Thesis (MAcc)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: The requirements of broad-based black economic empowerment (‘BEE’) are set out in the BEE scorecard. When an entity incurs expenditure relating to indirect empowerment measures (i.e. the preferential procurement, enterprise development, skills development and socio-economic development categories on the BEE scorecard), it is unclear whether the expenditure will be deductible for income tax purposes (BEE Partner, 2008). The objectives of the current study are to determine whether such expenditure is deductible and to formulate best practice guidelines for the deduction of the expenditure. The best practice guidelines consist of factors that should be considered when determining whether expenditure is deductible, as well as recommendations on how to justify that such expenditure should, in fact, be deductible. The methodology used was to first consider the requirements of the BEE scorecard, the types of expenditure and the reasons for incurring expenditure towards indirect empowerment measures. The deduction of such expenditure was then considered in a general sense and specifically for each broad category of expenditure. Lastly, the best practice guidelines were formulated based on the conclusions reached. Common expenditure towards indirect empowerment measures of BEE was grouped into broad categories. The different reasons why entities incur such expenditure were identified, as the reason for incurring expenditure can influence whether it is incurred in the production of income (Van Schalkwyk, 2010b:110). It is submitted that expenditure that is excessive or that is incurred for philanthropic purposes would not be incurred in the production of income. Four issues were identified that could preclude a deduction in terms of the general deduction formula (section 11(a)) – notably, that expenditure has to be in the production of income and non-capital in nature to be deductible. In addition to section 11(a), special income tax deductions (sections 12H, 12I or 18A) and capital allowances (sections 11(e), 13sex or 15(a)) could also possibly apply, but only for certain types of expenditure and only in qualifying circumstances. The conclusions drawn as to the deductibility of expenditure are summarised as a guideline for taxpayers. The above-mentioned conclusions, along with the literature examined, were used to formulate general best practice guidelines. One such guideline is that the onus is on taxpayers to show (through one of the ways suggested) that expenditure is in the production of income. Taxpayers should also note that excessive expenditure is not in the production of income and that certain expenditure required by sector charters is more likely to be capital in nature. Furthermore, specific best practice guidelines were submitted for each broad category of expenditure and relate to, for example, the applicability of the identified special deductions and the quantification of non-monetary expenditure. The specific best practice guidelines should be considered when incurring expenditure in a specific category. In summary, even though expenditure towards indirect empowerment measures has been found to be deductible in most cases, there are exceptions of which taxpayers should be aware. The proposed best practice guidelines include guidance that could be considered before incurring expenditure towards indirect BEE measures. / AFRIKAANSE OPSOMMING: Die vereistes van breë-basis swart ekonomiese bemagtiging (‘SEB’) word in die SEB-telkaart uiteengesit. Wanneer ’n entiteit onkostes met betrekking tot indirekte bemagtigingsmaatreëls (die telkaartkategorieë vir voorkeurverkryging, besigheidsontwikkeling, vaardigheidsopleiding en sosio-ekonomiese ontwikkeling) aangaan, is dit nie duidelik of sodanige onkoste vir inkomstebelasting-doeleindes aftrekbaar sal wees nie (BEE Partner, 2008). Die doelwitte van hierdie studie was om te bepaal of sulke onkostes belastingaftrekbaar is en om bestepraktyk-riglyne te formuleer vir die aftrekking van die onkostes. Die bestepraktyk-riglyne bestaan uit faktore wat oorweeg moet word in die bepaling of onkostes belastingaftrekbaar is, sowel as aanbevelings oor hoe aftrekbaarheid geregverdig kan word. Die studiemetodologie het eerstens ’n ondersoek behels na die vereistes van die SEB-telkaart, die soorte onkostes sowel as die redes vir die aangaan van onkostes wat met indirekte bemagtigingsmaatreëls verband hou. Daarna is die belastingaftrekbaarheid van sodanige onkostes in die algemeen sowel as spesifiek vir elke breë kategorie van onkoste oorweeg. Laastens is die bestepraktyk-riglyne opgestel op grond van die gevolgtrekkings wat bereik is. Algemene onkostes wat met indirekte SEB-maatreëls verband hou, is in breë kategorieë gegroepeer. Die verskillende redes waarom entiteite die uitgawes aangaan, is bepaal, aangesien dit kan beïnvloed of die uitgawe in die voortbrenging van inkomste is of nie (Van Schalkwyk, 2010b:110). Daar word aangevoer dat onkoste wat oormatige is of onkostes met betrekking tot filantropiese doeleindes nie as deel van die voortbrenging van inkomste beskou kan word nie. Vier kwessies is geïdentifiseer wat ’n aftrekking ingevolge die algemene aftrekkingsformule (artikel 11(a)) kan verhoed – die belangrikste is dat die onkostes in die voortbrenging van inkomste aangegaan moet word en nie kapitaal moet wees om afgetrek te kan word. Benewens artikel 11(a), kan spesiale belastingaftrekkings (artikel 12H, 12I of 18A) en kapitaaltoelaes (artikel 11(e), 13sex of 15(a)) ook moontlik geld, maar slegs vir sekere soorte onkostes en in omstandighede wat daarvoor in aanmerking kom. Die gevolgtrekkings oor die belastingaftrekbaarheid van onkostes word uiteindelik as ’n riglyn vir belastingbetalers opgesom. Bogenoemde gevolgtrekkings, tesame met die bestudeerde literatuur, is gebruik om algemene bestepraktyk-riglyne te formuleer. Een so ’n riglyn is dat die bewyslas op die belastingbetaler rus om (op een van die voorgestelde maniere) aan te toon dat onkostes in die voortbrenging van inkomste aangegaan word. Belastingbetalers moet ook daarop let dat oormatige onkostes nie as deel van die voortbrenging van inkomste beskou kan word nie en dat sekere onkostes ingevolge die vereistes van sektorhandveste meer waarskynlik kapitaal van aard sal wees. Spesifieke bestepraktyk-riglyne is voorts vir elke breë kategorie van onkostes voorgestel, byvoorbeeld met betrekking tot die toepaslikheid van die geïdentifiseerde spesiale aftrekkings en die kwantifisering van nie-monetêre onkostes. Hierdie spesifieke bestepraktyk-riglyne behoort in ag geneem te word wanneer onkostes in ’n spesifieke kategorie aangegaan word. Ter samevatting behoort belastingbetalers daarop bedag te wees dat hoewel onkostes met betrekking tot indirekte bemagtigingsmaatreëls in die meeste gevalle belastingaftrekbaar is, daar wel sekere uitsonderings is. Die voorgestelde bestepraktyk-riglyne bied derhalwe leiding oor die faktore wat oorweeg kan word voordat onkostes met betrekking tot indirekte bemagtigingsmaatreëls aangegaan word.

Thesis (MAcc)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: Share incentive schemes have become an important part of the remuneration package of employees in South Africa. Employers offer share incentive schemes to employees in order to attract and retain high quality workers while aligning the interests of the employees with those of the shareholders. Employees are motivated to participate in share incentive schemes due to the opportunity to invest in their financial future, as well as the opportunity to share in the economic success and growth of the employer company. Due to the increase in the utilisation of share incentive schemes to remunerate employees, the South African Revenue Service (the SARS) increased its focus on the taxation of such schemes. Section 8C of the Income Tax Act No. 58 of 1962 (the Act) was introduced by the SARS on 24 January 2005 to govern the taxation of share incentive schemes in South Africa. Prior to the introduction of section 8C, section 8A sought to tax the gains realised by employees participating in share incentive schemes, being the difference between the market value on the exercise date and the grant price. The tax liability incurred by employees in terms of section 8A did not tax the full gain eventually realised by employees upon vesting of the shares and the SARS sought to close this loophole through the introduction of section 8C to the Act. The employer company is required by the Fourth Schedule to withhold employees’ tax amounting to the gain realised by the employee in terms of section 8C of the Act. This assignment analysed the workings of the four share incentive schemes most commonly found in the South African marketplace, namely: share option scheme, share purchase scheme, deferred delivery share scheme and phantom share scheme. The current normal income tax legislation governing share incentive schemes in relation to employees was examined by considering literature contained in the Act, amendment bills and acts, case law and other material. Based on current income tax legislation, the tax implications of each of the four selected share incentive schemes was determined and compared in order to determine which of the selected share incentive schemes are most tax efficient in relation to the employee. It was concluded that the share option scheme and the deferred delivery share scheme are the most tax efficient schemes in relation to the employee. Based on case studies conducted, along with an analysis of the current income tax legislation contained in the Act, the share option scheme and the deferred delivery share scheme resulted in the lowest overall tax liability for employees. It was further concluded that employers will be required to revisit the structuring of their current share incentive schemes in order to ensure that any dividends paid to employees in terms of the schemes will remain exempt in terms of the amended section 10(1)(k)(i)(dd). The assignment includes recommendations relating to how share incentive schemes can be structured to be more tax efficient. / AFRIKAANSE OPSOMMING: Aandele-aansporingskemas het ’n belangrike deel van die vergoedingspakkette van werknemers in Suid-Afrika geword. Werkgewers bied aandele-aansporingskemas aan werknemers om sodoende hoë-kwaliteit werkers te lok en te behou terwyl die belange van die werknemers met dié van die aandeelhouers belyn word. Werknemers word gemotiveer om aan aandele-aansporingskemas deel te neem vanweë die geleentheid om in hul finansiële toekoms te belê, sowel as die geleentheid om in die ekonomiese sukses en groei van die werkgewer-maatskappy te deel. Weens die toename in die aanwending van aandele-aansporingskemas om werknemers te vergoed, het die Suid-Afrikaanse Inkomstebelastingdiens (die SAID) sy fokus op die belasting van welke skemas verskerp. Artikel 8C van die Inkomstebelastingwet Nr. 58 van 1962 (die Wet) is deur die SAID op 24 Januarie 2005 ingestel om die belasting van aandele-aansporingskemas in Suid-Afrika te beheer. Voor die instelling van artikel 8C het artikel 8A gepoog om die winste gerealiseer deur werknemers wat aan aandele-aansporingskemas deelneem, te belas, synde die verskil tussen die markwaarde op die uitoefeningsdatum en die toekenningsprys. Die belastingaanspreeklikheid aangegaan deur werknemers ingevolge artikel 8A het nie die volle wins uiteindelik gerealiseer deur werknemers ten tye van vestiging van die aandele belas nie, en die SAID het gepoog om hierdie skuiwergat te sluit deur die instelling van artikel 8C in die Wet. Daar word van die werkgewer-maatskappy verwag om werknemersbelasting ingevolge die Vierde Bylaag te weerhou ten bedrae van die wins deur die werknemer ingevolge artikel 8C van die Wet gerealiseer. Hierdie studie het die werking van die vier mees algemene aandele-aansporingskemas in die Suid-Afrikaanse mark geanaliseer, naamlik: die aandele-opsieskema, aandeleaankoopskema, uitgestelde-leweringskema, en die skyn-aandeleskema. Die huidige normale inkomstebelastingwetgewing wat aandele-aansporingskemas ten opsigte van werknemers beheer, is ondersoek deur die literatuur in die Wet, wysigingswetsontwerpe en wette, beslissings en ander materiaal in oënskou te neem. Gebaseer op huidige inkomstebelastingwetgewing is die belastingimplikasies van elk van die vier geselekteerde aandele-aansporingskemas bepaal en vergelyk om sodoende te bepaal watter van die geselekteerde aandele-aansporingskemas die mees belastingdoeltreffend ten opsigte van die werknemer is. Daar is gevind dat die aandele-opsieskema en die uitgestelde-leweringskema die mees belastingdoeltreffende skemas ten opsigte van die werknemer is. Gebaseer op gevallestudies wat uitgevoer is, tesame met ’n analise van die huidige inkomstebelastingwetgewing vervat in die Wet, het die aandele-opsieskema en die uitgestelde-leweringskema gelei tot die laagste algehele belastingaanspreeklikheid vir werknemers. Daar is verder tot die gevolgtrekking gekom dat daar van werkgewers verwag gaan word om die strukturering van hul huidige aandele-aansporingskemas te hersien om sodoende te verseker dat enige dividende wat aan werknemers in terme van die skemas betaal word, vrygestel sal bly ingevolge die aangepaste artikel 10(1)(k)(i)(dd). Die studie sluit aanbevelings in oor hoe aandele-aansporingskemas gestruktureer kan word om meer belastingdoeltreffend te wees.

Thesis (MComm)--Stellenbosch University, 2013. / ENGLISH ABSTRACT: NoSQL databases, a new way of storing and retrieving data, can provide businesses with many benefits, although they also pose many risks for businesses. The lack of knowledge among decision-makers of businesses regarding NoSQL databases can lead to risks left unaddressed and missed opportunities. This study, by means of an extensive literature review, identifies the key drivers, characteristics and benefits of a NoSQL database, thereby providing a clear understanding of the subject. The business imperatives related to NoSQL databases are also identified and discussed. This can help businesses to determine whether a NoSQL database might be a viable solution, and to align business and information technology (IT) objectives. The key strategic and operational IT risks are also identified and discussed, based on the literature review. This can help business to ensure that the risks related to the use of NoSQL databases are appropriately addressed. Lastly, the identified risks were mapped to the processes of COBIT (Control Objectives for Information and Related Technology) to inform a business of the highest risk areas and the associated focus areas. / AFRIKAANSE OPSOMMING: NoSQL databasisse, 'n nuwe manier om data te stoor en herwin, het die potensiaal om baie voordele vir besighede in te hou, maar kan ook baie risiko's teweeg bring. Gebrekkige kennis onder besigheidsbesluitnemers oor NoSQL databasisse kan lei tot onaangespreekte risiko’s en verlore geleenthede. Hierdie studie, deur middel van 'n uitgebreide literatuuroorsig, identifiseer die sleutel eienskappe, kenmerke en voordele van 'n NoSQL databasis, om sodoende 'n duidelike begrip van die onderwerp te verkry. Die besigheidsimperatiewe wat verband hou met NoSQL databasisse is ook geïdentifiseer en bespreek. Dit kan besighede help om te bepaal of 'n NoSQL databasis 'n werkbare oplossing kan wees, asook sake- en inligtingstegnologie (IT) doelwitte in lyn met mekaar bring. Na aanleiding van die literatuurstudie is die sleutel-strategiese en operasionele IT-risiko's geïdentifiseer en bespreek. Dit kan help om aan besighede sekerheid te verskaf dat die risiko's wat verband hou met die gebruik van NoSQL databasisse toepaslik aangespreek word. Laastens is die geïdentifiseerde risiko's gekoppel aan die prosesse van COBIT om 'n besigheid van die hoë-risiko areas en die gepaardgaande fokusareas in te lig.

Thesis (MAccounting)--Stellenbosch University, 2013. / ENGLISH ABSTRACT: The interaction between the income tax provisions contained in sections 9B, 9C, 11(a) and 22 of the Income Tax Act No. 58 of 1962 (the Act), and the capital gains tax (CGT) provisions of the Eighth Schedule of the Act, are complex and share dealers should approach the tax consequences of share dealing profits with caution. The objective of the assignment was to ensure that the share dealing profits of share dealers (who transact on revenue account) are taxed correctly, with specific reference to the interaction between the aforementioned provisions. This was achieved by considering tax cases, the interpretation notes of the South African Revenue Services (SARS) and commentary of tax writers. Examples of share disposals were incorporated to illustrate that consistency is required between the calculation of profits for income tax and CGT purposes. The guidelines laid down by case law to determine the revenue nature of share disposals were investigated. It was concluded that share dealing profits which are designedly sought for and worked for, either as part of a business operation or not, are of a revenue nature and taxable as such. The method of identification of shares sold as trading stock is important when calculating the income tax profit, since it is used in order to determine both which shares are sold as well as the cost of the shares sold. It was concluded that the method of identification applied in terms of generally accepted accounting practice (GAAP) is generally also acceptable from an income tax perspective. Section 9C of the Act provides a share dealer income tax relief when a ‘qualifying share’ is disposed of. Any amount received or accrued as a result of the disposal of a qualifying share is deemed to be of a capital nature, regardless of the revenue intention of the share dealer. Prior to 1 October 2007, section 9B of the Act provided similar relief to the disposal of an ‘affected share’. It was concluded that section 9C of the Act has a wider scope of application compared to section 9B of the Act. Because the proceeds received on the disposal of affected or qualifying shares are excluded from gross income, the acquisition costs previously incurred and deducted in respect of such shares must be included in taxable income. It was determined that the amount to be included in income is the actual cost of such shares and not the opening trading stock value determined in terms of GAAP and claimed in terms of section 22(2) of the Act. It was concluded that the first-in-first-out (FIFO) method of identification should be applied to determine which affected or qualifying shares have been disposed of. From a CGT perspective, it was illustrated that a share dealer loses the opportunity to choose which identification method to apply and is obliged to also apply the FIFO method in calculating the CGT base cost of the shares. It is concluded that the Eighth Schedule of the Act should be amended to clarify that the FIFO method should be applied for CGT purposes where sections 9B or 9C of the Act find application. Only then will the tax profits of a share dealer be in sync with his or her cash benefit. / AFRIKAANSE OPSOMMING: Die interaksie tussen die inkomstebelastingbepalings vervat in artikels 9B, 9C, 11(a) en 22 van die Inkomstebelastingwet No. 58 van 1962 (die Wet), en die kapitaalwinsbelastingbepalings (KWB bepalings) van die Agtste Bylae tot die Wet is kompleks en aandelehandelaars moet die belastinggevolge van aandelewinste met omsigtigheid benader. Die doelwit van die werkstuk was om te verseker dat die winste van aandelehandelaars (wat aandele verkoop op inkomsterekening) korrek belas word, met spesifieke verwysing na die interaksie tussen die voorgenoemde bepalings. Dit is bereik deur die oorweging van hofsake, uitlegnotas van die Suid-Afrikaanse Inkomstediens en kommentaar deur belastingskrywers. Voorbeelde van aandeleverkope is gebruik om te illustreer dat konsekwentheid tussen die berekening van winste vir inkomstebelasting en KWB-doeleindes ‘n vereiste is. Die riglyne wat deur regspraak daargestel is om die inkomste-aard van aandeleverkope vas te stel, is ondersoek. Daar is bevind dat aandelewinste wat opsetlik nagejaag word en voor gewerk word, ongeag of dit deel van die bedryf van 'n besigheid is al dan nie, van ‘n inkomste-aard is en aldus belasbaar is. Die metode van identifikasie van aandele wat as handelsvoorraad verkoop word is belangrik by die berekening die inkomstebelastingwins aangesien dit gebruik word om vas te stel watter aandele verkoop is en wat die koste van die verkoopte aandele is. Daar is bevind dat die metode wat ingevolge algemeen aanvaarde rekeningkundige praktyk (AARP) toegepas is, gewoonlik ook vir inkomstebelastingdoeleindes toelaatbaar is. Artikel 9C van die Wet verskaf aan ‘n aandelehandelaar inkomstebelastingverligting met die verkoop van 'n 'kwalifiserende aandeel' deurdat die bedrag ontvang of toegeval geag word van 'n kapitale aard te wees, ongeag die inkomstebedoeling van die aandelehandelaar. Voor 1 Oktober 2007 het artikel 9B van die Wet soortgelyke verligting verskaf met die verkoop van n 'geaffekteerde aandeel’. Daar is vasgestel dat artikel 9C van die Wet 'n wyer toepassing het in vergelyking met artikel 9B van die Wet. Omrede die opbrengs ontvang met die verkoop van geaffekteerde of kwalifiserende aandele uitgesluit word van bruto inkomste, moet die vorige aankoopskostes wat voorheen ten opsigte van die aandele aangegaan en afgetrek is, by belasbare inkomste ingesluit word. Daar is bepaal dat die bedrag wat by belasbare inkomste ingesluit word, die werklike koste van die aandele is en nie die AARP openingswaarde van handelsvoorraad wat ingevolge artikel 22(2) van die Wet geëis nie. Daar is bevind dat die eerste-in-eerste-uit (EIEU) metode van identifikasie gebruik moet word om te bepaal watter geaffekteerde of kwalifiserende aandele verkoop is. Vir KWB doeleindes verloor 'n aandelehandelaar ook die geleentheid om te kan kies watter identifikasiemetode toegepas moet word. Hy of sy is verplig om die EIEU metode toe te pas in die berekening van die KWB basiskoste van die aandele. Daar word tot die gevolgtrekking gekom dat die Agtste Bylae van die Wet gewysig moet word om te bevestig dat die EIEU metode toegepas moet word vir KWB doeleindes waar artikels 9B of 9C van die Wet van toepassing is. Slegs dan is die belasbare wins van 'n aandelehandelaar in lyn is met sy of haar kontantvoordeel.

Thesis (MComm)--Stellenbosch University, 2013. / ENGLISH ABSTRACT: Enterprise mobility is emerging as a megatrend in the business world. Numerous risks originate from using mobile devices for business-related tasks and most of these risks pose a significant security threat to organisations’ information. Organisations should therefore apply due care during the process of governing the significant enterprise mobility security risks to ensure an effective process to mitigate the impact of these risks. Information technology (IT) governance frameworks, -models and -standards can provide guidance during this governance process to address enterprise mobility security risks on a strategic level. Due to the existence of the IT gap these risks are not effectively governed on an operational level as the IT governance frameworks, -models and -standards do not provide enough practical guidance to govern these risks on a technical, operational level. This study provides organisations with practical, implementable guidance to apply during the process of governing these risks in order to address enterprise mobility security risks in an effective manner on both a strategic and an operational level. The guidance given to organisations by the IT governance frameworks, -models and -standards can, however, lead to the governance process being inefficient and costly. This study therefore provides an efficient and cost-effective solution, in the form of a short list of best practices, for the governance of enterprise mobility security risks on both a strategic and an operational level. / AFRIKAANSE OPSOMMING: Ondernemingsmobiliteit kom deesdae as ‘n megatendens in die besigheidswêreld te voorskyn. Talle risiko's ontstaan as gevolg van die gebruik van mobiele toestelle vir sake-verwante take en meeste van hierdie risiko's hou 'n beduidende sekuriteitsbedreiging vir organisasies se inligting in. Organisasies moet dus tydens die risikobestuursproses van wesenlike mobiliteit sekuriteitsrisiko’s die nodige sorg toepas om ‘n doeltreffende proses te verseker ten einde die impak van hierdie risiko’s te beperk. Informasie tegnologie (IT)- risikobestuurraamwerke, -modelle en -standaarde kan op ‘n strategiese vlak leiding gee tydens die risikobestuursproses waarin mobiliteit sekuriteitsrisiko’s aangespreek word. As gevolg van die IT-gaping wat bestaan, word hierdie risiko’s nie effektief op ‘n operasionele vlak bestuur nie aangesien die ITrisikobestuurraamwerke, -modelle en -standaarde nie die nodige praktiese leiding gee om hierdie risiko’s op ‘n tegniese, operasionele vlak te bestuur nie. Om te verseker dat organisasies mobiliteit sekuriteitsrisiko’s op ‘n effektiewe manier op beide ‘n strategiese en operasionele vlak bestuur, verskaf hierdie studie praktiese, implementeerbare leiding aan organisasies wat tydens die bestuursproses van hierdie risiko’s toegepas kan word. Die leiding aan organisasies, soos verskaf in die IT-risikobestuurraamwerke, - modelle en -standaarde, kan egter tot’n ondoeltreffende en duur risikobestuursproses lei. Hierdie studie bied dus 'n doeltreffende, koste-effektiewe oplossing, in die vorm van 'n kort lys van beste praktyke, vir die bestuur van die mobiliteit sekuriteitsrisiko’s op beide 'n strategiese en 'n operasionele vlak.

Thesis (MAcc)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: The requirements of section 11(a) and section 24J(2) were considered in this research assignment, from both a money-lender’s and an investment holding company’s perspective, to determine whether interest, losses on irrecoverable loans and raising fees were tax deductible. It was determined, that if the trade requirement is satisfied by the money-lender, then the above-mentioned expenses are fully tax deductible. However, if the trade requirement is satisfied by the investment holding company then only the interest is fully tax deductible. It is further submitted however in this research assignment that it cannot be said that the money-lender alternative is better than the investment holding company alternative – both alternatives are of equal value in the current tax system. What is important though is that taxpayers who will fit the mould of an investment holding company will now be able to use the principles set out in this research assignment to prove that it is in fact carrying on a trade for tax purposes, something that taxpayers are generally reluctant to pursue. If this is pursued, taxpayers may have the added tax benefit of tax deductible interest expenditure (in full) in cases where this was not previously the norm (and an investment holding company will not have to satisfy any of the guidelines of the “money-lender test” when it seeks to deduct its interest expense in full). However, if an investment holding company seeks to deduct losses on irrecoverable loans and raising fees for tax purposes, it will not have to satisfy all the guidelines of the “money-lender test”, but it will have to satisfy one guideline, that being the “system or plan” and “frequent turnover of capital” guideline. It will be very difficult for an investment holding company to prove this on the facts of the case – it will arguably take a special set of facts to accomplish this mean feat. / AFRIKAANSE OPSOMMING: Die vereistes van artikel 11(a) en artikel 24J (2) is in hierdie navorsingsopdrag vanuit ʼn geldskieter en 'n beleggingshouermaatskappy se perspektief oorweeg, om die belastingaftrekbaarheid van rente, verliese op oninvorderbare lenings en diensfooie te bepaal. Daar is vasgestel dat indien die bedryfsvereiste deur ʼn geldskieter nagekom word, bogenoemde uitgawes ten volle vir belastingdoeleindes aftrekbaar is. Indien die bedryfsvereiste egter nagekom word deur ʼn beleggingshouermaatskappy sal slegs die rente ten volle aftrekbaar wees vir belastingdoeleindes. Verder word dit in die navorsingsopdrag aan die hand gedoen dat daar nie gesê kan word dat die geldskieter-alternatief beter is as die beleggingshouermaatskappy-alternatief nie – beide alternatiewe is van gelyke waarde in die huidige belastingbestel. Die onderskeid is egter belangrik, aangesien die belastingbetalers wat aan die vereistes van ʼn beleggingshouermaatskappy voldoen, nou in staat sal wees om die beginsels wat in hierdie navorsingsopdrag uiteengesit word, te gebruik om te bewys dat die beleggingshouermaatskappy in werklikheid ʼn bedryf vir belastingdoeleindes beoefen. Belastingbetalers is oor die algemeen huiwerig om dit te poog. Indien wel, kan belastingbetalers ʼn belastingaftrekking ten opsigte van rente uitgawes kry, wat voorheen nie die norm was nie (ʼn beleggingshouermaatskappy sal nie enige van die “geldskietertoets” riglyne hoef na te kom wanneer dit poog om ʼn belastingafrekking vir die rente uitgawe te kry nie). Indien ʼn beleggingshouermaatskappy verliese op oninvorderbare lenings en diensfooie vir belastingdoeleindes wil aftrek, sal die belastingbetaler nie al die “geldskietertoets” riglyne hoef na te kom nie, maar sal egter moet voldoen aan die “stelsel of plan” en “gereelde omset van kapitaal” riglyne. Dit sal baie moeilik wees vir 'n beleggingshouermaatskappy om dit te bewys op grond van die feite van die saak – dit sal waarskynlik ʼn spesiale stel feite verg om dit te bereik.

Thesis (MAcc)-- Stellenbosch University, 2014. / ENGLISH ABSTRACT: Section 12 of the Value-Added Tax Act No. 89 of 1991 (hereafter referred to as the VAT Act) determines that the supply of certain goods and/or services are exempt from value-added tax (hereafter referred to as VAT) levied by section 7(1)(a). One such exempt supply is the supply of educational services by certain institutions (listed in section 12(h)(i)(aa)-(cc)). Section 12(h)(i)(bb) determines that the supply of educational services by an higher institution are specifically exempt from VAT. The term “educational services” is not defined in the VAT Act. Uncertainty exists in practice about what exactly educational services comprise and what the scope of it is. Since the supply of educational services is an exempt supply in terms of section 12(h)(i)(bb), a clear and irrefutable definition of “educational services” should exist. Two of the main purposes of an university is to deliver education of exceptional quality and good research outputs. The primary question that originates is whether the research performed by an university qualifies as an exempt supply with the result that the performance of research is an exempt supply. The term “research” was investigated in several sources and it was found that research can be generically be defined as the systematic investigation of existing knowledge and the creation of, amongst others, new knowledge and inventions. Furthermore, it was found that research can be divided into two categories, namely research performed at no consideration and research performed at consideration. Research performed at consideration is further divided into two subcategories, namely commercial research (where the purpose is to generate income) and non-commercial research (where the purpose is research). The definition of “educational” and other bent forms of the term “educate”, amongst others, “education” and “educator” were investigated in relevant South African legislation, case law and international legislation and case law. Commercial research is considered to be a supply of a business activity of a university with the main objective of generating income and is considered as a taxable supply in the case law of the United Kingdom and Canada. Non-commercial research is considered as supplies in the course or furtherance of an enterprise, but the main purpose of the enterprise is not to generate income. Non-commercial research is considered as an “educational service” since it meets the requirements of systematic instruction of education and learning. This type of research is exempt from VAT levied. The input tax of any costs incurred with regards to this type of research will not be claimable. It is suggested that the principles highlighted in this study might clear up the confusion surrounding whether research performed by an university qualifies as an exempt supply or not. SARS could possibly establish guidelines to determine when research is considered exempt or taxable. This information could be useful for role players in the South African tax environment if the matter arises. / AFRIKAANSE OPSOMMING: Artikel 12 van die Wet op Belasting op Toegevoegde Waarde No. 89 van 1991 (hierna verwys as die BTW-wet) bepaal dat die lewering van sekere goed en/of dienste van die heffing van belasting op toegevoegde waarde (hierna verwys as BTW) wat deur artikel 7(1)(a) opgelê is, vrygestel is. Een sodanige vrygestelde lewering is die lewering van opvoedkundige dienste deur sekere instellings (gelys in artikel 12(h)(i)(aa)-(cc)). Artikel 12(h)(i)(bb) bepaal dat die lewering van opvoedkundige dienste deur ’n inrigting wat hoër onderwys verskaf, spesifiek van BTW vrygestel is. Die term “opvoedkundige dienste” word egter nêrens in die BTW-wet gedefinieer nie. Daar bestaan dus onsekerheid in die praktyk oor wat presies opvoedkundige dienste behels en wat die omvang daarvan is. Aangesien die lewering van ’n opvoedkundige diens ’n vrygestelde lewering ingevolge artikel 12(h)(i)(bb) is, moet daar dus ’n duidelike en onweerlegbare omskrywing van “opvoedkundige dienste” bestaan. Om onderrig van uitmuntende gehalte en goeie navorsinguitsette te lewer is twee van ’n universiteit se hoofdoelwitte. Die primêre vraag wat gevolglik ontstaan is of die uitvoer van spesifiek navorsing, deur ’n universiteit kwalifiseer as die lewering van opvoedkundige dienste met die gevolg dat die uitvoer van navorsing ’n vrygestelde lewering is. Die term “navorsing” is in verskeie bronne ondersoek en daar is bevind dat navorsing generies gedefinieer kan word as die sistematiese ondersoek van reedsbestaande kennis en die skep van, onder andere, nuwe kennis en uitvindings. Daar is ook verder bevind dat navorsing in twee kategorieë verdeel kan word, naamlik navorsing uitgevoer teen geen vergoeding en navorsing uitgevoer teen vergoeding. Navorsing uitgevoer teen vergoeding word verder in twee subkategorieë onderverdeel in kommersiële navorsing (waar die generering van inkomste die hoofdoel is) en nie-kommersiële navorsing (waar navorsing die hoofdoel is). Die definisie van “opvoedkundige” en ander verbuigde vorme van die term “opvoed”, onder andere, “opvoeding” en “opvoeder”, is ook in relevante Suid-Afrikaanse wetgewing, regspraak en internasionale wetgewing en regspraak ondersoek. Kommersiële navorsing word as deel van die besigheidsaktiwiteite van ’n universiteit met die hoofdoel as generering van inkomste en dus as ’n belasbare lewering in die regspraak van die Verenigde Koninkryk en Kanada beskou. Nie-kommersiële navorsing word ook beskou as lewerings wat in die loop of ter bevordering van die onderneming gelewer word, maar die hoofdoel van hierdie onderneming is nie die generering van inkomste nie. Nie-kommersiële navorsing word dus beskou as ’n “opvoedkundige diens”, aangesien dit voldoen aan die vereiste van sistematiese instruksie van onderrig en leer. Hierdie tipe navorsing is dus vrygestel van die heffing van BTW. Enige onkoste aangegaan met betrekking tot hierdie tipe navorsing se insetbelasting sal dus ook nie eisbaar wees nie. Dit word aan die hand gedoen dat hierdie studie beginsels uitlig wat die verwarring rondom of navorsing gelewer deur ’n universiteit ’n vrygestelde lewering is of nie, moontlik kan opklaar. Die SAID kan moontlike riglyne daarstel van wanneer navorsing beskou word as vrygestel of belasbaar. Hierdie inligting kan moontlik van nut wees vir rolspelers in die Suid-Afrikaanse belastingomgewing indien die kwessie na vore tree.

Thesis (MComm)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: Many organisations consider technology as a significant asset to generate income and control cost. The World Wide Web (henceforth referred to as the Web), is recognised as the fastest growing publication medium of all time, now containing well over 1 trillion URLs. In order to stay competitive it is crucial to stay up to date with technological trends that create new opportunities for organisations, as well as creating risks. The Web acts as an enabler for technological advancement, and matures in its own unique way. From the static informative characteristics of Web 1.0, it progressed into the interactive experience Web 2.0 provides. The next phase of Web evolution, Web 3.0, is already in progress. Web 3.0 entails an integrated Web experience where the machine will be able to understand and catalogue data in a manner similar to humans. This will facilitate a world wide data warehouse where any format of data can be shared and understood by any device over any network. The evolution of the Web will bring forth new opportunities as well as challenges. Organisations need to be ready, and acquire knowledge about the opportunities and risks arising from Web 3.0 technologies. The purpose of this study is to define Web 3.0, and identify new opportunities and risks associated with Web 3.0 technologies by using a control framework. Identified opportunities can mainly be characterised as the autonomous integration of data and services which increases the pre-existing capabilities of Web services, as well as the creation of new functionalities. The identified risks mainly concern unauthorised access and manipulation of data; autonomous initiation of actions, and the development of scripts and languages. Risks will be mitigated by control procedures which organisations need to implement (examples include but is not limited to encryptions; access control; filtering; language and ontology development control procedures; education of consumers and usage policies). The findings will assist management in addressing the key focus areas of opportunities and risks when implementing a new technology. / AFRIKAANSE OPSOMMING: Baie organisasies beskou tegnologie as 'n belangrike bate om inkomste te genereer en kostes te beheer. Die Wêreldwye Web (voorts na verwys as die Web), word erken as die vinnigste groeiende publikasiemedium van alle tye, met tans meer as 1 triljoen URLs. Ten einde kompeterend te bly, is dit noodsaaklik om op datum te bly met tegnologiese tendense wat nuwe geleenthede, sowel as risikos, vir organisasies kan skep. Die Web fasiliteer tegnologiese vooruitgang, en ontwikkel op sy eie unieke manier. Vanaf die statiese informatiewe eienskappe van Web 1.0, het dit ontwikkel tot die interaktiewe ervaring wat Web 2.0 bied. Die volgende fase van Web-ontwikkeling, Web 3.0, is reeds in die proses van ontwikkeling. Web 3.0 behels 'n geïntegreerde Web-ervaring waar ʼn masjien in staat sal wees om data te verstaan en te kategoriseer op ʼn soortgelyke wyse as wat ʼn mens sou kon. Dit sal lei tot 'n wêreldwye databasis waar enige vorm van data gedeel en verstaan kan word deur enige toestel oor enige netwerk. Die ontwikkeling van die Web sal lei tot die ontstaan van nuwe geleenthede, sowel as uitdagings. Dit is noodsaaklik dat organisasies bewus sal wees hiervan, en dat hulle oor genoegsame kennis sal beskik met betrekking tot die geleenthede en risikos wat voortspruit uit Web 3.0 tegnologieë. Die doel van hierdie studie is om Web 3.0 te definieer, en nuwe geleenthede en risikos wat verband hou met Web 3.0 tegnologieë, te identifiseer deur gebruik te maak van ʼn kontrole raamwerk. Geleenthede wat geïdentifiseer is, word hoofsaaklik gekenmerk deur outonome integrasie van data en dienste wat lei tot ʼn toename in die vermoëns van reeds bestaande Webdienste, sowel as die skepping van nuwe funksionaliteite. Die risikos wat geïdentifiseer is, word hoofsaaklik gekenmerk deur ongemagtigde toegang en manipulasie van data; outonome inisieering van aksies, en die ontwikkeling van programskrifte en tale. Risikos wat geïdentifiseer is, sal aangespreek word deur die implementering van voorgestelde kontroleprosedures om sodanige risikos te verminder tot ʼn aanvaarbare vlak (voorbeelde sluit in maar is nie beperk tot enkripsie; toegangkontroles; filters; programmatuur taal en ontologie ontwikkels kontroles prosedures; opleiding van gebruikers en ontwikkelaars en beleide ten op sigte van gebruik van tegnologië). Die bevindinge sal bestuur in staat stel om die sleutelfokus-areas van geleenthede en risikos te adresseer gedurende die implementering van 'n nuwe tegnologie.

Thesis (PhD)--Stellenbosch University, 2014. / ENGLISH ABSTRACT: The practice of combining single-factor multiples (SFMs) into composite multiples models is underpinned by the theory that various SFMs carry incremental information, which, if encapsulated in a superior value estimate, largely eliminates biases and errors in individual estimates. Consequently, the chief objective of this study was to establish whether combining single value estimates into an aggregate estimate will provide a superior value estimate vis-á-vis single value estimates. It is envisaged that this dissertation will provide a South African perspective, as an emerging market, to composite multiples modelling and the multiples-based equity valuation theory on which it is based. To this end, the study included 16 SFMs, based on value drivers representing all of the major value driver categories, namely earnings, assets, dividends, revenue and cash flows. The validation of the research hypothesis hinged on the results obtained from the initial cross-sectional empirical investigation into the factors that complicate the traditional multiples valuation approach. The main findings from the initial analysis, which subsequently directed the construction of the composite multiples models, were the following: Firstly, the evidence suggested that, when constructing multiples, multiples whose peer groups are based on a combination of valuation fundamentals perform more accurate valuations than multiples whose peer groups are based on industry classifications. Secondly, the research results confirmed that equity-based multiples produce more accurate valuations than entity-based multiples. Thirdly, the research findings suggested that multiples models that are constructed on earnings-based value drivers, especially HE, offer higher degrees of valuation accuracy compared to multiples models that are constructed on dividend-, asset-, revenue- or cash flowbased value drivers. The results from the initial cross-sectional analysis were also subjected to an industry analysis, which both confirmed and contradicted the initial cross-sectional-based evidence. The industry-based research findings suggested that both the choice of optimal Peer Group Variable (PGV) and the choice of optimal value driver are industry-specific. As with the initial cross-sectional analysis, earnings-based value drivers dominated the top positions in all 28 sectors that were investigated, while HE was again confirmed as the most accurate individual driver. However, the superior valuation performance of multiples whose peer groups are based on a combination of valuation fundamentals, as deduced from the crosssectional analysis conducted earlier, did not hold when subjected to an industry analysis, suggesting that peer group selection methods are industry-specific. From this evidence, it was possible to construct optimal industry-specific SFMs models, which could then be compared to industry-specific composite models. The evidence suggested that composite-based modelling offered, on annual average, between 20.21% and 44.59% more accurate valuations than optimal SFMs modelling over the period 2001 to 2010. The research results suggest that equity-based composite modelling may offer substantial gains in precision over SFMs modelling. These gains are, however, industry-specific and a carte blanche application thereof is ill advised. Therefore, since investment practitioners’ reports typically include various multiples, it seems prudent to consider the inclusion of composite models as a more accurate alternative. / AFRIKAANSE OPSOMMING: Die praktyk om Enkelfaktor Veelvoude (EFVe) te kombineer in saamgestelde veelvoudmodelle word ondersteun deur die teorie dat verskillende EFVe oor inkrementele inligting beskik, wat, indien dit in ’n superieure waardeskatting opgeneem word, grootliks vooroordele en foute in individuele skattings elimineer. Gevolglik was die hoofdoel van hierdie studie om vas te stel of die kombinering van verskeie enkelfaktor waardeskattings in ’n totale waardeskatting ’n superieure waardeskatting sal verskaf vis-á-vis enkelfaktor waardeskattings. Dit word voorsien dat hierdie proefskrif ’n Suid-Afrikaanse perspektief, as ’n ontluikende mark, sal bied aangaande saamgestelde veelvoudmodellering en die veelvoud-gebaseerde ekwiteitswaardasie-teorie waarop dit gebaseer is. Hiermee ten doel, sluit hierdie studie 16 EFVe in, gebaseer op waardedrywers wat al die vernaamste waardedrywerkategorieë, naamlik verdienste, bates, dividende, omset en kontantvloeie, verteenwoordig. Die bevestiging van die navorsingshipotese is afhanklik van die resultate soos bekom vanuit die aanvanklike dwarsdeursnee-empiriese ondersoek na die faktore wat die tradisionele veelvoudwaardasieproses kompliseer. Die hoofbevindinge van die aanvanklike ontleding, wat daarna rigtinggewend was vir die komposisie van die saamgestelde veelvoudmodelle, was die volgende: Eerstens, dui die bewyse daarop dat, wanneer veelvoude saamgestel word, veelvoude waarvan die portuurgroepe op ’n kombinasie van fundamentele waardasieveranderlikes gebaseer is, meer akkurate waardasies lewer as veelvoude waarvan die portuurgroepe op industrie-klassifikasies gebaseer is. Tweedens, het die navorsingsresultate bevestig dat ekwiteitsgebaseerde veelvoude meer akkurate waardasies lewer as entiteitsgebaseerde veelvoude. Derdens, toon die navorsingsbevindinge dat veelvoudmodelle wat saamgestel word uit verdienstegebaseerde waardedrywers, veral wesensverdienste (WV), hoër grade van waardasie-akkuraatheid bied in vergelyking met veelvoudmodelle wat saamgestel word uit dividend-, bate-, omset- of kontantvloei-gebaseerde waardedrywers. Die resultate van die aanvanklike dwarsdeursnee-ontleding is ook onderwerp aan ’n industrie-ontleding, wat die aanvanklike bevindinge van die dwarsdeursnee-ontleding beide bevestig en weerspreek het. Die bevindinge vanaf die industrie-ontleding dui daarop dat beide die keuse van optimale Portuurgroepveranderlike (PGV) en die optimale keuse van waardedrywer, industrie-spesifiek is. Soos met die aanvanklike dwarsdeursnee-ontleding, het verdienste-gebaseerde waardedrywers die top posisies by al 28 sektore wat ondersoek is, gedomineer, terwyl WV weer as die akkuraatste individuele waardedrywer bevestig is. Die superieure waardasie-resultate van veelvoude waarvan die portuurgroepe gebaseer was op ’n kombinasie van fundamentele waardasie-veranderlikes, soos afgelei uit die aanvanklike dwarsdeursnee-ontleding, het egter nie dieselfde resultate gelewer op ’n per sektor basis nie, wat aandui dat portuurgroep seleksiemetodes industrie-spesifiek is. Vanuit hierdie bevindinge was dit moontlik om optimale EFV-modelle saam te stel, wat dan vergelyk kon word met industrie-spesifieke saamgestelde veelvoudmodelle. Die bevindinge het voorgestel dat saamgestelde modellering gemiddeld jaarliks, tussen 20.21% en 44.59% meer akkurate waardasies gelewer het as optimale EFVmodellering oor die tydperk 2001 tot 2010. Die navorsingsresultate dui aan dat ekwiteitsgebaseerde saamgestelde modellering aansienlike toenames in waardasie-akkuraatheid mag bewerkstellig bo dié van EFVmodellering. Hierdie toenames is egter industrie-spesifiek en ’n carte blanche toepassing daarvan is nie aan te beveel nie. Gevolglik, aangesien beleggingspraktisyns se verslae tipies verskeie veelvoude insluit, blyk dit redelik om die insluiting van saamgestelde modelle as ’n meer akkurate alternatief te oorweeg.

Thesis (MComm)--Stellenbosch University, 2011. / ENGLISH ABSTRACT: An application software package implementation is a complex endeavour, and as such it requires the proper understanding, evaluation and redefining of the current business processes to ensure that the project delivers on the objectives set at the start of the project. Numerous factors exist that may contribute to the unsuccessful implementation of application software package projects. However, the most significant contributor to the failure of an application software package project lies in the misalignment of the organisation’s business processes with the functionality of the application software package. Misalignment is attributed to a gap that exists between the business processes of an organisation and what functionality the application software package has to offer to translate the business processes of an organisation into digital form when implementing and configuring an application software package. This gap is commonly referred to as the information technology (IT) gap. The purpose of this assignment is to examine and discuss to what degree a supporting framework such as the Projects IN Controlled Environment (PRINCE2) methodology assists in the alignment of the organisation’s business processes with the functionality of the end product; as so many projects still fail even though the supporting framework is available to assist organisations with the implementation of the application software package. This assignment proposes to define and discuss the IT gap. Furthermore this assignment will identify shortcomings and weaknesses in the PRINCE2 methodology which may contribute to misalignment between the business processes of the organisation and the functionality of the application software package. Shortcomings and weaknesses in the PRINCE2 methodology were identified by: • Preparing a matrix table summarising the reasons for application software package failures by conducting a literature study; Mapping the reasons from the literature study to those listed as reasons for project failure by the Office of Government Commerce (the publishers of the PRINCE2 methodology); • Mapping all above reasons to the PRINCE2 methodology to determine whether the reasons identified are adequately addressed in the PRINCE2 methodology. This assignment concludes by proposing recommendations for aligning the business processes with the functionality of the application software package (addressing the IT gap) as well as recommendations for addressing weaknesses identified in the PRINCE2 methodology. By adopting these recommendations in conjunction with the PRINCE2 methodology the proper alignment between business processes and the functionality of the application software package may be achieved. The end result will be more successful application software package project implementations. / AFRIKAANSE OPSOMMING: Toepassingsprogrammatuurpakket implementering is komplekse strewe en vereis daarom genoegsame kennis, evaluasie en herdefiniëring van die huidige besigheidsprosesse om te verseker dat die projek resultate lewer volgens die doelwitte wat aan die begin van die projek neergelê is. Daar bestaan talryke faktore wat kan bydrae tot die onsuksesvolle implementering van toepassingsprogrammatuurpakket projekte. Die grootste bydrae tot die mislukking van toepassingsprogrammatuurpakket lê egter by die wanbelyning van die organisasie se besigheidsprosesse met die funksionaliteit van die toepassingsprogrammatuurpakket. Wanbelyning spruit uit gaping tussen die besigheidsprosesse van `n organisasie en die funksionaliteit wat die toepassingsprogrammatuur kan aanbied om die besigheidsprosesse van 'n organisasie om te skakel in digitale formaat wanneer `n toepassingsprogrammatuurpakket geimplementeer en gekonfigureer word. Daar word gewoonlik na hierdie gaping verwys as die informasie tegnologie (IT) gaping. Die doel van hierdie opdrag is om te evalueer en bespreek in watter mate ondersteunende raamwerk soos die PRojects IN Controlled Environment (PRINCE2) metodologie kan help om die organisasie se besigheidsprosesse in lyn te bring met die funksionaliteit van die eindproduk; aangesien so baie projekte steeds misluk ten spyte van die ondersteunende raamwerke wat beskikbaar is om organisasies by te staan met die implementering. Die opdrag beoog om die IT gaping te definieer en te bepreek. Verder sal hierdie opdrag die swakhede in die PRINCE2 metodologie, wat moontlik die volbringing van behoorlike belyning tussen die besigheidsprosesse en die funksionaliteit van die toepassingsprogrammatuurpakket belemmer, identifiseer. Swakhede en tekortkominge in die PRINCE2 metodologie is as volg geïdentifiseer: • Voorbereiding van matriks-tabel wat die redes vir toepassingsprogrammatuurpakket mislukking deur middel van die uitvoering van literatuurstudie opsom • Koppeling van die redes bekom deur middel van die literatuurstudie met die redes vir projek mislukking geidentifiseer deur die Office of Government Commerce (uitgewers van die PRINCE2 metodologie) • Koppeling van al die bogenoemde redes na die PRINCE2 metodologie om vas te stel of die redes wat geïdentifiseer is voldoende deur die PRINCE2 metodologie aangespreek word. Die opdrag sluit af met aanbevelings om die besigheidsprosesse in lyn te bring met die funksionaliteit van die toepassingsprogrammatuurpakket en aanbevelings vir swakhede wat in die PRINCE2 metodologie geïdentifiseer is aan te spreek. Behoorlike belyning tussen besigheidsprosesse en die funksionaliteit van toepassingsprogrammatuurpakket kan behaal word indien hierdie aanbevelings aangeneem word en tesame met die PRINCE2 metodologie gebruik word. Die eindresultaat is meer suksesvolle implementering van toepassingsprogrammatuurpakket projekte.