Legislation
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Monthly Compliance and Legislation Update - November

CPD Hours: 2

Price: R475.00


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Monthly Compliance and Legislation Update - November


Overview   

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 

    • Public Sector Tools Released 

    • Accounting Manuals for Modified Cash Standards 

IRBA: 

  • Other:  

    • IFAC Audits of LCEs: Supplemental Guidance & Mapping documents published 

    • FRC Guidance - Addressing exceptions in the use of audit data analytics 

    • Staff Audit Practice Alert 6: Protection and Retention of Client Data 

CIPC: 

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

    • Notice 50 of 2021 – Filling of joint business rescue practitioner appointments  

    • Notice 52 of 2021 – Co-operative Annual returns and Annual submissions 

    • Notice 53 of 2021 – Commencement of deregistration notification to companies and close corporations 

    • CIPC enforces Sec 30 of the Companies Act - High court orders JCI ltd to pay the CIPC an administrative fine of R1 million 

Labour Law: 

  • Employment law: 

    • Victimization of workers at the workplace in relation to occupational health and safety 

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

  • This month’s big 5: 

    • SAICA Legal Update 2021 Volume 16 Issue 18 (it covers new relevant National laws up to 15 October 2021) 

    1. The Compensation for Occupational Injuries and Diseases Act (Withdrawal of notice); 

    2. The Disaster Management Act (COVID-19 regulations and directions); 

    3. The Local Government Municipal Structures Act (Amendment Act); 

    4. The Non-profit Organisations Act (Draft Amendment Bill); and 

    5. The Private Security Industry Regulation Act (Amendment Act not commenced). 

    • SAICA Legal Update 2021 Volume 16 Issue 19 (it covers new relevant National laws up to 15 November 2021) 

    1. The Compensation for Occupational Injuries and Diseases Act (Updating of bank details); 

    2. The Hazardous Substances Act (Draft lead paint and coating material regulations); 

    3. The Pension Funds Act (Draft asset spreading requirements); 

    4. The Protection of Personal Information Act (Draft regulations); and 

    5. The Tax Administration Act (Administrative non-compliance penalties). 

  • Other acts and articles: 

    • POPIA_Security compromise notification 

    • Amendments to POPIA Regulations 

    • Companies Amendment Bill 2021 

    • Directors: Increased obligations and potential exposure to liability as set out in the Companies Act 

  • COIDA Update: 

    • Mandatory Covid-19 Vaccinations in the Workplace: Compensation for Injuries or Death 

    • Notice on banking information requirements for Occupational Injuries and Diseases related claims released for comment 

    • Notice on Notice on updating of banking details Occupational Injuries and Diseases related payments 

SARS: 

  • Guides (new, updated & issued): 

    • Draft Guide to the Voluntary Disclosure Programme 

    • How to Complete the Registration Amendments and Verification Form RAV01 

    • The guide on How to submit a dispute via eFiling has been updated with the extension of Covid-19 PAYE and ETI information 

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

    • BGR 57 – Whether the term “consideration” includes an amount of transfer duty for the purposes of calculating a notional input tax deduction on the acquisition of second-hand fixed property 

  • Notices and other publications issued: 

    • Updated [email protected] Employer version released  

    • Businessman gets 5-year jail term for VAT fraud 

    • Submitting an application for Tax Exemption 

    • SARS tackles non-compliant PPE companies 

    • New [email protected] Employer version released 

    • Enhanced Notice of Registration functionality on eFiling 

    • Update on share valuations for Estate Duty 

    • An upgraded [email protected]™ Employer version 7.1.9 was released 

    • Amended List of Physical Impairment or Disability Expenditure 

  • Tax court cases: 

    • 7 Judgments finalised 

  • High court cases: 

    • 14 Judgments finalised 

  • SCA cases: 

    • CSARS v Glencore Operations SA (Pty) Ltd (462/2020) [2021] ZASCA 111; [2021] 4 All SA 14 (SCA) (10 August 2021) 

  • Taxpayers must be on the lookout for New Scams: 

    • Possible refunds 

Regulator news: 

  • IRBA News & press releases: 

    • News #55 

  • SAIBA press releases and other publications: 

    • Newsletters: 

    1. CFO Talks (CFO Talks™ is devoted to sharing ideas and conversations between CFOs. It is a platform which facilitates insightful and powerful talks relevant to CFOs) 

    2. Accounting Weekly (weekly newsletter) 

  • Companies Tribunal:  

    • 11 Cases finalised in October 2021 

    • Quarterly Newsletter 

  • Information Regulator:  

    • PAIA Guide 

    • New Email addresses 

    • How to handle POPIA complaints 

    • Information Regulator's PAIA Manual prepared in terms of Section 14 

    • Registration of Information Officer Portal is still unavailable 

  • Law Society of SA:  

    • LSSA publishes POPIA guide for attorneys 

  • FSCA publications & press releases:  

    • FAQs about Registration with FIC 

    • Various Warnings issued against fraudulent FSPs 

  • CSOS:  

    • CSOS issues 3 Circulars 

  • CGSO:  

    • Consumer Alert October 2021: Suppliers most likely to take your money and run 

    • CGSO Newsletter issued Quarter 3 of 2021 

  • SARS:  

    • Latest Tax Practitioner Newsletter  

General Announcements / News Releases: 

  • Media articles:  

    • Business rescue and Employee rights 

    • The growing threat of ransomware 

    • The legal dangers of a side hustle 

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