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National Treasury releases Media Statement relating to ETI’s, Learnerships, Interest-free loans in Trusts and Restricted Equity Shares
Mid-year recon – August 2016 due to SARS by 31 October 2016
The Bi-annual August 2016 PAYE reconciliation period is from 1 September 2016 - 31 October 2016. All employers must prepare and submit their declaration (EMP501) and employees’ IRP5’s to SARS reconciling the PAYE/SDL/UIF paid during the period 1 March 2016 to 31...
MD’s new approach to B-BBEE
The Independent Regulatory Board for Auditors' (IRBA) has withdrawn from the Regulation of the Broad-Based Black Economic Empowerment (B-BBEE) verification industry with effect from 30 September 2016. A transitional period of three (3) months to 31 December 2016 has...
Once again we took part in this amazing cause. We bought bandanas, wore them to work and decorated the office with sunflowers to show our support.
Summary of the recommendations contained in the Davis Tax Committee Second Interim Report on Estate Duty
Chapter 1: Estate Duty lntroduction The estate duty regime must be reviewed in order to establish an effective and equitable package of major abatements and rates. Retirement fund abatement Following the "capping" of retirement fund contributions the retirement fund...
The Employment Equity Act has been amended with fines now starting from R1.5m
A Reminder that the FINAL submission date for online EE reports is 15 January 2017. Employers with less than 150 workers must send their EE reports within 12 months after they become employers; and thereafter every year ending with an even number. Employers with more...
The King IV Corporate Governance Code may apply to you
The King reports over the last two decades have become locally and globally synonymous with good governance. To date the King Codes have had limited impact on Small and Medium Enterprises (SMEs). It is important to note that the King Codes are voluntary. In terms of...
New B-BBEE regulations demand greater transparency and scrutiny
This article was first published by ENSafrica (www.ENSafrica.com) on 2 August 2016. Over the past year, the broad-based black economic empowerment (“B-BBEE”) landscape in South Africa has been completely overhauled and has become more stringent. Among the most...
B-BBEE Commissioner – Practice Guide 2 of 2016 B-BBEE Certificate with regard to Exempted Micro- Enterprises and Qualifying Small Enterprises
MAC Sector Code highlights
The MAC Sector Code under section 9(1) of the BBBEE Act is now in law and requires that companies in the sector meet the targets stipulated in it by 2018. The six elements contained in the Code are Ownership, Management Control, Skills Development, Enterprise and...
We welcome Cheri Rickett who has joined us as a Personal Assistant to the Partners
What is an Independent Review?
A company is allocated points according to the number of its employees, its annual turnover, its stakeholders and the level of third party liabilities at the end of the financial year. The Public Interest Score (PIS) is calculated as follows: 1 point for each employee...
We welcome Michelle Newman to our Secretarial Department as a Company Secretarial Administrator
In celebration of Women’s Month, we donated much needed items to St Anne’s Home
St. Anne's Home is a shelter who care for and empower destitute, abused and disadvantaged mothers and their children. We feel privileged to donate to such a worthwhile cause.
The fate of interest free loans?
The draft Taxation Law Amendment Bill became available to the public for comment on 8 July 2016. The Amendment Bill contains the proposed incorporation of a new s7C, headed: “Loan or Credit Advance to a Trust by a Connected Person”. On promulgation, s7C is expected to...
We welcome Sheri-Lee Brown who has joined us as a Senior Accountant
Draft Construction Sector Code to be released for public comment
The Construction Sector Charter Council (CSCC) on Thursday launched the revised draft Construction Sector Code (CSC), which is aimed at aligning the unique aspects of the sector with the black economic-empowerment and transformation targets set out by the Department...
Recent BEE legislation changes
Exchange control circular issued in respect of special voluntary disclosure programme
Exchange control circular issued in respect of special voluntary disclosure programme - Cliffe Dekker Hofmeyr On 13 July 2016 the Financial Surveillance Department (FinSurv) of the South African Reserve Bank (SARB) issued exchange control circular no. 6/2016...
Sector thresholds
The Companies Act Solvency and Liquidity Test
A company would satisfy the solvency and liquidity test if, considering all reasonably foreseeable financial circumstances of the company at that time: the fair value of the assets of the company equal or exceed the fair value of its liabilities; and it appears that...
Do you need to submit an income tax return to SARS?
The new Tax Season starts on 1 July and taxpayers can submit their 2016 annual Income Tax Return (ITR12) to the South African Revenue Service (SARS). There is certain criteria which needs to be met before you are required to submit an income tax return – to make sure...
Summary of draft PPPFA Regulations
Significant changes are proposed to the Government procurement process under the Gazette no 40067 published for comment on 14 June by the National Treasury. Briefly the changes, that affect all levels of Government and state owned entities, are as follows: For goods...
National Treasury – Draft Preferential Procurement Regulations 14 June 2016
New minimum wages for the hospitality sector
Basic Conditions of Employment Act : New minimum wages from 1 July 2016 to 30 June 2019 will apply to the hospitality sector which: Includes hotel, motel, inn, resort, game lodge, hostel, guest house, guest farm or bed and breakfast, short stay, self-catering,...