IFRS: 

• Standards – What’s new? 

  • IFRS Monthly news summary 

• Issued by the Office of the Accounting-General in the Department of National Treasury 

  • Updated Accounting Guidelines on 2 GRAP standards 

IRBA: 

• Guidance/Other:  

  • Consultation Paper - Enhancing Disclosures in the Auditor's Reports in South Africa: Addressing the Needs of Users of Financial Statements 

CIPC: 

• Notices and Practice Notes issued (enforcement and to customers): 

  • Notice 29 of 2021 – List of Accredited Professional Bodies whose members are eligible to be licensed as business rescue practitioners as at 01 June 2021  

  • Practice Note 1 of 2021  

  • Guidance Note – Essential services certificate issued by CIPC  

  • Notice 33 of 2021 – Close Corporations without Accounting Officers    

COVID-19 Updates 

• New announcements/guidance: 

  • Employment and Labour Minister issues new direction with regard to vaccination in the workplace  

Labour Law: 

• Employment law: 

  • A self-help guide to the CCMA  

Other Laws & Regulations affecting your client AND impact on NOCLAR: 

• This month’s big 5: 

  • Volume 16 Issue 11 up to 21 Jun 2021: 

  1. The Disaster Management Act (COVID-19 workplace safety directions); 

  2. The National Environmental Management Act (Environmental impact assessments); 

  3. The National Health Act (Certificates of need); 

  4. The Occupational Health and Safety Act (Ergonomics regulations); and 

  5. The Protection of Personal Information Act (Transitional arrangements). 

• Other acts and articles: 

  • UIF Contribution Threshold increased with effect from 1 June 2021 

  • New Consolidated directions on OHS measures in certain workplaces – Ad-hoc webinar to be presented by Lettie on 28 July 2021 

  • Sectional Titles Act: Amendment of Regulations 2021 

  • Deeds Registries Amendment Act: Amendment of Regulations 2021 

  • New Extension of PAIA Manual exemption 

• COIDA Update: 

  • Minimum assessment introduced for Domestic Workers 

SARS: 

• Guides & FAQs (new, updated & issued): 

  • New Guide to SARS Mobile Tax Services 

  • Guide on the Determination of Medical Tax Credits (Issue 12) 

  • Updated: Guide to the Tax Compliance Status on eFiling 

  • Comprehensive Guide to Dividends Tax (Issue 4) 

• Binding Rulings (Private/Class/General) issued:  

  • Binding Class Ruling (BCR) 077 – Capital gains tax consequences of in specie distribution by company to its shareholders 

  • Binding Private Ruling (BPR) 366 – Distribution in specie of shares 

  • Binding Private Ruling (BPR) 365 – Interpretation and application of the de-grouping provision in section 45(4)(b) 

  • Draft Binding General Ruling (BGR) – Purchase of different types of annuities at retirement 

  • Draft Binding General Ruling (BGR) – Disqualification as a qualifying company under section 12R(4)(b) 

• Notices and other publications issued: 

  • SARS provides guidance on claiming Home Office Expenses 

  • Six SARS forms to migrate from Adobe Flash Player to HTML5 

  • RAV01 form converted to HTML5 

  • Verify a Tax Compliance Status 

  • Updated Average Exchange Rates Tables 

  • Guidance: Cease to be a Resident 

• Taxpayers must be on the lookout for New Scams: 

  • ​Application for learnerships by unemployed youth 

  • Notices of Administrative Penalty from SARS 

Regulator news: 

• IRBA News & press releases: 

  • IRBA News #54 published 

• SAICA press releases and other publications: 

  • Retention of records guide updated 

  • Educational Material: Application of IAS 12 - Income Taxes: Substantively enacted tax rates 

• SAIBA 

  • Accounting Weekly Newsletter  

  • CFO Talks 

• Companies Tribunal:  

  • 10 Cases finalised in JUNE 2021 (2 AGM, 4 Name Disputes, 2 Directorship Disputes, 2 Exemption from SEC) 

• CIPC: 

  • CIPC enforcing the Companies Act, 2008 

• National Consumer Commission (NCC): 

  • The Competition Commission’s draft guidelines on small merger notification 

• Information Regulator of SA:  

  • BASA Code of Conduct 

  • POPIA update from Information Regulator (including their enforcement powers) 

  • PAIA update from Information Regulator 

  • Guidance note on exemptions from the conditions of POPIA 

  • Information Regulator in the PAIA driving seat 

  • Information Regulator confirms commencement date of Section 58(2) of POPIA 

  • Guidance note on Processing of Special Personal Information  

  • Guidance note on Processing of personal information of children 

• FSCA publications & press releases:  

  • Lists of recognised qualifications 

  • FSCA imposes penalty on African Unity Life Limited 

  • FSCA announces enforcement action against Vesticento CC [ Mutual Direct Group Funeral Benefits 

  • Covid-19 vaccines and life insurance policies 

  • Update on Impilo Plus Insure 

  • Africrypt (Pty) Ltd 

  • 8 Warnings issued against fraudulent FSPs this month 

• SARS:  

  • VAT Connect Newsletter 

  • Latest Tax Practitioner Newsletter