Monthly Update – Compliance and Legislation January 2021

Study unit 1 -IFRS – Standards & Accounting Issues

IFRS Monthly news summaries
Accounting issues: FAQ on accounting for subsequent expenditure on biological assets

Study unit 2 – IRBA – Standards & Legal/Ethics

Updated SAAPS 3 (Revised May 2019) – Illustrative Reports
Audits of Investment Properties and/or Property Companies
IRBA expresses disappointment at soft sanction against Deloitte auditor
SAICA issued Medical Schemes Accounting Guide (for the year ended 31 December 2020)

Study unit 3 – CIPC – Notices and Practice Notes issued

CIPC Service Centres notices

Study unit 4 – Covid-19 Updates

An Employer’s Guide to the Adjusted Level 3 Regulations
Summary of Level 3 Regulations (as of 29 December 2020)
Latest on the impact of COVID-19 on SARS
FAQs – Tax relief
Useful links

Study unit 5 – Labour Law

Banking on a resignation with immediate effect? Don’t count on it!
Can South African employers impose mandatory COVID-19 vaccination policies as a pre-requisite to return to work or as a precondition for employment?
Compliance with the retrenchment process in South Africa’s second wave of Covid-19
Public holidays for 2021: How to turn 15 work days into ’40 leave days’

Study unit 6 – Other Laws & Regulations affecting your client AND impact on NOCLAR: 

“Add to cart”: Doing business in a Covid-19 world – Concluding contracts online, how to protect your online brand and which business considerations should you focus on
Big changes for drivers planned for South Africa in 2021 – including alcohol limits, new number plates and licences
Employment Equity Amendment Bill (B14-2020) released for comment
2020 National List of Occupations in High Demand (OIHD) published
Proposal to increase national minimum wage out for comment
COID Amendment Bill (B20-2020) released for comments by 19 February 2021
COIDA Amendment Bill: A changing work order – employers beware of administrative fines

Study unit 7 – SARS – Guides & FAQs (new, updated & issued): 

VAT 409 (Issue 6) – Guide for Fixed Property and Construction for Vendors
Customs: Frequently Asked Questions (FAQs) on AfCFTA
Guide on the Declaration of Dividends Tax via eFiling (Version 8) – updated 7 Dec 2020
Guide for Transfer Duty via eFiling (Version 15) – updated 17 Dec 2020
Guide to the SARS Online Query System (Version 2) – updated 14 Dec 2020

Study unit 8 – SARS – Interpretation Notes (updated & issued): 

Interpretation Note 68 (Issue 3) – Provisions of the Tax Administration Act, 2011, that did not commence on 1 October 2012 under Proclamation No. 51 (GG 35687)
Draft Interpretation Note 91 (Issue 2) – Concession or compromise of a debt (Due date for public comment: 5 February 2021)

Study unit 9 – SARS – Enhancements implemented 

Value-Added Tax (VAT) enhancements implemented
Transfer Duty enhancements implemented
Dividends Tax enhancement implemented
Personal Income Tax (PIT) enhancements implemented
Trusts (ITR12T) enhancements implemented

Study unit 10 – SARS – Notices and other publications issued

Updated Venture Capital Companies (VCC) list with two new companies
Updated Tables A and B of the Average Exchange Rates
Trade Testing and Go-live date
Updated PAYE BRS Employer Reconciliation version 19.5
The Send us a Query functionality has been further enhanced
Information from SARS re extension of lock-down period
Numerous amendments were made i.r.o. the Customs & Excise Act, 1964 during December 2020

Study unit 11 – SARS – High court cases

Whether leave to appeal the judgment of Colllis J should be granted 

Study unit 12 – SARS – Constitutional court cases

Whether the Public Protector is authorised to subpoena taxpayer information & whether SARS has a right to withhold taxpayer information 

Study unit 13 – SARS – SCA cases

Whether Consol was entitled to deduct as input tax the VAT paid on the services supplied to it by local service providers; and whether Consol was obliged to pay VAT on the services supplied to it by the service providers who carried on their business outside of SA 

Study unit 14 – SARS – Taxpayers must be on the lookout for New Scam

Courier related scam
Taxpayers must not be duped by criminals posing as tax practitioners

Study unit 15 – Regulator news – IRBA News & press releases: 

IRBA News Issue #52

Regulator news – SAICA press releases and other publications: 

SAICA’s Communication: JSE Listings Requirements: Section 3.84(k) – The auditor’s perspective
SAICA SMP quarterly newsletter
SAICA Training Office update
Including the new SAICA Training Regulations 2021

Regulator news – Companies Tribunal:  

Companies Tribunal: 5 Cases finalised

Regulator news – Competition Commission:  

Competition Commission: Automotive Guidelines issued

Regulator news – IFAC:  

IFAC: Anti-Money Laundering – The Basics

Regulator news – FSCA publications & press releases:  

FSCA: FSCA request for information from insurers
FSCA: Declaration of crypto assets as a financial product
FSCA: Guidance on the lapsing of licences
FSCA: Cheques will no longer be used in the national payment system
FSCA: Fintech innovation in South Africa in the era of data security and protection
FSCA: FSCA publishes research insights on Open Finance
FSCA: The FSCA’s investigation on Mirror Trading International nears completion
FSCA: Contingent Business Interruption Insurance Cover
FSCA: No Warnings issued against fraudulent FSPs this month, but 1 license withdrawn and advisor disbarred
FSCA: FSCA withdraws the licence of Dikwena Funeral Parlour (Pty) Ltd and debars Mr Simon Mahlaola

Regulator news – LPC:

Legal Practice Council welcomes the appointment of Legal Services Ombud

Regulator news – SARS:

Tax Practitioner Connect Issue 20

Study unit 16 – General Announcement/News release

WhatsApp: The 6 big changes coming to the instant messaging application in 2021
WhatsApp, a misconceived menace to society?

REQUIREMENTS

There are no preconditions for this course.
Moderate level.
Recorded webinar made available on a specified date.

PRESENTER

Lettie Janse van Vuuren

Lettie is a Chartered Accountant, Registered Auditor, as well as an Assessor and Moderator. As a professional trainer and webinar host, she is able to hold the attention of an audience with her relaxed and humorous presentation style.  She has a unique ability to communicate with delegates at their respective levels of knowledge and experience.  Over the last 20 years, she has trained thousands of partners, managers, trainee accountants and other professionals.

She is responsible for researching, compiling and presenting the SAIBA Quick Update Subscription package.

ADDITIONAL MATERIAL