Monthly Update - Compliance and Legislation March 2022

Date

25 March, 2022

Time

08:00

Our Compliance and Legislation Update webinars provide a summary of some of the most important legislation updates. March 2022

R 399 VAT Incl.

Product Information

What you will learn

After attending this webinar you will:

  • Stay up to date with the most important legislation updates;
  • 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.

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 Caryn Maitland CA(SA) 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:
Non-subscriber Ad hoc: R399.00 incl. VAT
Subscriber: Included for free in Accountant in Practice, Accountant in Practice plus Tax, Bookkeeper and Quick Update packages.

Content

Study unit 1 -IFRS – Standards – What’s new?

IFRS Monthly news summary
New IPSAS issued

Study unit 2 – IFRS – Accounting Issues/Other

ASB: Updated proposed on Conceptual Framework designed for the public sector
IFAC: New platform available to access International Standards

Study unit 3 – IRBA – Standards, Legal/Ethics/Other & Reminders

IAASB Approves Revised Group Audits Standard
IESBA Staff Releases FAQs on Revised Fee-related Provisions of IESBA Code
IESBA: Proposed Technology-related enhancements to Global Ethics Code
SAICA: Updated FAQs on application of the ISAs
IAASB compiles COVID-19 resources for auditors
IAASB_New ISA220 First-time Implementation Guide
IAASB: Quality Management – Focus area
Remember that Revised illustrative annual stockbroker’s reports submitted to the JSE Limited are now effective

Study unit 4 – CIPC – Notices and Practice Notes issued (enforcement and to customers)

Practice Note 2 of 2022 – CIPC: Certification requirements for documents filed with the CIPC
Notice 2 of 2022 – Auditor appointments and resignations
Notice 4 of 2022 – Name Reservation and Approval
Notice – Co-operatives requirements for annual reports
Reminder: Co-operatives to submit financial statements via XBRL from 1 April 2022

Study unit 5 – Labour Law – Employment Law

Review and Adjustment of the National Minimum Wage for 2022
New BCEA earnings threshold
DoL update on COVID-19 TERS and UIF provides important principles
Employment and Labour Inspectors reveal valuable information regarding inspections

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

This month’s big 5:
Volume 17 Issue 3 (covers legislation up to 14 February 2022):
The Basic Conditions of Employment Act (Working time regulation threshold);
The Electricity Regulation Act (Draft Amendment Bill 2022);
The Financial Sector Regulation Act (Financial Sector Laws Amendment Act 2021);
The Immigration Act (Critical skills list); and
The National Road Traffic Act (Vehicle registration and ownership).
Volume 17 Issue 4 (covers legislation up to 24 February 2022):
The Auditing Profession Act: Draft Financial Matters Amendment Bill 2022;
The Climate Change Bill;
The Labour Relations Act: Essential services designations;
The National Environmental Management Act: Environmental assessment practitioners registration; and
The Draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill 2022.
Reminder: Commencement of the Property Practitioners Act
Reminder: All private bodies to prepare a PAIA manual

Study unit 7 – SARS – Guides

Guide for Tax Rates/Duties/Levies (Issue 15)
Submission of a deceased employee’s tax certificate
Update on the Individual Return for Deceased and Insolvent Estates
How to submit your individual Income Tax return via the SARS MobiApp
How to complete the Income Tax Return ITR14 for Companies

Study unit 8 – SARS – Binding Rulings (Private/Class/General) and Interpretation Notes issued:  

Binding General Ruling (BGR) 60 – Disqualification as a Qualifying Company under Section 12R(4)(b)
Draft IN – Determination of the taxable income of certain persons from international transactions: Intra-group loans
Draft Interpretation Note – Public Benefit Organisations: Provision of Residential Care for Retired Persons
Draft Interpretation Note – Public Benefit Activity: Bid to Host or Hosting any International Event
Draft Interpretation Note – Understatement Penalty: Meaning of “Maximum Tax Rate applicable to the Taxpayer” under Section 222(5) of the Tax Administration Act
Draft Interpretation Note – Recoupment of Amounts Deducted or Set Off when an Asset Commences to be Held as Trading Stock which was Previously not so Held

Study unit 9 – SARS – Notices and other publications issued
  • New SMME Traders and Travellers webpage
  • Once-off Admin Penalties for Personal Income Tax (PIT)
  • Update on Cease to be a Resident
  • Update on how to submit your Individual Return via eFiling
  • Frequently Asked Questions: Insolvent Estates of Individuals
  • Income Tax Notices 2022 scheduled for publication in the Government Gazette, relate to the –
    • determination of the daily amount in respect of meals and incidental costs for purposes of section 8(1)(c)(ii) (overnight allowance)
    • determination of the daily amount in respect of meals and incidental costs for purposes of section 8(1)(a)(ii) (daily allowance)
Study unit 10 – SARS – Tax Court Cases
  • 3 Tax court judgments
    • SARSTC IT 45585 (ETI) [2022] Johannesburg (14 January 2022)
    • SARSTC IT 45627 (IT) [2021] Cape Town (14 December 2021)
  • SARSTC 24622 (ADM) [2019] Port Elizabeth (11 December 2019)
Study unit 11 – SARS – High Court Cases
  • De Beer Consolidated Mines (Pty) Ltd v CSARS (60161/2017) [2021] ZAGPPHC (17 March 2021) 
Study unit 12 – SARS – Constitutional Court Cases
  • Cash Paymaster Services (Pty) Ltd and Others v Freedom Under Law NPC and Others (CCT 48/17) [2022] ZACC 2 (11 February 2022) 
Study unit 13 – SARS – Scams
  • SARS-SCAM-308 – Statement of Account SMS
  • SARS-SCAM-307 – Tax refunds SMS
  • SARS-SCAM-306 – Letter of summons
Study unit 14 – Regulator News – IRBA news and press releases

Online submission of Assurance work declaration and firm related information 2022
2021 Public Inspections Report

Study unit 15 – Regulator News – SAICA 

Common errors in the auditor’s report 

Study unit 16 – Regulator News – SAIBA

Newsletters:

  • CFO Talks (CFO Talks™ is devoted to sharing ideas and conversations between CFOs. It is a platform which facilitates insightful and powerful talks relevant to CFOs): https://cfotalks.com/ 
  • Accounting Weekly (weekly newsletter): https://accountingweekly.com/ 
Study unit 17 – Regulator News – Companies Tribunal

4 Cases finalised in February 2022 

Study unit 18 – Regulator News – Accountancy Europe

FAQs on Sustainability Information Assurance 

Study unit 19 – Regulator News – Information Regulator

SAICA: Notification of Security Compromise 

Study unit 20 – Regulator News -Department of Labour

Inspection & Enforcement Services: 2021/2022 Performance Summary published 

Study unit 21 – Regulator News – FSCA Publications and press releases
  • FSCA fines Pioneer FX (Pty) Ltd and Quintin Moorcroft R2million jointly and debar Quintin Moorcroft
  • FSCA launches accredited financial literacy facilitator course
  • Release of FSCA Draft Financial Sector Transformation Strategy for public comment
  • 7 Warnings issued against fraudulent FSPs
Study unit 22 – Regulator News – CGSO
  • CGSO: Contracts, COVID, Cancellations and the CPA -Part 1
  • CGSO issues warning against e-commerce retailer
  • All eligible suppliers of consumer goods and services to join the industry Ombud scheme or face a late joining penalty
  • CPA Guidelines for calculating cancellation penalty
  • Quarterly newsletter
  • 7 Items to help stay alert for e-supplier scams
Study unit 23 – Regulator News – IFAC

Time for action on sustainability 

Study unit 24 – Regulator News – Tax Ombud

Tax Ombud publishes a Draft Collection of Taxpayer Rights 

Study unit 25 – Regulator News – SARS
  • Latest Tax Practitioner Newsletter – Issue 29
  • Latest Government Connect newsletter is now available
Study unit 26 – General Announcements/New Releases – Media Articles

Rapid Payments Programme 

Requirements

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

Presenter

Lettie Janse van Vuuren | CBA (SA)

Lettie is a Certified Business Accountant (SA), 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 our MCLU (Monthly Compliance and Legislation Updates).

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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
  • Recorded webinar that includes an expert presenter and participant interaction

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