In this episode of the Maya on Money podcast, host Maya Fisher-French discusses the recent changes affecting small business finances following the national budget announcement. With the VAT threshold and turnover tax limits both increased to R2.3 million, Maya unpacks what this means for small business owners and whether they should consider deregistering for VAT.

Joined by Seelan Muthayan, director and head of VAT at BDO, they explore the pros and cons of remaining a VAT vendor versus deregistering, emphasising the complexities involved in VAT returns and the potential impact on cash flow. Seelan shares valuable insights on the implications of deregistration, including the risk of audits and the perception of reliability among clients.

Key topics discussed include:

- The implications of the increased VAT threshold for small businesses

- Pros and cons of deregistering for VAT

- Understanding turnover tax and its eligibility requirements

- Common pitfalls in claiming home office expenses and how to navigate them

- Advice on maintaining compliance with SARS and preparing for future audits

This episode includes essential information for small business owners looking to optimise their tax strategies and navigate the evolving financial landscape. Tune in to gain clarity on these significant changes and make informed decisions for your business.

As the end of the tax year approaches, it is time to maximise your tax deductions and contributions to tax-free savings accounts and retirement annuities. Joined by Janine Langenhoven, senior legal counsel at Ninety One, Maya explores the often-overlooked tax benefits of exceeding the annual contribution cap on retirement annuities of R350 000. Janine explains how excess contributions can roll over to future years, allowing for tax deductions later, and discusses the implications of these contributions at retirement.

They also discuss the dos and don'ts for parents who may want to give their children a head start on their retirement savings.

Key topics discussed include:

-          The mechanics of exceeding the R350 000 contribution cap and the tax benefits associated with it

-          How excess contributions can lead to tax-free withdrawals at retirement

-          The role of retirement annuities in estate planning and their implications for beneficiaries

-          Strategies for parents considering retirement annuities for their children

-          Important considerations for tracking contributions and ensuring compliance with SARS

This episode provides essential insights for anyone looking to navigate the complexities of retirement annuities and optimise their tax strategies effectively. 

The cryptocurrency landscape is evolving at a breakneck pace, leaving most of us feeling bewildered by the myriad of terms and concepts. 

This stablecoin aims to blend the benefits of blockchain technology with the reliability of regulated financial systems, targeting the South African and broader African markets.

Joining Maya is Warren Ross, the managing director of Super Money SA, who breaks down the complexities of stablecoins in simple terms. Listeners will learn what sets stablecoins apart from traditional cryptocurrencies like Bitcoin, how their value is maintained, and the mechanisms that ensure stability. Warren also addresses the crucial aspect of trust and transparency in the cryptocurrency space, explaining the need to provide audited proof of reserves and maintain robust compliance measures.
 
Key topics discussed include:

• The fundamental differences between stablecoins and volatile cryptocurrencies
• How the ZAR Supercoin is pegged to the South African rand and the implications for users
• The role of market makers in maintaining the stability of the coin
• Use cases for stablecoins, including its potential for lower transaction costs and faster payments
• Insights into the regulatory landscape for cryptocurrencies in South Africa and the importance of compliance

Whether you’re a seasoned crypto enthusiast or a newcomer trying to navigate this complex world, this episode offers valuable insights into how stablecoins can play a significant role in the future of finance in South Africa and beyond.