Webinars On-Demand

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