The Independent Regulatory Board for Auditors (IRBA) has proceeded with its aim of introducing Mandatory Audit Firm Rotation (MAFR), which will apply only to listed companies and public interest entities (institutions such as banks and insurers) and is intended to “enhance auditor independence and protect public interest”. Recently the head of the IRBA and the
In The News Again: Mandatory Audit Firm Rotation Read More »
If you plan to form a trust, you need to know about a new directive from the Chief Master of the High Court to all Master’s Offices in the country. The directive applies to all new trusts (those “registered for the first time”) by the Master. Following a series of court cases in which the
Trusts: New Directive on Independent Trustees Read More »
“In war and litigation, both sides suffer” (old Roman proverb) Here’s yet another reminder from our courts on how important it is – if you want to avoid the trials of litigation – for you to have your property sale agreement drawn up professionally. One thing it must do, as the case in question clearly
Your Property Sale Agreement: Be Careful How It’s Worded! Read More »
There has been uncertainty for some time as to whether employees’ tax (PAYE) should be deducted from payments made to Non-Executive Directors (NED’s) for the services they perform. There has also been debate around whether NED’s should charge VAT for their services. The Minister of Finance undertook to clarify this in the February 2016 Budget
Non-Executive Directors: Income Tax and VAT Implications Read More »
The mid-May WannaCry “ransomware” virus affected more than 100 countries, including South Africa. It showed that these types of attacks can be spread incredibly quickly and that we can expect similar incidents in the future. And experts warn that a new cyber-attack (“Adylkuzz”) is already underway. What should we do to protect ourselves? Old software
Lessons from the WannaCry Ransomware Attack Read More »
“The secret of getting ahead is getting started” (Mark Twain) That’s great advice from Mark Twain, so if you are sure that you are cut out for the exciting, hurly-burly life of an entrepreneur, and if you have a viable business concept, take advice now on how to get started. In our previous article in
Starting a Business? The Business Trust Option Read More »
“… The difficulty experienced by bodies corporate in collecting arrear levies is not a novel one. It is part of a ‘socio-economic problem’” (extract from judgment below) Levy collections are the life blood of sectional title schemes, and collecting them is likely to get harder with the economic fallout from our downgrade to junk status.
Collecting Arrear Levies: A New Risk for Your Body Corporate Read More »
Events have moved swiftly – on 31 March the Minister of Finance and the Deputy Minister were axed. Ratings agencies Fitch and S&P downgraded South African debt to junk status the next week. Why the muted response? In December last year when Mr. Nene was replaced as Finance Minister, it appeared we had fallen off
Junk Status Is Now a Reality – How Will It Affect Us? Read More »
Two months ago we wrote about how the Tax Ombud was now more independent of SARS and it hasn’t taken the Ombud long to flex these powers. Over half of complaints received by the Ombud relate to the long time taken to get refunds to taxpayers. This relates to both Income Tax and VAT. The
Are You Battling to Get a Tax Refund? Tax Ombud To Investigate SARS Systems Read More »
The Compensation for Occupational Injuries and Diseases Act (COIDA) is a statutory insurance policy for your employees and pays them compensation if they are killed, injured, disabled or contract an occupational disease or illness whilst at work. Employers are required to submit an annual return which is due on 31 May this year. The return
It’s COIDA Time Again! Read More »
