RUNNING FOR FUN!

running with rivigan and the king’s school westrand

At the end of August (25th) we were proud to be a sponsor of the Discovery KSWR’s Fun Run.  The event was listed on sa-active.com and drew in a great crowd!  It was a stunning day at the school and all the entrants and supporters had a fantastic time.

As one of the contributors to the event, our Rivigan Group Team had a refreshments stand and were able to congratulate the noble efforts of every runner.  An added bonus was a well-earned medal that was issued to each runner upon completion – a total of 877!

Two courses, that meandered through the streets of Ruimsig, took the runners and spectators passed some of the more picturesque areas of JHB and drew great community support from the local residents who popped their heads out to cheer and encourage.

The grand prize of R800 went to a very deserving E Malepo (Diepsloot), breaking the tape at a magnificent 31m24s, almost a full minute ahead of second-place W Mutai.  Thank you to all our team and friends who made this day such an awesome memory!

ARE YOU A DIRECTOR?

HOW DOES THE NEW COMPANIES ACT EFFECT COMPANY DIRECTORS?

Many of our clients own their own businesses and are affected by the changes that were introduced with the new Companies Act, 71 of 2008.  In particular, those relating to the appointment, termination and removal of directors.  In a recent notification from our attorneys, Smith Tabata Buchanan Boyes, they gave a great summary of these changes and we thought they’d be of use!

REPO RATE REMAINS UNCHANGED

What exactly is happening in our economy at the moment?  With the drastic slides in fuel prices, one tends to think that everything is dropping in the wrong direction.  However, some good news came a fortnight ago when The SA Reserve Bank left the repo rate unchanged at 5.5%, governor Gill Marcus announced at the end of September.  In addition to this, the prime rate will stay at 8.5%.

The word from economists is that they expected the South African Reserve Bank to be cautious and not  to trim interest rates further as a result of market volatility prevailing partly on the back of the Marikana crisis.

In its previous meeting, the MPC rang a surprise 0.5 percentage point interest cut, which brought much needed relief to many economic actors, mainly heavily indebted consumers.

CC, COMPANY OR TRUST - THAT IS THE QUESTION

what's the best way to buy a property?

One of our attorney’s recently shared with us that they are receiving a significant increase in questions around property taxes.  The biggest question seems to be; “Should I buy my property as a CC, Company or as a Trust”.

As a standard suggestion, we always advise our clients to run these sorts of questions by their tax advisors as there are often many qualifications and legal loop holes that apply to different setups, but here is a general overview from one of our attorneys – hope it helps!