PATC Closure 2017

OFFICE CLOSURE: PLEASE NOTE THAT OUR OFFICES WILL BE CLOSED FROM THE 22nd DECEMBER 2017 FOR OUR ANNUAL SHUTDOWN AND WE WILL RE-OPEN ON THE 8th JANUARY 2018.

WE WISH YOU ALL A MERRY CHRISTMAS, A FABULOUS FESTIVE SEASON & EVERYTHING OF THE BEST FOR THE NEW YEAR 

Kindly ensure that you contact us way before the closure if you need anything and or after the 8th

SAIPA – National Conference in Cape Town

Gavin has recently attended the National Conference in Cape Town which was from the 19th to 21st Oct.

Introduction: Surviving Beyond the Numbers

SAIPA holds a National Conference every five years, giving members and stakeholders in the accounting industry the opportunity to come together and network, share knowledge and hear about updates in the industry.

Click on the links to see more information:

Continuous Professional Development (CPD)

Conference Information


Gavin also attended the SARB Monetary Policy Forum.

What is the Monetary Policy Forum all about?

The South African Reserve Bank (the Bank) is responsible for monetary policy in South Africa. It uses several channels to communicate with and create a better understanding of monetary policy among its stakeholders, including the public. One of these communication channels is the Monetary Policy Forums (MPFs). These forums are meetings that are held in each province in South Africa every six months. At these meetings, a panel comprised of senior Bank representatives present recent domestic and international developments that have impacted on inflation, and that motivate the rationale behind the Bank’s monetary policy stance. Relevant topics such as the inflation outlook, the factors impacting it, and the Bank’s inflation and economic growth forecasts are presented to the public. Attendees are invited to comment in response to recent policy developments. The MPFs are chaired by a senior central banker close to the monetary policy process.

Invitations to the MPFs are normally sent to the following individuals:

  • provincial and local government politicians and officials;
  • representatives of the local business community;
  • representatives of organised labour;
  • people from academia;
  • postgraduate students; and
  • media representatives.

Members of the public are also encouraged to attend.

The structure of the MPF meetings is broadly as follows:

  • Welcome and introduction, in which the chairperson gives some background on the Bank
    and its monetary policy process.
  • A presentation by senior Bank staff members dealing with:
    • recent inflation outcomes;
    • how the economy is doing more generally and how this impacts on inflation;
    • prospects for future inflation; and
    • recent policy decisions and the rationale behind them.
  • A session in which members of the audience ask the Bank’s panel questions, and state
    their views on the prevailing economic conditions and monetary policies. The Bank’s panel
    members later communicate these views to members of the Monetary Policy Committee.
  • Concluding remarks by the chairperson.

Income Tax Return 2017 Deadline

The deadline dates are as follows: 22 September 2017 for manually submitted returns; 24 November 2017 for returns submitted electronically at a SARS branch or via e-filling; or.

31 January 2018 for returns submitted by provisional taxpayers via e-filling. (remember the deadline of 31.1.2018 is only applicable for Provisional Taxpayers who are 100% up to date with everything)

http://www.sars.gov.za/TaxTypes/PIT/Tax-Season/Pages/default.aspx

http://www.pkf.co.za/news/2017/submit-your-2017-income-tax-return-submityourreturn-avoidpenalties/

TAX INVOICES

South Africa operates a VAT system whereby businesses (vendors) are allowed to deduct the VAT incurred on business expenses (input tax) from the VAT collected on the supplies made by the business (output tax). The most important document in such a system is the tax invoice. Without a proper tax invoice, a business cannot deduct input tax on business expenses.

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SECURITIES TRANSFER TAX

What is it? 

Securities Transfer Tax is levied on every transfer of a security and was implemented from 1 July 2008 under the Securities Transfer Tax Act, No. 25 of 2007, together with the Securities Transfer Tax Administration Act, No. 26 of 2007. (more…)

IRP5 / EMP501 SALARIES AND WAGES RECONCILIATION

It involves an employer submitting an accurate reconciled Employer Reconciliation Declaration (EMP501) with corresponding Employee Tax Certificates [IRP5/IT3(a)s] (Including EMP601).

There are three fundamentals that must reconcile in order for your submission to be successful which include:

  • Monthly Employer Declarations (EMP201s) submitted [Pay-As-You-Earn (PAYE) and/or Skills Development Levy (SDL), Unemployment Insurance Fund (UIF) amounts due and Employment Tax Incentive (ETI) where applicable
  • Payments made (excluding penalty and interest payments)
  • IRP5/IT3(a)s generated – PAYE, SDL and UIF values.

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Compromise of Tax Debts with SARS

The Tax Administration Act deals with the waiving of Taxes owed to SARS and also a Compromises on Debt owed by Individuals, Trusts, Close Corporations and Companies. SARS may be willing to write off or reduce taxes, penalties, interest and even additional tax owed to SARS. Specific situations and conditions apply. “Terms and conditions apply” – as the saying goes… (more…)

TRANSFER DUTY

What is it?

Transfer Duty is a tax levied on the value of any property acquired by any person by way of a transaction or in any other way. For the purpose of Transfer Duty, property means land and fixtures and includes real rights in land, rights to minerals, a share or interest in a “residential property company” or a share in a share-block company. (more…)