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Monthly Update - Compliance and Legislation July 2020

July 2020 - Critical updates to legislation and regulations that affect members in practice.

R 399
Category Law
Accredited Saiba
CPD Hours 2
Effort 2 Hours
Duration 2 Hours
Format Webinar
Level Moderate
Assessment Yes
Supervised No
Pre-Entry No
Tuition Optional
Study Material No

What you will learn

  • Be aware of the latest legislative changes and what it means for your business, practice, and your clients; 
  • Be able to inform your staff and clients on how to stay compliant; 
  • Adapt business models to fit new legislative landscapes; 
  • Receive references to documents and guides;  
  • Have access to your own technical resource; and  
  • Have access to the presenter via email for follow-up Q & A. 

Study Units

Standards – What’s new

  • IFRS monthly news summary 

Accounting issues

  • IASB issues amendment to IFRS 16 regarding COVID-19-related rent concessions 
  • IASB issues amendments to IAS 16 regarding proceeds before intended use 

Guidance

  • IRBA draws attention to COVID-19 Key Audit Matters in auditor's reports 
  • IRBA issues Staff Audit Practice Alert 4 re Fraud Considerations 
  • IRBA issues Staff Audit Practice Alert 5: The Auditor's Considerations with respect to Transaction that are not at Arm's Length 
  • IRBA alerts auditors regarding the possible impact of the COVID-19 pandemic on the reporting of interim financial information 

Standards

  • IRBA issues updated SAAEPS 1 

Other

  • IAASB issues illustrative examples on ISA 540 

Notices and Practice Notes issued (enforcement and to customers)

  • Notice 32 of 2020 - CIPC new process for updating customer code contact details or password reset 

Companies Tribunal

  • 2 Cases: 1 Name dispute & 1 AGM  

Important changes

  • CIPC certificate not required under Alert Level 3 
  • Alert Level 3 Lockdown Regulations 
  • OHS Directive amended re Vulnerable Persons 

Legislative amendments

  • Disaster Management Tax Relief Bill [B11—2020] 
  • Disaster Management Tax Relief Administration Bill [B12—2020] 
  • Memorandum of Objects of the Disaster Management Tax Relief Administration Bill, 2020 

New announcements/guidance

  • Q&A: COVID-19 Tax Relief for Employers (note added to nr 28’s answer) 
  • COVID-19 Notices relating to the expiry of ITAC certificates 
  • COVID-19 relief for Provisional Taxpayers 
  • PAYE BRS 
  • ​FAQ published for COVID-19 SASSA grant applications being declined with 
    a SARS reason 
  • Payment holiday for Skills Development Levy contributions 
  • Tax Treatment of losses incurred during lockdown 

Employment law

  • Refusal to Work by Employee 

This month’s big 5 include

  • (i) The Disaster Management Act: Regulations and directions; 
  • (ii) The Disaster Management Tax Relief Administration Bill; 
  • (iii) The Electronic Communications and Transactions Act: 30 June 2021 amendments; 
  • (iv) The Promotion of Access to Information Act: 30 June 2021 amendments; and 
  • (v) The Protection of Personal Information Act: Commencement dates 

Other Acts and articles

  • POPIA is effective from 1 July 2020 
  • Deadline for Mandatory Grant extended again to 31 July 2020 

Guides (new, updated & issued)

  • Guide to Manage Declaration for Non Registered VAT Vendors (Version 2) 
  • Guides for Tax Compliance Status on eFiling 
  • Updated Tax Relief FAQs for Employers 

Interpretation Notes (updated & issued)

  • Draft IN - Vesting of income in a resident beneficiary by a non-resident trust: Interaction between section 25B(1) and section 7(8) 
    • Due date for public comment: 20 July 2020 
  • IN 18 (Issue 4) – Rebate and deduction for foreign taxes on income 

Binding Rulings (Private/Class/General) issued

  • BPR 344 - Transfer of listed financial instruments to collective investment schemes in exchange for participatory interests 
  • BPR 345 - Asset-for-share transactions followed by an unbundling transaction and a sale of shares to a third party 
  • BGR 53 - Rules for the taxation of interest payable by SARS under section 7E 
  • BGR 54 - Unbundling of unlisted company: Impact of non-qualifying shareholders 
  • BCR 070 - Recipients of shares in an “unbundled” company 

Notices and other publications issued

  • Tax Exempt Organisations - Submission of IT12EI 
  • Updated Tables A and B of the Average Exchange Rates 
  • Request your Tax Number 
  • Supplementary Budget Review 
  • Deduction of donations made by employees to Solidarity fund 

Tax Court cases

  • 2 re Tax Administration Act 
  • VAT Act - SARSTC VAT 1626 (VAT)  
    • Whether the Appellant was entitled to certain input tax deductions 

High Court cases

  • Customs & Excise Act - HMT Projects (Pty) Ltd v CSARS (7215/2018) 
    • General rule that goods are characterised by their objective characteristics and not by intention with which made or use to which they are put 
  • Tax Administration Act - Barnard Labuschagne Inc v SARS and Another (23141/2017) 
    • Rescission of judgment under section 172 
  • Tax Administration Act & PAJA (Promotion of Administrative Justice Act) – Joseph Nyalunga v CSARS (90307/2018) 
    • Reviewing and setting aside of assessments 

Taxpayers must be on the lookout for New Scams

  • Payment notice 
  • eFiling processed 
  • SARS epayment 
  • SARS SMS with letter of demand link 

Professional Bodies press releases & other publications

  • Professional Bodies defers mandatory effective date of Circular1/2019 
  • Article on Modification to the audit opinion explained 
  • SMP Quarterly Newsletter 

Competition Tribunal

  • Competition Tribunal confirms fines for COVID-19 price increases 

Companies Tribunal

  • Inability to hold AGM during Lockdown 

FIC Advisory & Guidance

  • Proposed amendments to Schedules 1, 2 and 3 to the FIC Act 

LPC

  • Legal Practice Council (LPC) Advisory: Retention period for documents and place of retention 

LPFF

  • Payment of Unclaimed and Unknown trust monies in accordance with Section 87(4) of the Legal Practice Act 

EAAB

  • EAAB provides guidelines to estate agents on how to conduct business during COVID19 
  • EAAB Waives Penalties for Late Audit Submissions 

CSOS

  • CSOS FAQs 

Tax Ombud

  • Newsletter: Fair Play Issue 16 
  • Report on the investigation on systemic issues conducted against SARS 

SARS media releases

  • SARS will start issuing auto-assessments from 1 Aug 2020 

FSCA publications & press releases

  • Final amendments published under the FAIS Act 
  • 3 Licenses withdrawn/suspended 
  • 7 Warnings issued against fraudulent FSPs 

Requirements

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

Description

Accountants and auditors must stay informed about changes in legislation and regulations that affect their firms and the business of their clients.  

Technical expert Lettie Janse van Vuuren CA(SA), RA researches and summarises all relevant and important changes on a monthly basis and presents this in an easily understandable webinar.  

The webinar includes:  

  • A reference guide of all changes to share within the firm;  
  • PPT summary of all new amendments; 
  • Interactive session with the presenter; and 
  • Online Q&A. 

Stay up-to-date on recent and important legislation developments in auditing, accounting, tax, SARS operations, CIPC operations, Labour and other relevant laws by joining us for the webinar.

PRICE         

The following pricing apply: 

  • Ad hoc: R399.00  
  • Subscription: Included for free in Accountant in PracticeAccountant in Practice plus Tax, Bookkeeper and QuickUpdate packages.

DATE

This webinar will be available from 1 July 2020. 

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. 

WHO SHOULD ATTEND?

  1. Business Accountants in Practice (SA). 
  2. Business Accountants (SA).
  3. Certified Business Accountants (SA). 
  4. Certified Financial Officer (SA). 

ADDITIONAL MATERIAL

By attending this webinar, you will be provided with:  

  • Summarised slide presentation 
  • Reference documents and / or course material where available 
  • Access to a technical knowledge base

WHICH SUBSCRIPTION? 

This event is included in the following subscription packages. If you are not a subscriber, you need to purchase as a stand-alone event. 

Accountant in Practice:Yes 

Accountant in Practice plus tax: Yes 

Bookkeeper: Yes 

Quickupdate: Yes

IFRS for SME's: No

HOW TO SUBSCRIBE?

Subscribers pay less for their CPD points. SAIBA offers 4 subscription packages that provides access to everything to run a successful accounting and tax practice. Pay a small monthly amount and gain access to monthly webinars covering ethics, financials, reporting, audit and assurance, working papers, law, technology, management topics, and tax. 

Click here to choose your subscription option.