Monthly Update – Compliance and Legislation September 2023

Available from

29 September, 2023

CPD

3

Our Compliance and Legislation Update webinars provide a summary of some of the most important legislation updates. September 2023

R 380 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 Lettie Janse van Vuuren CA(SA), RA researches and summarises all relevant and important changes which she then presents in an easily understandable webinar.

The webinar includes:

  • A reference guide of all changes to share within the firm;
  • Slide presentation summary of all new amendments;

 

Price

The following pricing apply:

Adhoc: R380.00

Subscription: Included for free in Accountant in PracticeAccountant in Practice plus Tax, Bookkeeper and QuickUpdate packages.

 

Content

The following legislative, regulatory, industry standards, items and guides have been issued and/or updated during the preceding month and will be covered in the webinar: 

IFRS: 
  • Standards – What’s new?
    • IFRS Monthly news summary
  • Accounting issues
    • SAICA: Circular 1/2023: Headline Earnings
  • Public Sector
    • MCS FAQs
    • Update to GRAP 19 accounting manual published
IRBA: 
  • Standards: 
    • Updates to SAAPS 3 and other Illustrative Reports (arising from Amendments to IAS 1)
  • Legal/Ethics: 
    • Final Pronouncement: Definition of Engagement Teams and Group Audits
CIPC:  Notices and Practice Notes issued (enforcement and to customers):

  • Notice for Co-Operatives Directors/Members to Update their Contact Details
  • Notice 32 of 2023: Relaunch and automation of associated name reservation service (form COR9.1)
  • Notice 33 of 2023: Unauthorised use of CIPC name, abbreviation and logo
Sustainability & Integrated Reporting:  Important issues:

  • ISSB issues inaugural global sustainability disclosure standards
  • How to access the IFRS Sustainability Disclosure Standards
  • IFAC Guide: Enhancing Greenhouse Gas (GHG) Reporting
Technology: Important issues:

  • A platform for AI collaboration and knowledge-sharing
Labour Law:  Employment law:

  • CCMA: New Directive on Arbitration proceedings
  • National Minimum Wage Exemption Requirements   
Other Laws & Regulations affecting your client AND impact on NOCLAR: 
  • This month’s big 5 (2 volumes):
    1. The Compensation for Occupational Injuries and Diseases Act: Draft rehabilitation, reintegration and return-to-work regulations; 
    2. The Income Tax Act: Draft Revenue Laws Amendment Bill 2023; 
    3. The Local Government Municipal Structures Act: Code of conduct for councillors regulations; 
    4. The National Environmental Management Act: Hazardous chemicals and pesticides in international trade; and 
    5. The Pension Funds Act: Draft Revenue and Pension Laws Amendment Bill.
    6. The National Building Regulations and Building Standards Act: Constitutional Court ruling; 
    7. The National Environmental Management Waste Act: Constitutional Court ruling; 
    8. The National Small Enterprise Act: Amendment Bill; 
    9. The Non-profit Organisations Act: Registration; and 
    10. The Public Procurement Bill.
  • Other acts and articles:
    • NPO Registration with Directorate
    • National Small Enterprise Development Bill
  • COIDA Update:
    • COIDA Draft Regulations 
SARS: 
  • Guides (new, updated & issued):
    • Updated Dispute Resolution Guide: Guide on the Rules Promulgated in terms of Section 103 of the Tax Administration Act, 2011 (Issue 3)
    • Draft Guide: Tax treatment of the Net-billing Tariff System for Excess Power Generated
    • 11 Updated Guides for Filing Season 2023
    • Updated Guide on the Determination of Medical Tax Credits (Issue 15)
    • Guide on Income Tax and the Individual (2022/23)
    • Backdating of PAYE and SDL liability dates: Updated Guide on How to Complete Registration Amendments and Verification (RAV01) Form
  • Interpretation Notes (updated & issued):
    • IN 130 (Issue 1) – Exemption for international aid received or accrued under an official development assistance agreement
    • IN 6 (Issue 3) – Resident – Place of effective management (Companies)
    • IN 115 (Issue 2) – Withholding tax on interest
  • Binding Rulings (Private/Class/General) issued: 
    • BGR 64 – Temporary application of new dwellings for exempt supplies simultaneously held by developers for taxable purposes
    • BPR 389 – Bursaries awarded by a resident company
    • BPR 390 – Disposal in anticipation of liquidation
    • BGR 391 – Tax consequences of the termination of an en commandite partnership
    • BGR 392 – Sale of shares in a controlled foreign company (CFC)
    • BGR 393 – Income tax consequences resulting from consecutive asset-for-share transactions
    • BGR 394 – Instalment sale agreements and their sale to a non-resident
  • Notices and other publications issued:
    • Persons who must submit an income tax return
    • Draft Bills and Explanatory Memoranda
    • Average Exchange Rates
    • ​ Media release – 2023 Filing season for Individuals and Trusts
    • PAYE Administrative Penalties Update
    • Personal Income Tax changes for Filing Season 2023
    • Trust changes for Filing Season 2023
    • Corporate Income Tax (CIT) – Form and system changes
    • Retirement Funds Practice Note RF 1/1995 
    • e@syFile™ – release notes v46
    • Tax implications if married in community of property
    • Correspondence with SARS on Estate cases
    • Updated Confirmation of Disability Diagnosis (ITR-DD) form
    • Persons specified to submit returns for 2024
  • Taxpayers must be on the lookout for New Scams:
    • Beware – Fraudulent email addresses
    • Email scam titled ‘eFiling Returns Complete’
    • Email scam titled ‘Statement of Account request’
    • Email scam titled ‘Final Demand’
    • PayFast SMS scam
    • Email called Internal Communication from DIRCO
    • New SMS Scam: Income Tax / VAT Returns
    • Account in arrears
    • Tax Return Confirmation
    • Letter of Demand
  • Tax court cases:
    • SARSTC IT 24502 (ADM) [2023] ZATC 7 CPT (2 June 2023)
Regulator news: 
  • IRBA News & press releases:
    • Reminder: New Illustrative Reports to be Used by Independent Assurance Practitioners When Required to Report in terms of the Property Practitioners Act
  • SAICA press releases and other publications:
    • CA2025 Simulations Guideline
    • Comment letter on the IAASB’S on Proposed ISA for LCE
    • Comment letter on Proposed Amendments to the JSE Limited Listings Requirements and the JSE Debt Listings Requirements pertaining to the auditor accreditation model
  • CIBA press releases and other publications:
    • 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/ 
  • Companies Tribunal: 
    • 7 Cases finalised in Jun 2023 
    • Bulletin Newsletter: Volume 1 April to June 2023
  • Information Regulator: 
    • Infringement notice and R5 Million administrative fine issued to the DoJ&CD
    • POPIA: Direct Marketing Association Code of Conduct – out for comment
  • FSCA publications & press releases: 
    • Press Release: FSCA confirms investigation into Ithemba Lama Afrika and Mr. Kabelo Gwamanda
    • Enforcement actions against OM Bridge and associated individuals
    • Money Smart Week SA 2023: Invitation for Organisations to participate in Money Smart Week South Africa (MSWSA) 2023 – 28 August to 3 September 2023
    • 8 Warnings issued against fraudulent FSPs
  • PPRA: 
    • Final: Revised Guideline on Audit Accounting Records and Trust Account Requirements
  • OTO: 
    • Quarterly newsletter: FairPlay Issue 29
  • SARS: 
    • Latest Tax Practitioner Newsletter
    • First Edition of the Traders and Travellers Connect Newsletter 

 

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.

 

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