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We were privileged to have taken part in the SAICA Blanket and Beanie Drive this year in celebration of Mandela Day 2018
“And as we let our own light shine, we unconsciously give other people permission to do the same.” Nelson Mandela This year, we donated 40 blankets and 12 beanies and made a cash donation to those less privileged than us as part of the SAICA...
Government and other entities are advised to reject B-BBEE Certificates issued by Verification Agencies that are not accredited by SANAS
MEDIA RELEASE DATE: 05 JULY 2018 The B-BBEE Commission advises entities and organs of state to reject B-BBEE certificates that have been issued by verification agencies or professionals who are not accredited by South African National Accreditation Systems (“SANAS”)...
MoU between the Broad-Based Black Economic Empowerment Commission and the South African Revenue Service
BROAD-BASED BLACK ECONOMIC EMPOWERMENT ACT 53 OF 2003 Memorandum of Understanding between the Broad-Based Black Economic Empowerment Commission and the South African Revenue Service published (GenN 374 in GG 41754 of 6 July 2018) (p200)
We welcome Anene Whicher who joined MD as an Audit Team Leader
We welcome Kaylin Rhoda who joined MD as an Audit Team Leader
Draft Gazette 41709 released for comment on 15th June 2018
The Draft Gazette 41709 proposes: A new set of Definitions. A revised Enterprise and Supplier Development Code 400 wording. Primary changes proposed are as follows :- “Absorption” will mean a learner securing a long term of employment (also defined) and will no longer...
How to complete VAT submissions with 2018 changes
As you are aware the VAT rates were increased from 01 April 2018 from 14% to 15%. This will impact your March/April VAT submissions which would have both 14% and 15% sales and inputs. Attached please find a template which would assist you with the completion of this...
Congratulations to Jenine on completing her SAIPA Articles
We wish you all of the best for your Board Exam.
Urgent payroll matters to be actioned in April and May 2018
There are a few important payroll related matters to be actioned during April and May 2018: Increase in SARS official rate of interest – 1 April 2018 On 28 March 2018, SA Reserve bank announced the increase of the Repo rate to 6.50% p/a. With effect from 1 April 2018,...
NOTICE TO ALL EMPLOYERS – W.As8/ Return of Earnings 2017
The 2017 W.As 8 Return of Earnings for Compensation for Occupational Injuries and Diseases Act (COIDA) submission deadline is 31 May 2018. (This relates to the payroll tax year 01/03/2017 – 28/02/2018). Please note that the 2017 assessment period opened for...
We congratulate Chadwin Lotters on passing his degree B Comm in Accounting!
Court grants declaratory order on ‘once empowered always empowered’ BEE transactions
A High Court has granted a declaratory order on the “once empowered always empowered” rule for BEE ownership transactions related to the mining industry. The order was made on Wednesday afternoon – the matter was heard in November 2017 by a full bench of judges at the...
Construction Sector Notification
The Construction Sector Charter Council (CSCC) has re-issued documents relating to B-BBEE Certificates for Exempted Micro Enterprises (EME’s) and Qualifying Small Enterprises (QSE’s) that fall within the Amended Construction Sector Code. Thabo Masombuka, CEO of the...
Make sure that you qualify to be rated for Skills Development
The annual skills levy cycle runs from 01 April to 31 March each year and for the 2017/2018 cycle, eligible companies need to submit their Workplace Skills Plan (WSP) and Annual Training Report (ATR) to the relevant Sector Education and Training Authority (SETA) by 26...
Significant Draft B-BBEE Legislation published for commentary
The DTI has gazetted a significant piece of B-BBEE legislation for 60 day public commentary that will change the B-BBEE landscape if it is finally gazetted in its current form as follows: It amends Code 000 (General Principles and the Generic Scorecard) and Code 300...
Meaningful transformation in SA travel sector
A study conducted by Grant Thornton and commissioned by the Association of Southern African Travel Agents (Asata) has found that the South African travel sector has made significant strides from being a white-owned and managed sector to one that has achieved...
SARS payment deadline – 29 March 2018
The deadline for outstanding tax returns and payments due by end March, is Thursday 29 March 2018 (the last working day before the Easter weekend). Due to the long weekend, SARS is requesting that taxpayers please pay by 12-midday to avoid penalties and interest....
SAICA responds to EFF comments on trillion donation
Johannesburg, 08 March 2018 - The Chairman and Acting CEO of the South African Institute of Chartered Accountants (SAICA) take this opportunity to make it clear to the South African public that SAICA and its entities have never been party to any form of state capture...
We congratulate Lynton on passing his final qualifying exam as a Chartered Accountant!
We know how hard you have worked and how much you have sacrificed to achieve this goal. Enjoy the moment as you reflect on your journey to achieve this qualification. Well done Lynton!
Use Your Tax Cashflow to Build Your Wealth
With current marginal tax rates of 45% for an individual and a trust, we urge you, in addition to ensuring that you maximise your Retirement Annuity Contributions, to consider the highly tax efficient Section 12J (S12J) investments, particularly if you are selling a...
2018 Budget Speech Summary
MD Tax Guide 2018/2019
SECTION 7C – IS YOUR TRUST AFFECTED BY THE NEW TAX LEGISLATION?
We have identified a risk that relates to any loan, advance or credit made to a trust, by a natural person or a company that is a connected person to the trust where interest is not charged, or interest is charged at a lower rate than the official rate (currently...
Memorandum of Understanding between Broad-based Black Economic Empowerment Commission and South African National Accreditation System (SANAS)
On 15 December 2017, the DTI published a memorandum of understanding entered into between the Companies and Intellectual Property Commission (the “CIPC”) and the B-BBEE Commission. The CIPC MOU regulates the exchange of certain information and the interface of a...
Petroleum and Liquid Fuels Draft Sector Code
The draft Sector Code has not been published by the DTI yet so it is just an indication of the Liquid Fuels Sector and covers the following Liquid Fuels Sectors with differing scorecards: Wholesale Manufacturing Gas Infrastructure Biofuels Energy Public Sector...