job to find unique ways of adding value to your products to drive up profits.

Keep your assets safe and save on tax

If you have set up a trust, make sure you put it to good use to maximise the value of its assets.

Biological farming: a great idea, but can you afford it?

Sustainable farming means taking care of the environment and making a profit. Farmers should be highly suspicious of advice that does not take this into account.

Why should your business pay more tax than necessary?

If you structure your business creatively, you’ll be able to save many thousands of rands in tax. Here are some simple, practical ways to do this.

Danger time for trust, integrity and ethics

Take great care to associate with ethical people and avoid those who are not. In turn, provide your colleagues with an impeccable example of integrity.

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Tax & Management