Accounting (IFRS, etc) 

• Standards – What’s new? 

  • IFRS Monthly news summary 

• Accounting issues 

  • IVSC: New Perspectives Paper: Inspection of tangible assets as part of the valuation process 

Auditing (IRBA, IAASB, etc): 

• Legal/Ethics:  

  • New Maximum Fines for Improper Conduct gazetted by National Treasury 

CIPC: 

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

  • Notice 16 of 2024: Finally deregistered companies and CCs which fails to file annual returns within 30 business days after the successful processing of application for re-instatement of deregistered company (Form COR40.5)  

  • Guidance Note 1 of 2024 - CM forms vs COR forms:  

  • Media release 4 of 2024: CIPC to enforce BO declaration with AR filings for companies and CCs 

Anti-Money Laundering and FICA 

• FIC Advisory & Guidance:  

  • Draft PCC121A: Beneficial Ownership and the application of Section 21B of FICA 

  • Property Practitioners’ obligation to report Suspicious and Unusual Transactions to FIC 

Technology 

• Important issues: 

  • SCA rules on responsibilities of cybercrime victims 

  • Will accountants survive the digital revolution? 

Labour Law: 

• Employment law: 

  • Payment for public holidays  

  • 2023 Employment Equity Public Register 

  • Commission for EE (CEE): 24th Annual Report 2023/24  

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

• This month’s big 5: 

  • SAICA Legal Update 2024 Volume 19 Issue 10 covers new relevant National laws up to 7 June 2024: 

  1. The Competition Act: Exemption regulations for small, micro and medium sized businesses;  

  2. The Immigration Act: Regulations;  

  3. The Income Tax Act: Revenue Laws Amendment Act (see Taxation section);  

  4. The National Building Regulations and Building Standards Act: National building regulations; and  

  5. The Tax Administration Act: Tax returns (see Taxation section). 

  • SAICA Legal Update 2024 Volume 19 Issue 11 covers new relevant National laws up to 12 July 2024: 

  6. The Financial Sector Regulation Act: Cybersecurity and cyber resilience standards;  

  7. The Childrens Act: Regulations;  

  8. The Competition Act: Provisional fresh produce market recommendations;  

  9. The Financial Sector Regulation Act: FAIS Ombud rules (see Regulator News section); and  

  10. The Special Investigating Units and Special Tribunals Act: Nelson Mandela metropolitan municipality. 

• Other acts and articles: 

  • Cannabis for Private Purposes Act enacted   

  • Public warning: beware of fraudulent tender advertisements and job opportunities 

  • Crypto bill in the pipeline 

• COIDA Update: 

None  

SARS: 

• Guides (new, updated & issued): 

  • Change of Banking Details 

  • Guide on Income Tax and the Individual (2023/24) 

  • Guide on the Determination of Medical Tax Credits (Issue 16) 

  • 7 Updated Guides for 2024 tax season 

    • Guide to the Individual ITR12 Return for Deceased and Insolvent Estates 

    • How to submit your Individual Income Tax return via the SARS MobiApp 

    • Guide to submit your individual income tax return via eFiling 

    • Comprehensive Guide to the ITR12 Income Tax Return for Individuals 

    • Submit Request for Reduced Assessment (RRA01) via eFiling 

    • Guide to Help-You-eFile 

    • Guide for Provisional Tax 

• Notices and other publications issued: 

  • Filing season 2024 

  • FAQs on auto-assessments 

  • Update on changes (in the personal income tax return) for the 2024 tax Filing Season 

  • Changes and Enhancements for 2024 filing season 

  • SARS clarifies new rules for buying personal goods from international online retailers 

  • Temu & Shein prices to increase as SA closes tax loophole on 1 July 2024 

  • Delay of Section 11G & withdrawal of PN31 

  • Verification of Banking Details 

  • Trade testing dates: Tax Directives for the Two Pot Retirement system 

  • FAQs – Domestic Reverse Charge (DRC) Regulations (Issue 3) 

  • Third Party Data – Changes in SARS medical aid data reporting 

  • Dispute Resolution for Trusts: Enhancements 

  • Average Exchange Rates 

  • Section 18A donations deductible on eFiling 

  • National Legislation: Revenue Laws Amendment Act 12 of 2024  

• Taxpayers must be on the lookout for New Scams: 

  • SARS-SCAM-362 – Tax refund 

  • SARS-SCAM-361 – Outstanding tax payment 

  • SARS-SCAM-360 – Email stating payment has been made to your account 

  • SARS-SCAM-359 – Email requesting relevant material to eFiling registration 

• High court cases: 

  • CSARS v Drs Mkhabele and Indunah Diagnostic Radiologists Inc and Others (2024/036576) [2024] ZAGPPHC 488 (30 May 2024) 

  • Fair-Trade Independent Tobacco Association NPC and Others v Commissioner for the South African Revenue Services and Another (115176/2023; 115375/2023) [2024] ZAGPPHC 457 (15 May 2024) 

  • CSARS v Buthelezi and Others (B5917/2023) [2024] ZAGPPHC 467 (10 May 2024) 

  • Baseline Civil Contractors (Pty) Ltd v CSARS (A83/2023) [2024] ZAWCHC 113 (26 April 2024) 

  • Tax case in Court: 

  • Media statement on SHL Wholesalers Tax Case in Court 

  • Constitutional Court cases: 

  • Coronation Investment Management SA (Pty) Limited v CSARS (CCT 47/23) [2024] ZACC 11 (21 June 2024) 

Regulator news: 

• IRBA News & press releases: 

  • 2024/2025 Assurance Fees Payable to the IRBA as of 1 June 2024 

• SAICA press releases and other publications: 

  • Feedback Summary on the 2024 draft Global Minimum Tax Bill 

  • Submission: ISA 240 ED (Revised) 

• CIBA press releases and other publications: 

  • Newsletters: 

  • Various guides are available exclusively to members 

• Companies Tribunal:  

  • 20 Cases finalised in Jun 2024  

• Information Regulator:  

  • Data breach notifications triple 

• National Property Practitioners Council (NPPC):  

  • Property council sends warning to estates and gated communities in South Africa 

• LPFF:  

  • Cyber criminals hack SA’s LPFF 

• FSCA publications & press releases:  

  • Cyber criminals hack SA’s LPFF 

  • Newsletter Q1 2024 

  • The FSCA welcomes the decision of the Tribunal against Mr. Sathish Kumar Bhala 

  • FSCA is investigating Finbok, Vector Financial Services (Pty) Ltd and Astrix Data (Pty) Ltd 

  • FSCA debars and imposes an administrative penalty on Mr Luan Krige 

  • FSCA launches retirement funds Know Your Rights campaign 

  • FSCA publishes its latest Regulatory Actions Report 2023/2024 

  • 2 Warnings issued against fraudulent FSPs 

• CGSO:  

  • Quarter 1 Stakeholder Newsletter 2024 

• OTO:  

• Newsletter - Fair Play Issue 33 

• PPRA:  

  • 2025 3-Year FFC renewal commencing on 1 July 2024 

  • Important update re FFC renewal & historical penalties 

• FAIS Ombud:  

  • Ombud Council Rules for the Ombud for FSPs: Compensation Limit Raised to R3.5 million 

• SARS:  

  • NEW! Monthly Tax Digest for June 2024 

  • Latest Tax Practitioner Newsletter – Issue 53 

  • Latest Government Connect Newsletter – Issue 19   

General Announcements / News Releases: 

• Media articles:  

  • Insolvency practitioners fed up with delays at Government Printing Works 

  • R300 million stolen in massive cyber-heist