SAAA seminar & workshop: CIPC update – Feb 2015

Overview 

This half-day seminar has been designed to bring you up to date with the latest legislative developments relating to CIPC lodgements and company secretarial work, enabling you to ensure that the correct procedures are followed when starting and running a company. It will provide sufficient detail for those who require an update as well as an overview of the constitution of a company for those new to the subject.

This course is explained in plain language and includes practical examples and reference to all forms, providing a complete reference guide for future use.

For those of you who require more detailed help with CIPC forms, you will also have the opportunity to attend an interactive workshop in the afternoon, when presenter Elise Waldeck will take you through the forms in more depth and answer your specific queries.

Course content

  • Where are we with CIPC – has anything changed?
  • The composition of a company
  • The Close Corporation and the Companies Act, 71 of 2008
  • The Memorandum of Incorporation / shareholders agreement / rules of the company
  • The auditor and company records – what to look for?
  • A mini audit on company records
  • Private companies – owner held. When the shareholder and director is the same person.
  • Share certificates
  • Annual General Meeting – when to hold and when not to hold
  • Difference between an Annual General Meeting and General Meeting
  • Audit Committee and the private company
  • Company records – the Company Register vs the Securities Register
  • Special and ordinary shareholder resolutions
  • Director resolutions
  • Access to financial statements or other information
  • Why an annual return?
  • Additional accountability requirements for certain companies
  • Frequently asked questions

Who should attend

Auditors, Chartered Accountants, Professional Accountants and Business Accountants that are responsible for performing secretarial work for their clients. Accountants employed within a firm will also benefit from the course.

Continuing Professional Development (CPD)

Attendance of this seminar will accrue 4 + 1 hours’ CPD for members of a relevant professional body such as ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CSSA, ICBA, LSSA, FPI, and the IBA. ACCA is a full member of IFAC. The ACCA CPD policy is compliant with IFAC IES7 and is recognised by SAICA, AAT, SAIPA, SAIBA, IAC, CIS and others.

Attendance of the half-day seminar plus the afternoon workshop will accrue 7 + 1 hours’ CPD.

Complete a free online assessment at the end of the event and receive an additional CPD point.

Cost

A variety of methods are available to participate in this event:

1. Half-day seminar

2. Seminar and workshop

3. Live webinar

4. DVD and notes

All prices include VAT.

When and where

3 February 2015

  • Morning seminar (09h00 – 13h30)
  • Afternoon workshop (14h00 – 16h30)
  • Lord Charles Hotel, Cape Town

9 February 2015

  • Morning seminar (09h00 – 13h30)
  • Afternoon workshop (14h00 – 16h30)
  • Riverside Hotel, Durban

12 February 2015

  • Morning seminar (09h00 – 13h30)
  • Afternoon workshop (14h00 – 16h30)
  • Wanderers Club, Johannesburg

20 February 2015

  • Morning seminar (09h00 – 13h30)
  • Afternoon workshop (14h00 – 16h30)
  • Diep in die berg, Pretoria

Click here for more information and registration.

 

Betty Bookkeeper explains Dividends Tax on loans between companies – November 2014

Hi Betty 

I would like to know why SARS charge Dividends Tax on loans between companies?

Kind regards,
Lynnette

 

Hi Lynnette

SARS do not charge Dividends Tax on loans between companies, but it did previously charge STC on such loans. It was a way of preventing a subsidiary ‘loaning’ money to a holding company, in order to avoid STC – where in fact, the true nature of the transaction was a dividend.

Dividends Withholding Tax (DWT) – which replaced STC on 1 April 2012 – exempts a dividend from DWT if it’s paid to a resident group company. As such, there should be no Dividends Tax on loans between companies.

Hope that helps!

 

Don’t forget that I’m here to answer your questions about the ICBA, or just queries about your accounting at work. All you have to do is email me!

 

Draft regulations for tax free savings published

Article source: SA News 

National Treasury has published the draft Notice and Regulations required to allow the introduction of tax free savings accounts as of March next year.

The draft Notice and Regulations aims to encourage people to save.

The draft Regulations detail the products that will qualify as ‘tax free investments’ to be included in the tax free savings accounts, the disclosure requirements in respect of those products and the process for transferring amounts within a tax free savings account to a different service provider.

The draft Notice lists the service providers that may offer tax free savings and investments to the public and administer those accounts on their behalf,” said National Treasury on Friday.

The objective of introducing the tax free saving accounts is to encourage individuals to save, which would reduce their financial vulnerability and reliance on debt when there are unexpected shocks to their normal income or sudden large expenditures.

A secondary objective is to increase the overall level of savings in the economy, which would bring wider macroeconomic benefits, noted National Treasury.

The Taxation Laws Amendment Bill 2014 (TLAB) includes a new section 12T that defines a ‘tax free investment’ to be a savings product, financial instrument or policy that must comply with these Regulations.

The new provision also states that all returns from such products will be tax free in the hands of the individual who owns them. An individual may contribute up to R30,000 per year in tax free savings and investments with a lifetime contribution limit of R500,000.

Licenced banks, long term insurance companies, managers of registered collective investment schemes, authorised users, linked investment service providers and the National Government will be able to offer tax free savings accounts.

National Treasury further added that the draft regulations follows the principle that products qualifying as tax free savings and investment should be simple to understand, transparent in their disclosure and suitable for the majority of individuals making use of such savings and investment products.

The draft Regulations allow for products that are issued by banks, long term insurance companies and managers of collective investment schemes.

However those products may not have restrictions on when those returns are paid or on the level of returns paid to the individual. Products with performance fees will also not qualify as tax free investments.

In a similar obligation to those imposed on collective investment schemes (Unit Trusts), products that expose an investor to an excessive level of market risk are excluded.

Products must also allow individuals to be able to access their savings and investment within seven business days after they request it. In the case of fixed deposits (or policies with a guaranteed return) early withdrawal penalties are allowed, but they may not exceed the amount specified in the draft Regulations.

Individuals with tax free savings accounts will be permitted to transfer any portion of the value in that account to another service provider and service providers must be able to facilitate such a transfer.

The draft Regulations state that the service provider must provide the individual with a certificate indicating the details of the transfer (such as the value to be transferred, the date of transfer and the new service provider to which the transfer is being made).

The individual then has two weeks to transfer the amount to the new service provider and the transferred amount will not count towards the annual contribution limit.

The public has until 3 December 2014 to comment on the draft regulations. Written comments should be emailed to Janice Stoddart.

 

SAAA webinar: Basic Conditions of Employment Act – 25 Nov 2014

Overview 

The Labour Relations Amendment Bill (LRAB) has been adopted by the National Assembly, signed by the President and is expected to be promulgated in the near future. The Basic Conditions of Employment Act (BCEA) and the Employment Equity Act (EEA) have already come into effect. As a result, South African businesses and organisations must familiarise themselves with these significant changes as a matter of urgency.

This two-hour webinar will focus on the changes to the Basic Conditions of Employment Act (latest amendments to Act 75 of 1997) as follows:

  • Employees are no longer compelled to belong to the medical aids, pension funds, etc. of the employer.
  • Fixed-term and part-time employees will become permanent employees, with all the benefits of full-time employees, after a period of 3 months (in most instances).
  • Collective bargaining will never be the same: new powers have been given to the Minister of Labour to make sectoral determinations. Not only will you have to negotiate concerning minimum wages at the workplace/bargaining council, but the Minister may now trump these negotiated minimum wages by setting higher minimum rates that will most probably lead to another round of negotiations at the workplace/ bargaining council.
  • Compliance orders will be enforced by the Labour Court much more speedily. Employers will no longer be able to take the matter up with the Director General but will have to fend for themselves in the Labour Court.
  • The Labour Court has jurisdiction to grant civil remedies which could, until now, only be obtained in the high court.
  • Fines and terms of imprisonment have been drastically increased.

This webinar is designed to give you valuable insight as well practical advice concerning the preparation for and means to deal with the most far-reaching changes in labour legislation since 1995.

Continuing Professional Development (CPD)

Attendance of this webinar will accrue 2 hours’ CPD for members of a relevant professional body such as ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CSSA, ICBA, LSSA, FPI, and the IBA.

Cost

  • Non-members: R 250.00
  • SAAA members: R 125.00
  • CPD subscribers: FREE

When and where

  • 25 November 2014
  • 10h00 – 12h00
  • Online webinar

Register for this webinar here.

 

Earn verifiable CPD hours with course notes and DVDs from SAAA

Are your Continuing Professional Development (CPD) hours not up to date? Why not take the option to purchase one or more DVDs from SAAA? Earn verifiable CPD hours without leaving your office!

Choose from a wide range of topics presented at SAAA seminars in 2013-14:

Practice Management Conference 2014

This conference is available as three separate DVDs (worth 24 CPD points in total):

  • Day 1 – focuses on key policy and regulation issues, featuring speakers from IFAC, IRBA, IAASB, World Bank and many more. More information.
  • Day 2 – includes presentations on how to grow your business, people management, marketing and communication and leadership. More information.
  • Day 3 – looks at key technology trends affecting your practice and also includes a workshop on micro entity audits. More information.

Companies Act Update

Accounting for Agriculture

Accounting for Agriculture Conference

Audit and Independent Review

Business Analysis for Small Companies

Company Directors’ Duties

Compliance with SARS & NPO/ NPC Constitutional Requirements

Engagements for Accountants and Accounting Officers

How to Draft CIPC-compliant Financial Statements

IFRS for SMEs and Micros

IFRS for SMEs School

MOI Update

An Introduction to Company Secretarial Work

Practical, Share, Tax and Business Valuations

Preparing Financial Statements under IFRS for SMEs

Preparing Working Papers for Small Audits and Independent Review Engagements

Principles of Bookkeeping

Tax Exempt Entities: Financial reporting and SARS requirements

The New Role of the Accounting Officer

Bookkeeping from Start to Finish: Part 2

Not for Profit Industry Conference

SARS and IFRS for SMEs

The New B-BBEEE Codes: How to avoid non-compliance

Trusts and Estate Planning

IFRS for SMEs Series: Parts 1-5

You can earn verifiable CPD hours once you have completed the CPD assessment questionnaire after watching the relevant DVD.