Monthly Archives: November 2012

SOCIAL NEWS

 

 

Left photo – L2R: Lucha Greyling, Thelma Crossman, Ryk Neethling, Ursh Hoekstra and Juanita Botha

Right photo – L2R: Lucha Greyling, Thelma Crossman, Ursh Hoekstra and Juanita Botha

Round Table Ladies Golf Day with Ryk Neethling: The venue was Bloemfontein Golf Club and this is a golfing highlight of all ladies on their golfing calendar. Newtons offered to do a “Red Socks Friday” table. A percentage of all socks sold to the ladies and Ryk(he didn’t put his on) went to Round Table Bloemfontein and Bloemfontein Child Welfare, Child Welfare is the charity that benefits from “I wear red socks on Friday” campaign. A great day was had by all involved. We urge all our clients to invest in a really awesome pair of red socks and if anyone needs more information on this worthwhile cause they can contact Thelma Crossman at redsocks@newtons-sa.co.za.


L2R: Janeske du Toit, Thelma Crossman and Marlene van Zyl.  Middle: Anzé Pienaar, Gwynn Goldblatt, Antoinette Coetzee, Tshego Pule, Jana Ferreira, Jenny Ferreira and Ingrid Salzmann. Back: Sollie Pretorius, Nicole Lindeboom, Heleen Scorrano, Frank Pretorius, Nelri Els, Lucha Greyling,  Angelique de Clercq and Victor Chemaly.

All staff at Newtons were invited to participate in CANSA month. We proudly wore pink and sold pink cupcakes in aid of CANSA.

Back L2R: Léhan van Rooyen, Chantal Morel, Gwynn Goldblatt. On the chair: Lucha Greyling (Partner) Not present is: Marguriett Pretorius and Jana Ferreira.

Newtons and SANBS Drive  – An initiative from one of our clerks, Mohapi Mosala, the SANBS came to our offices for a “big bleed” it was so well supported that this will now become an 8 weekly event and we would like all our clients to join in this really good cause. Watch your emails for reminders about the date. If anyone is interested they can contact Thelma Crossman tc@newtons-sa.co.za.

STAFF NEWS


Sollie and Suzaan Pretorius 

Form all of us at Newtons we would like to congratulate Sollie and Suzaan Pretorius on their special wedding day, 3 November 2012,  may you be blessed with happiness and many years together!


Juliana Mia Oehley (Jewels) 

As well as Inge and Wesley Oehley on their first little girl Juliana Mia Oehley (Jewels) born 17 September 2012!

 

ADMINISTRATION 101: THREE THINGS TO THINK ABOUT

101.1 Unemployment Insurance Fund (UIF) Increase – Update Your Systems

The Minister of Labour announced, via Government Gazette on 26 September, that the UIF threshold had been raised from 1 October 2012. The ceiling amount goes from R149,736 per annum (or R12,478 per month) to R178,464 per annum (or R14,872 per month). The maximum monthly deduction for employees and employers increases to R148-72 from R124-78.

At the same time benefits paid to qualifying unemployed persons increase to a maximum of R5,651 per month from R4,732 per month.

This increasing of the UIF threshold has been ushered in with little publicity and gave taxpayers just one month to adjust their systems. The onus though is on you to update your payroll system to ensure deductions are correct, and that the right amount is paid over to SARS with your submission of the EMP201 form. Please ensure you do this to avoid paying unnecessary penalties and interest.

A recent survey of small businesses in the Eastern Cape by the Labour Department found more than two thirds were not registered for UIF. Whilst this almost certainly does not apply to you, it is the type of story which could lead to authorities auditing UIF deductions.  So be prepared!

101.2 Your Business Address: CIPC Gets Tough

As you are aware, the CIPC (Companies and Intellectual Property Commission) replaced the old CIPRO with the introduction of the new Companies Act in 2011. The CIPC has issued a notice to companies and close corporations (CCs) requiring that postal and physical addresses “be of the actual physical premises” of the entity, i.e. “the site from where the business operates”. The practice of using “addresses of convenience”, such as your auditor, is no longer acceptable.  Addresses are to be as follow:

Physical Address:

  • Street number
  • Street name
  • Suburb/town/city
  • Province
  • Postal code

Postal Address:

  • Postal number or description
  • Suburb/town/city
  • Province
  • Postal code

If the address is outside South Africa the name of the country is to be shown.

Why is CIPC doing this?

CIPC are seeking to improve their “statistical records and data quality

What happens if I don’t follow CIPC’s laid down procedure? 

Your submission will be rejected and you will have to redo it. This applies to all businesses – both new and existing.

Avoid the frustration of wasting time and effort. 

101.3 Electronic Records Storage  

On 1 October, the Commissioner of SARS released a Notice prescribing the format in which electronic records are to be kept.

In specifying the format for an “acceptable electronic form”, the Commissioner refers to the standard set out in the Electronic Communications and Transactions Act. The overriding factor is that the electronic document be presented or retained in its original form and thus cannot be altered.

In addition, you must be able to provide SARS with the electronic document so that SARS can access, read and analyse the electronic document. This means you must be able to email it to SARS and provide them with print copies.

Finally, the electronic records are to be available for inspection by SARS at a reasonable time and in a location in South Africa so that SARS can administer all tax Acts in terms of the Tax Administration Act.

What about Cloud storage?

We have seen that records have to be available for inspection at a location in South Africa. Thus, if your Cloud storage is outside of South Africa:

  1. You will need to get the permission of a senior SARS official,
  2.  There must be a double tax agreement between South Africa and the country     where your records are stored,
  3. You must be able to fulfil the requirements for electronic storage set out above, and
  4. If software or the platform used is not recognised in South Africa, then you need to keep manuals that document the method of record keeping and how to access the records. If you do not have this documentation, then you must compile a written list as per the requirements of the Commissioner’s Notice. This is quite an extensive list so if you plan to use the Cloud for storage outside the Republic, make sure that your service provider can meet the Commissioner’s requirements.

© DotNews, 2005-2012. This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.

VAT 201 RETURNS : “BUSINESS AS USUAL”

Following the implementation of the new Tax Administration Act (TAA) on 1 October, there was widespread concern that VAT 201 returns submitted via eFiling could no longer be submitted on the last business day of the applicable month as was previously the case.  The fear was that returns would in future have to be lodged on or before the 25th of each month, and panic set in when many taxpayers were told only on 19 October that the change would be effective immediately, i.e. that returns due in October would have to be lodged by 25 October.

Fortunately SARS announced at the last minute that, pending an amendment to the TAA, it will continue to accept returns and payments “submitted via eFiling (or EFT) on or before the last business day of the month.” 

So relax, it’s “business as usual” with your VAT 201s.  Remember that manual returns still have to be in by the last business day prior to the 25th of each month.

© DotNews, 2005-2012. This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.