2011 EMP 501 (posted 17 May 2011)

Please note that the Annual Reconciliation and issue of IRP5 / IT3 certificates is due by 3 June 2011. Please ensure that these are submitted timeously to avoid penalties.

Bi - annual EMP 501 August 2011 (posted 6 October 2011)

Please note that these are due by 31 October 2011 to avoid penalties and interest. Should you require any assistance in this regard, please contact our offices.

2011 EMP 501 (posted 17 May 2011)

Please note that the Annual Reconciliation and issue of IRP5 / IT3 certificates is due by 3 June 2011. Please ensure that these are submitted timeously to avoid penalties.

COMPANIES ACT 71 OF 2008 (posted 10 May 2011)

The long awaited Companies Act has finally been implemented. With effect from 1 May 2011 all companies (and CC's) are affected by this new legislation. This legislation has far reaching changes from the old Act. It is vital that you understand the impact that this Act will have on your company / cc and the Directors/Member.
Below are some highlights.

 

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Residential Property Tax Window (posted 6 October 2010)

There has been a significant change in s51A of the Income Tax Act relating to the “free” transfer of residential properties out of Company’s or Trusts.

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Companies Act: Implementation date deferred (posted 30 September 2010)

The Department of Trade and Industry has announced the deferral of the effective date of the Companies Act, 2008.

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Pastel Accounting Software Upgrade (posted 13 September 2010)

SARS Requirements - Electronic documents:

Electronic documents, which include tax invoices, debit notes and credit notes must be transmitted in a format with at least 128 bit encryption. All PDF documents generated in Pastel Accounting Version 11 will automatically carry 128 bit encryption. In addition, the recipient must agree to receive electronic documents. A sample letter of consent is available in Pastel Accounting Version 11 - another great reason to install your upgrade.

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Implementation of the Companies Act, 2008 (posted 4 August 2010)

According to a Notice published on the CIPRO website, the target date of implementing the Companies Act, 2008, is 1 October 2010. Should it appear that this date cannot be met, sufficient notice will be given.

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Tax Changes (posted 7 July 2010)

During the 2011 Tax Year (the one we are currently in), SARS will no longer grant individuals any tax exemption for interest earned on loans to companies/cc's from shareholders/members. This will have a fairly significant tax effect for many taxpayers.

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PAYE Reconciliation Changes (posted 30 June 2010)

For the current tax year there are some significant changes to the PAYE system at SARS.

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Did You Know (posted 7 October 2009)

Effective from 1 March 2010, 80% of a travel allowance will be subject to PAYE and it is compulsory for any person that receives a travel allowance to keep a log book.

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2009/2010 Budget Highlights

Company Tax Rate remains at 28%.

Tax thresholds for Individuals increased.

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SARS Penalties for Late Submissions

With effect from 1 January 2009, SARS will be imposing penalties on all outstanding Returns (including but not limited to PAYE, VAT, Provisional Tax, Annual Tax, STC etc).

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New Turnover Based Tax

In an attempt to simplify the taxation of small businesses, SARS has launched a new Turnover Based Tax.

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The New Companies Bill

The highly anticipated Companies Bill was tabled in the National Assembly on 30 June 2008 after Cabinet approved the Bill for introduction to Parliament only a month prior to that. Copies of the Bill have become available to the public as it differs substantially from all the previous drafts released to the public.

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2008 Individual Tax Filing Season To Start 15 September (posted 10 September 2008)

Due to the two week extension announced on 31 August 2008 for Employers to submit their EMP501 reconciliations, SARS has advised that the eFiling income tax return submissions will only commence on 15 September 2008.

Close Corporation Annual Returns (posted 22 May 2008)

Please take note that regulations made under Section 10 of the Close Corporations Act, 1984 (Act No. 69 of 1984) pertaining to the annual returns contemplated in section 15A of the aforesaid Act came into effect on 1 April 2007.

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Additional information