Monthly Archives: October 2017

Congratulations to our Breast Cancer Awareness Fundraising winners!

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Congratulations to our “Toasted Sandwiches Making” team who raised the most money during our breast Cancer Awareness Month Fundraising Challenge!

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Thanks to their efforts they raised R800!

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In second place, we had the “Guess how many Marshmallows in the Jar” team.

Congratulations Lucha on wining a delicious Carrot Cake by guessing the closest number!

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In third place was the “Brownies and milkshake” team.

Thanks for all the initiative, effort and work that went into these weekly Friday events during October! In total, we raised R2129.00 for Breast Cancer Awareness!

Heritage Day 2017

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Heritage Day Celebrations

This year Newtons took Heritage Day celebrations to different level by hosting a Braaibroodjie Challenge!

The whole firm was divided into teams who each had to present a braaibroodjie to our judges, the partners. The judges were quite difficult to impress and scored the different teams efforts on presentation, taste and braai technique.

Congratulations to the Fire Lighters team who walked away with the title of “Braaibroodjie champions for 2017!”

Danie endures the desert and the dunes

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The Walvis Bay endurance is the African Championships and this takes place every year at the end of August, this year it was their 21st year of existence. Riders from all over the world participated. Danie Saayman, a trainee at Newtons, represented the international barbarian team in this championship, where they competed against the South African and Namibian team. It is a 120km desert ride, and is considered one of the most challenging rides in the world. The ride starts at 4 o’clock in the morning and successful riders finish late afternoon. It was the 4th time that Danie completed this ride successfully, but the Namibian team unfortunately prevailed. It’s always an incredible privilege to ride Walvis Bay, and it’s one of the rides you can truly say, “TO FINISH IS TO WIN.”

Dividends tax returns

With effect from 1 April 2012, dividends tax was introduced to replace the then “secondary tax on companies” (or “STC”). The tax is currently levied at 20%. The dividends tax regime brought with it a requirement for dividends tax returns to be submitted periodically (if even no liability for dividends tax arose) and we wish to bring to our clients’ attention when this would be required.

From 1 April 2012, dividends tax returns were required for all taxpayers who paid a dividend. Although not initially required, but the Income Tax Act was subsequently amended retrospectively to provide therefor. Returns were, from that date, not required for dividends received though. However, through various amendments being introduced, the scope of the dividends tax compliance regime was broadened significantly. With effect from 21 January 2015, dividends tax returns were also made compulsory for all dividends tax exempt (or partially exempt) dividends received. The most significant implication flowing out of this amendment is that from this date, all South African companies receiving dividends from either South African companies, or from dual-listed foreign companies (to the extent that the dividend from the foreign company did not comprise a dividend in specie). The requirement for dividends received from dual-listed foreign companies to also carry with it the requirement for a return to be submitted was however removed a year later, with effect from 18 January 2016.

Where dividends are paid by a company, or dividends tax exempt dividends are received by any person from South African companies, the relevant returns (the DTR01 and/or DTR02 forms) must be submitted to SARS by the last day of the month following the month during which the dividends in question were received or paid. In those instances, where a dividends tax payment is also required, payment of the relevant amount of tax is to be effected by the same date too.

Although the non-submission of dividends tax returns at present to not carry any administrative non-compliance penalties, we always encourage our clients to ensure that they are fully compliant with relevant requirements prescribed by tax statutes. We would therefore encourage our clients to revisit their dividends history and ensure that their records and returns are up to date and as required by the Income Tax Act.

This article is a general information sheet and should not be used or relied upon 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.  Errors and omissions excepted (E&OE)

MSI wins ‘Rising Star Association’ and ‘Communications Campaign’ awards

MSI Global Alliance, one of the world’s leading international associations of independent legal and accounting firms, has won two awards in the prestigious International Accounting Bulletin Forum & Awards.

MSI Global Alliance is delighted to have received the two awards: ‘Rising Star Association of the Year’ and ‘Communications Campaign of the Year’ at the annual International Accounting Bulletin Forum & Awards judged by an independent panel of accounting experts.

The ‘Rising Star Association’ award recognises MSI’s highly effective Strategy for 2015-2018 and its successful implementation across the four priorities of growth, marketing, member services and member engagement. Separately, MSI’s innovative and engaging internal marketing campaign ‘MSI Month’ was selected as the ‘Communications Campaign of the year’.

Tim Wilson, chief executive of MSI, comments, “I am absolutely delighted to have received these two awards, which represent the hard work of our entire team and the engagement of our members worldwide. I am proud of MSI’s continued development and the strength of our association and I am excited by the future as we move forward into our next chapter.”

The International Accounting Bulletin is the leading authority of the global accounting industry and regularly analyses firm performance and best practices.

MSI was presented with the ‘Rising Star Association’ and ‘Communications Campaign’ awards during the gala dinner of The Digital Accountancy Forum & Awards 2017 in London on 4th October 2017.

For further information please contact

MSI Global Alliance
Pauline Rottstock, Marketing and Business Development Manager
Tel: +44 20 7583 7000
Email: prottstock@msiglobal.org

About MSI Global Alliance

MSI is one of the world’s leading international associations of independent legal and accounting firms with over 250 carefully selected member firms in more than 100 countries. MSI was formed in 1990 in response to the growing need for cross-border co-operation between professional services firms.

MSI members worldwide work closely together to provide integrated, multidisciplinary services to meet each client’s legal and regulatory obligations and growth ambitions. MSI is ranked among the Top 20 international accounting and legal networks, associations & alliances.

Visit our website: www.msiglobal.org

SARS to intensify action against tax offenders

Despite the fact that SARS has upheld their philosophy of education, service, and thereafter enforcement, they have noticed an increase in taxpayers not submitting their tax returns by the stipulated deadlines, and not settling their outstanding debt with SARS. This is not limited to the current tax year but includes substantial non-compliance across previous tax years.

It is for this reason that from October 2017 SARS will intensify criminal proceedings against tax offenders. Failure to submit the return(s) within the said period could result in:

  • Administrative penalties being imposed on a monthly basis per outstanding return.
  • Criminal prosecution resulting in imprisonment or a fine for each day that such default continues.

Types of tax

SARS has reminded all taxpayers that, according to the Tax Administration Act No. 28 of 2011, it is a criminal offence not to submit a tax return for any of the tax types they are registered. These tax types are:

  • Personal Income Tax (PIT)
  • Corporate Income Tax (CIT)
  • Pay as You Earn (PAYE)
  • Value Added Tax (VAT)

It is also important to note that should any return result in a tax debt it must be paid before the relevant due date to avoid any interest for late payment and legal action. To avoid any penalties, interest, prosecutions as well as imprisonment, taxpayers are urged to rectify their compliance by submitting any outstanding returns as soon as possible. Please contact your tax advisor for assistance.

This article is a general information sheet and should not be used or relied upon 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.  Errors and omissions excepted (E&OE)

The importance of having a good accounting system

If your business doesn’t have an effective accounting system in place, you run the risk of making serious errors in your finances. Furthermore, a good accounting system simply makes life easier and allows you to focus more on growing your business. 

  • It helps you evaluate the performance of your business: A good accounting system gives you a thorough overview of the financial performance of your business. If you don’t have an accounting record, how will you know if your business is growing or shrinking? So, your account records help you know if your business is growing, stagnant or slowing down.
  • It helps you manage cash flow and meet deadlines: Cash flow management means knowing what you do with the cash that comes into the organisation. Your accounting system helps you know areas that need cash. For instance, cash may be needed to finance your debts, or make major renovations or order for new stocks, and it is your accounting system that will help you know this. In short, no business will growth further without a good cash management system. Also, your accounting books help you know when bills like your rent needs to be paid.
  • It’s needed for business goal setting: Cash flow management means knowing what you do with the cash that comes into the organisation. Your accounting system helps you know areas that need cash. For instance, cash may be needed to finance your debts, or make major renovations or order for new stocks, and it is your accounting system that will help you know this. In short, no business will growth further without a good cash management system. Also, your accounting books help you know when bills like your rent needs to be paid.

This article is a general information sheet and should not be used or relied upon 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.  Errors and omissions excepted (E&OE)