Webinars On-Demand

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 

Regulator news: 

• IRBA News & press releases: 

  • IRBA News Issue #52 

• SAICA press releases and other publications: 

  • SAICA's Communication: JSE Listings Requirements: Section 3.84(k) - The auditor’s perspective 

  • SAICA SMP quarterly newsletter 

  • SAICA Training Office update 

  • Including the new SAICA Training Regulations 2021  

• Companies Tribunal:  

  • 5 Cases finalised (3 AGM, 1 Name Dispute, 1 Exemption from SEC) 

• Competition Commission:  

  • Automotive Guidelines issued 

• IFAC:  

  • Anti-Money Laundering – The Basics 

• FSCA publications & press releases:  

  • FSCA request for information from insurers 

  • Declaration of crypto assets as a financial product 

  • Guidance on the lapsing of licences 

  • Cheques will no longer be used in the national payment system 

  • Fintech innovation in South Africa in the era of data security and protection 

  • FSCA publishes research insights on Open Finance 

  • The FSCA’s investigation on Mirror Trading International nears completion 

  • Contingent Business Interruption Insurance Cover 

  • No Warnings issued against fraudulent FSPs this month, but 1 license withdrawn and advisor disbarred 

  • FSCA withdraws the licence of Dikwena Funeral Parlour (Pty) Ltd and debars Mr Simon Mahlaola 

• LPC:  

  • Legal Practice Council welcomes the appointment of Legal Services Ombud 

• SARS:  

  • Tax Practitioner Connect Issue 20 

General Announcements / News Releases: 

• Media articles:  

  • WhatsApp: The 6 big changes coming to the instant messaging application in 2021 

  • WhatsApp, a misconceived menace to society?