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 o
n 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.
Content
These are examples of the topics covered that will include legislative, regulatory, industry standards, items and guides that have been issued and/or updated during the preceding month and will be covered in the webinar:
SARS:
Guides (new, updated & issued):
VAT Rulings Process Reference Guide (Issue 2)
VAT Reference Guide for Foreign Donor Funded Projects
Comprehensive Guide to Capital Gains Tax (Issue 8)
Interpretation Notes (updated & issued):
Draft Interpretation Note – VAT consequences of points-based loyalty programmes
Binding Rulings (Private/Class/General) issued:
BPR 341 – Distribution of a bank account as dividend in specie
BPR 342 – Donation by a resident to a foreign trust of property received from another foreign trust
Notices and other publications issued:
SARS issues Explanatory Notes on Further COVID19 Tax measures
SARS Q&As for Employers on COVID19 Tax Relief
Updated Table of interest rates: Table 3 – Rates at which interest-free or low interest loans are subject to income tax (reduced on 30 April 2020)
Employer Annual Reconciliations - Remember the deadline of 31 May 2020
Tax Court cases:
None
High Court cases:
None
Constitutional Court cases:
None
Supreme Court of Appeal cases:
Telkom SA SOC Limited v CSARS (Losses or gains caused by foreign exchange fluctuations)
Diageo South Africa (Pty) Ltd v CSARS (single supply of advertising and promotional goods and services to non-resident entities and the applicability of deeming provision applied to goods portion of the supply)
CSARS v United Manganese of Kalahari (Pty) Ltd (royalty calculation based on gross sales determined in terms of section 6(2)(b))
IFRS:
Standards – What’s new?
IFRS Monthly news summary
Accounting issues
ASB Guide: Accounting for COVID-19
Application of IFRS Standards in light of the Coronavirus disease (COVID-19) Uncertainty: Going concern
With reference to all 12 sets of SAICA Educational Material re COVID-19 Financial Reporting
IRBA:
Guidance:
Guide for Registered Auditors – Engagements on LP Trust Accounts (Revised March 2020)
IRBA shares guidance with auditors on the implications of COVID-19 on audits and auditors
The impact of COVID-19 on Auditor Reporting: Going Concern
The impact of COVID-19 on File Assembly (Archiving)
Standards:
None
Legal/Ethics:
IESBA - Staff Q&A: COVID-19 Ethics & Independence Considerations
Other:
IAASB Staff Alert – Audit Considerations Arising from Changes Due to Coronavirus
IAASB Support Material – Audit Documentation when using Automated Tools and Techniques
CIPC:
Notices and Practice Notes issued (enforcement and to customers):
Notice 20 of 2020 – Available automated services
Notice 21 of 2020 – Company, Close corporation and Co-operative services during Government lock down of South Africa
Notice 22 of 2020 – Intellectual Property
Notice 23 of 2020 – Recommencement of Services
Labour Law:
Employment law:
Employment Revival Guide (Alert Level 4 Regulations)
Updated COVID-19 The Employment Survival Guide
Other Laws & Regulations affecting your client AND impact on NOCLAR:
This month’s big 5 include:
The Disaster Management Act: COVID-19 regulations;
The Disaster Management Act: COVID-19 directions for workplaces;
The Disaster Management Act: COVID-19 directions for communication and digital technologies sector;
The Meat Safety Act: Draft amendment to which animals the Act applies; and
The Medicines and Related Substances Act: Exemption from 6 month dispensing requirement
Other Acts and articles:
Department of Labour released Occupational Health and Safety Measures to reduce and eliminate the escalation of COVID-19 infections in workplaces
COVID-19 Potential points of impact on businesses
COIDA update:
Increase of maximum amount of earnings on which the assessment of the employer shall be calculated (effective from 1 March 2020)
Return of Earnings revised prescribed form 2020 – W.As 8
Remember that the 2019 ROE Submission has been extended to 31 May 2020
Compensation Fund released CompEasy FAQs: External user during the reporting of an IOD claim
Regulator news:
IRBA News & press releases:
IRBA opens a COVID-19 webpage
IRBA shares guidance with auditors on the implications of COVID-19 on audits and auditors
COVID-19 Newsletter Auditors Report
IRBA News #49
SAICA press releases & other publications:
The SAICA Companies Act Guide (released April 2020)
SAICA comments on IRBA Guide on Legal Practitioners Trust Accounts
SAICA opens a very comprehensive COVID-19 webpage
SAICA FAQs – The impact of COVID-19 on audit considerations
SAICA Media release on CoVID-19 TERS misunderstanding
Tools that can assist in running your business
Companies Tribunal:
Submission of Applications during COVID-19 Lockdown
3 Decisions reached on cases heard (0 Name disputes, 2 AGM, 1 Exemption from SEC, 0 Directorship dispute, 0 Reviews)
CSOS:
Notice to Bodies Corporate on Disconnection of services
Competition Tribunal:
None
SAIBA:
None
FIC Advisory & Guidance:
Innovation Hub launched to promote responsible innovation in the South African financial sector
Media statement on the release of the Intergovernmental Fintech Working Group’s (IFWG) Position Paper on Crypto Assets
LPC:
Extension of submission date for trust account auditors’ reports
LPFF:
List of banks that have entered into a banking arrangement with the Fund
List of recoverable and non-recoverable bank charges
(Issued in 2009)
FASSET:
Mandatory Grant submission deadline has been extended to 31 May 2020
CGSO & National Consumer Commission:
CGSO Quarterly Newsletter (January to March 2020)
SARS media releases:
How to contact SARS with debt queries
SARS opens a COVID-19 Media page
FSCA publications & press releases:
FSCA takes several enforcement actions against Leon Goosen Verskeringsmakelaars CC, including license withdrawal and an administrative penalty of R1,2 million
4 Warnings issued to the public against fraudulent FSPs
General Announcements / News Releases:
Media articles:
How Accountants can help to reshape the world because of COVID-19
Mental health for CAs in challenging times
