Our Monthly Legislation and Standards Update provides a summary of some of the most important legislation updates from the previous month. This helps you, our client to stay up-to-date on recent and important legislation developments in auditing, accounting, tax, SARS operations, CIPC operations, Labour and other relevant laws.
This April 2018 Monthly Compliance and Legislation Update is focused on the following important changes affecting professionals since March 2018. The course content will cover the latest changes and amendments over the last 30 days with regards to the topics below.
Guides (new and updated
The Tax Administration Act, 2011.
The taxation of professional sports clubs and players.
The determination of medical tax credits (Issue 9).
The urban development zone (UDZ) allowance (Issue 6)
FAQs on the increase in the VAT rate.
The calculation of the tax payable on lump sum benefits (Issue 3).
35 (Issue 4) – Employees’ tax: personal service providers and labour brokers.
48 (Issue 3) – Instalment credit agreement and debtor's allowance.
93 (Issue 2) – The taxation of foreign dividends.
Binding Private Rulings issued:
294: Amalgamation transaction between non-resident companies.
295: Distribution in specie of a share.
296: Disposal by a German limited partnership of its assets to its sole member.
297: Amalgamation transaction involving conversion of share block companies to private companies.
298: Waiver of debt.
299: Dividend distribution.
300: Intra-group transaction and conversion of debt to equity.
Binding Class Rulings issued:
061: Foreign return of capital.
062: Research and development conducted on behalf of a taxpayer.
Binding General Ruling issued:
47: Meaning of month in the definition of "monthly remuneration" for employers remunerating employees on a weekly or fortnightly basis.
Returns to be submitted by third parties in terms of section 26.
Due dates for submission of EMP501 returns.
Subsistence allowances (daily amount in respect of meals and incidental costs with effect from 1 March 2018).
Travel allowance (fixing of rate per km), including the change in treatment of reimbursive travel allowances for PAYE purposes (with effect from 1 March 2018).
Average exchange rates (updated Tables A and B)
Section 7C donations tax calculations: practical issues addressed by SAICA.
Court case: transfer duty.
IASB: Revised conceptual framework for financial reporting that underpins IFRS standards.
SAICA: Circular 4/2018 - Headline Earnings: updated for amendments made to IFRSs and Interpretations issued between March 2015 and June 2017 (effective for financial periods ending on or after 30 April 2018).
General: IFRS update.
Revised practice statement SAAPS2 – Financial Reporting Frameworks and the Auditor's Report (effective for audits of financial statements for periods ending on or after 1 April 2018).
Revised standard ISAE 3420 – Assurance Engagements to Report on the Compilation of Pro Forma Financial Information included in a prospectus, pre-listing statement or circular: Revised illustrative assurance report prepared to meet the JSE listing requirements. (Effective for assurance reports on pro forma financial information issued on or after 30 March 2018).
IFIAR issues report on the 2017 Global Inspections Findings Survey – also includes a SAICA press release re: IFIAR report.
Fees payable to the IRBA with effect from 1 April 2018.
Notices issued (enforcement and to customers):
Enquiry system for logging tickets: updated categories rolled out on 12 March 2018 – to use for your specific requests.
Pilot of new online filing of changes relating to authorised shares: as per Form CoR15.2, pursuant to Section 6(13) of the Companies Act. Refer to the new step by step guide on authorised share changes.
Updated List of Accredited bodies: whose members are eligible to be licensed as business rescue practitioners – as at 28 March 2018.
Revised Practice Note 6 of 2011: Detail required for registration of external companies, in terms of Regulation 4 of the Companies Act Regulations.
National Minimum Wages: Department of Labour postpones the implementation date indefinitely.
“Innocent attraction vs sexual harassment”.
“Your racist comments on Facebook will get you fired!”
Other Laws & Regulations affecting your client AND impact on NOCLAR:
COIDA: Classification of industries and standard rates 2013/2018 per 100 earnings.
Money laundering – Updated guidance issued by FIC:
Publication re: money laundering typologies and indicators.
Registration with the FIC by accountable and reporting institutions.
The mode of communication regarding Sections 27, 32, 34 And 35 of the FIC Act.
Consumer Protection Act: VAT increase and price displays.
SAIBA/UNISA: certificate for school bookkeepers.
IRBA press release:
1st AFIAAR meeting heralds new focus on independent accounting and auditing regulation in Africa.
FIC media release:
The SARB imposes administrative sanctions on 5 Authorised Dealers in foreign exchange with limited authority.
SAICA guidance: Practice Continuation Agreements – 1st illustrative example.
FSB press releases:
3 Warnings issued to public against suspect providers.
1 Company fined R100 000 for contravening the FAIS Act for what?.
SARS media releases:
Debt collectors appointed to recover R16.6-billion owed.
R3.3-billion mark reached in SVDP.
SARS Customs busts goods worth close to R400 million since 1 January 2018.
General Announcements / News Releases:
SAIBA submission on Legal Practice Act (Rules) to provide for independent reviewers.
SAIBA press release: How the auditing profession is conflicted about performing auditing and other consulting services for the same client.
VAT: Impact of rate increases on fixed property rentals.
Tax compliance in the religious sector: Recent developments in the PBO arena and general tax provisions applicable to PBOs.
Who should attend:
These updates are primarily aimed at accounting, auditing, and tax professionals but may also be of interest to all personnel in charge of HR in the firm, partners and directors who would like to update their knowledge, and all employees to ensure they understand their legal rights and responsibilities.
If you are an existing CPD subscriber, you will be able to register for this event free.