Accountants and auditors must stay informed about changes in legislation and regulations that affect their firms and the business of their clients.
Technical expert Lettie Janse van Vuuren CA(SA), RA researches and summarises all relevant and important changes on a monthly basis and presents this in an easily understandable webinar.
The webinar includes:
A reference guide of all changes to share within the firm;
PPT summary of all new amendments;
Interactive session with the presenter; and
Online Q&A.
Learning objectives
After attending this webinar you will:
Be aware of the latest legislative changes and what it means for your business, practice, and your clients;
Be able to inform your staff and clients on how to stay compliant;
Adapt business models to fit new legislative landscapes;
Receive references to documents and guides;
Have access to your own technical resource; and
Have access to the presenter via email for follow-up Q & A.
Course content
The following legislative, regulatory, industry standards, items and guides have been issued and/or updated during the preceding month and will be covered in the webinar:
IFRS:
Standards – What’s new?
IFRS Monthly news summary
Accounting issues
FAQ on accounting for subsequent expenditure on biological assets
IRBA:
Standards:
Updated SAAPS 3 (Revised May 2019) - Illustrative Reports
Audits of Investment Properties and/or Property Companies
Legal/Ethics:
IRBA expresses disappointment at soft sanction against Deloitte auditor
Other:
SAICA issued Medical Schemes Accounting Guide (for the year ended 31 December 2020)
CIPC:
Notices and Practice Notes issued (enforcement and to customers):
The only notices issued from 1 December 2020 to date, relate to scheduled maintenance on certain CIPC systems and office/service centres closure
Remember that CIPC Service Centres will be closed until 29 January 2021
However, all services remain available through the online channels, i.e. E-Services; New e-services; Bizportal
COVID-19 Updates
New announcements/guidance:
An Employer's Guide to the Adjusted Level 3 Regulations
Summary of Level 3 Regulations (as of 29 December 2020)
Latest on the impact of COVID-19 on SARS
FAQs – Tax relief
Useful links
Labour Law:
Employment law:
Banking on a resignation with immediate effect? Don’t count on it!
Can South African employers impose mandatory COVID-19 vaccination policies as a pre-requisite to return to work or as a precondition for employment?
Compliance with the retrenchment process in South Africa’s second wave of Covid-19
Public holidays for 2021: How to turn 15 work days into '40 leave days'
Other Laws & Regulations affecting your client AND impact on NOCLAR:
Other acts and articles:
“Add to cart”: Doing business in a Covid-19 world – Concluding contracts online, how to protect your online brand and which business considerations should you focus on
Big changes for drivers planned for South Africa in 2021 – including alcohol limits, new number plates and licences
Employment Equity Amendment Bill (B14-2020) released for comment
2020 National List of Occupations in High Demand (OIHD) published
Proposal to increase national minimum wage out for comment
COIDA Update:
COID Amendment Bill (B20-2020) released for comments by 19 February 2021
COIDA Amendment Bill: A changing work order – employers beware of administrative fines
SARS:
Guides & FAQs (new, updated & issued):
VAT 409 (Issue 6) – Guide for Fixed Property and Construction for Vendors
Customs: Frequently Asked Questions (FAQs) on AfCFTA
Guide on the Declaration of Dividends Tax via eFiling (Version 8) – updated 7 Dec 2020
Guide for Transfer Duty via eFiling (Version 15) – updated 17 Dec 2020
Guide to the SARS Online Query System (Version 2) – updated 14 Dec 2020
Interpretation Notes (updated & issued):
Interpretation Note 68 (Issue 3) – Provisions of the Tax Administration Act, 2011, that did not commence on 1 October 2012 under Proclamation No. 51 (GG 35687)
Draft Interpretation Note 91 (Issue 2) – Concession or compromise of a debt
Due date for public comment: 5 February 2021
Enhancements implemented
Corporate Income Tax (CIT) enhancements implemented
Value-Added Tax (VAT) enhancements implemented
Transfer Duty enhancements implemented
Dividends Tax enhancement implemented
Personal Income Tax (PIT) enhancements implemented
Trusts (ITR12T) enhancements implemented
Notices and other publications issued:
Updated Venture Capital Companies (VCC) list with two new companies
Updated Tables A and B of the Average Exchange Rates
Trade Testing and Go-live date
Updated PAYE BRS Employer Reconciliation version 19.5
The Send us a Query functionality has been further enhanced
Information from SARS re extension of lock-down period
Numerous amendments were made i.r.o. the Customs & Excise Act, 1964 during December 2020
High court cases:
Whether leave to appeal the judgment of Colllis J should be granted
Constitutional court cases:
Whether the Public Protector is authorised to subpoena taxpayer information & whether SARS has a right to withhold taxpayer information
SCA cases:
Whether Consol was entitled to deduct as input tax the VAT paid on the services supplied to it by local service providers; and whether Consol was obliged to pay VAT on the services supplied to it by the service providers who carried on their business outside of SA
Taxpayers must be on the lookout for New Scams:
Courier related scam
Taxpayers must not be duped by criminals posing as tax practitioners
Choose Individual if you would like to attend this event yourself or choose Company if you would like to share this event to with your entire firm.
This webinar is free if you are already an SAAA CPD subscriber.
Click here to find out about the Technical Resource Centre & CPD Subscription options.
Click here to create a profile and then register for the event (There is no charge to create a user profile and gain access to our free Monthly Practice Management Series).
Additional material
By attending this webinar you will be provided with:
Summarised slide presentation,
Detailed course material and reference documents.
You can ask questions during the webinar via the online portal, and you will also have access to me the presenter via e-mail after the webinar.
Previous Recording
Preview the snippet below for a sneak peek at what you can expect from the webinar click here
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Venues & Dates
The following venues and dates are available for this event.
