IFRS seminar: Online learning and assessment programme – 33 CPD hours – Jun 2015

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Overview 

Applied knowledge of IFRS is a critical skill for the South African economy. Preparers of financial statements should have their competency in IFRS accredited by completing an internationally-recognised IFRS learning and assessment programme – which will improve your knowledge and practical understanding of IFRS.

The CertIFR© learning and assessment programme is designed for anyone who is involved with the preparation and use of financial statements, or who simply needs to develop or refresh their knowledge of IFRS, including:

  • accountants and finance staff,
  • analysts,
  • investors and portfolio managers,
  • risk management,
  • compliance and legal teams,
  • and regulators and standard setters.

You may opt for the full accreditation programme or just attend the full-day seminar as an IFRS refresher.

Content

  • The nature and operations of the IASB
  • The status and use of IFRS around the world
  • Presentation and profit
  • Accounting for assets and liabilities – parts 1 & 2
  • Group accounting
  • Disclosure standards
  • Principal differences between UK/US GAAP and IFRS
  • Proposals for change

Continuing Professional Development

Attendance of the seminar will accrue 8 hours’ CPD for members of a relevant professional body such as ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CIS, ICBA, LSSA, FPI, and the IBA.

Attendance of the full learning and assessment programme will accrue 33 CPD hours.

Cost

OPTION 1: Full certified learning and assessment programme

One-day seminar + e-learning programme + online assessment

  • Members of SAAA: R 8,939.50
  • Non-members: R 9,410.00

OPTION 2: Online certified learning and assessment programme

E-learning programme + online assessment

  • Members of SAAA: R 8,037.00
  • Non-members: R 8,460.00

OPTION 3: Full-day seminar only

No certification available

  • Members of SAAA: R 1,890.50
  • Non-members: R 1,990.00

All above prices include VAT.

When and where

All seminars will run from 09h00 to 17h00.

  • 11 June 2015 – Durban – Riverside Hotel
  • 18 June 2015 – Cape Town – Lord Charles Hotel
  • 22 June 2015 – Pretoria – Diep in die Berg
  • 23 June 2015 – Johnnesburg – Glenhove Conference Centre

Click here for more information and registration.

 

Seminar: Directors’ duties and the Companies Act – 5 CPD hours – Jun 2015

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Overview 

This seminar will provide you with an in-depth look at the requirements, roles, rights and responsibilities of directors under the Companies Act, 2008. There are so many complex rules and regulations governing directors. If you are a director of a company or an accountant advising clients who are directors, it is imperative that you understand the full extent of directors’ duties and obligations.

Content

  • Definition of a director
  • Limited liability and piercing the corporate veil
  • South African law related to “Corporate Insolvent Trading”
  • Directors’ duties in relation to business rescue proceedings
  • The director’s business rescue and insolvency checklist
  • King 3 and directors’ duties
  • How to use the “business judgement rule” to protect against civil claims
  • Standards of directors’ conduct
  • Liability of directors
  • When and how to apply the solvency and liquidity test
  • Delinquent directors
  • Company secretaries
  • Criminal liability and directors

Continuing Professional Development (CPD)

Attendance of the half-day seminar will accrue 4 + 1 hours’ CPD for professional members of a relevant professional body. Complete a free online assessment at the end of the event and receive an additional CPD point.

Cost

OPTION 1: Half-day seminar

  • Members of SAAA: R 1,044.05
  • Non-members: R 1,099.00

OPTION 2: Webinar and electronic course notes 

  • Members of SAAA: R 474.05
  • Non-members: R 499.00

OPTION 3: DVD and electronic course notes

  • Members of SAAA: R 474.05
  • Non-members: R 499.00

All above prices include VAT .

When and where

All seminars will run from 09h00 to 13h30.

  • 23 June 2015 – Durban, Riverside Hotel
  • 24 June 2015 – Cape Town, Lord Charles Hotel
  • 25 June 2015 – Pretoria, Diep in die Berg
  • 25 June 2015 – Online webinar
  • 26 June 2015 – Johannesburg, Wanderers Club

Click here for more information and registration.

 

South Africa issues revised tax guide for foreigners

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Article source: Tax-News 

The South African Revenue Service has revised its guide for individuals not resident in South Africa about the tax treatment of South Africa-sourced income.

Its “Guide on the Taxation of Foreigners Working in South Africa 2014/15” deals mainly with employment income. Under the country’s income tax system, only amounts received by or accrued to non-residents from a source within South Africa are subject to South African income tax.

In other word, subject to the South African ordinary residence or physical presence non-residency tests, foreigners working in South Africa are not liable to South African income tax on income earned by them outside South Africa.

Non-resident foreigners have to register with SARS and complete a tax return if their South African income exceeds the minimum earnings threshold. In addition, South African employers must deduct pay-as-you-earn (PAYE) income tax from a foreigner’s income for those services rendered in South Africa (including from any salary, bonus, benefits, and allowances).

Income received by such a foreigner for services rendered both inside and outside South Africa should be apportioned based on the days worked in and outside of the country, and South African-sourced income received by a foreigner from sources other than an employer (business, investment, and rental income) must also be included in the foreigner’s gross income for the year of assessment.

The tax code requires that the taxable income from each source within South Africa must be determined separately. Therefore, only expenditure relating to a specific source of income may be deducted from that source. For example, rental expenses must be deducted from rental income, and rental expenses cannot be claimed against income from other trades.

Taxable income from all sources within South Africa is then added together, after deductions, to calculate a foreigner’s final overall tax liability.

The Guide also contains an explanation of the separate rules applying for payments to foreign entertainers or sportspersons. A resident making a payment to such an individual must deduct or withhold a final 15 percent tax from that payment, and transmit the tax withheld to SARS on behalf of the foreign entertainer or sportsperson before the end of the following month.

The 15 percent withholding tax on a foreign entertainer or sportsperson is not applicable to a foreign entertainer or sportsperson who is physically present in South Africa for more than 183 days in aggregate in a 12-month period that begins or ends in a year of assessment.

In these circumstances, no withholding tax is deducted and the foreign entertainer or sportsperson has to pay income tax on the same basis as a resident at the prescribed rate of income tax, which may require the submission of an income tax return. Such payments, made by the South African employer to the foreign entertainer or sportsperson, are regarded as employee remuneration.

 

South Africa exceeds tax target to keep budget gap at about 3.9%

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Article source: Bloomberg Business target

South Africa will probably meet or beat its budget deficit target of 3.9 percent of gross domestic product in the fiscal year that ended on Tuesday after collecting more tax than anticipated.

The South African Revenue Service collected 986.4 billion rand ($81.6 billion) of taxes in the year through March 31, Commissioner Tom Moyane told reporters the capital, Pretoria, on Wednesday. This was 7.4 billion rand more than the revised tax revenue estimate announced in the February budget. The final budget gap will only be known once data on government spending is finalised.

“Revenue growth this year just ended remained resilient,” Finance Minister Nhlanhla Nene said. Tax revenue was 9.6 percent higher than the previous year, he said.

Nene announced the first income tax increases in 20 years in his February budget to help plug a revenue shortfall and imposed limits on state spending to contain debt and ward off further credit-rating downgrades. Standard & Poor’s rates South African debt one level above junk and below the assessments of Fitch Ratings Ltd. and Moody’s Investors Service.

The government plans to narrow the budget deficit to 2.5 percent of GDP in the fiscal year through March 2018 from an estimated 3.9 percent last year.

“We can’t just use this to extrapolate the deficit for the financial year that starts today and the future ones,” Treasury Director General Lungisa Fuzile said. “In the event that anything threatens to derail our plan to achieve those fiscal targets, we can do a number of things to make sure that we achieve those targets.”

Africa’s second-largest economy expanded 1.5 percent last year, the slowest pace since a recession in 2009, and will probably grow 2 percent this year, according to the National Treasury.

“Revenue collection is a function of how the economy functions and performs,” Moyane said. “When sentiment is negative and GDP growth is in decline, the challenge is much more difficult.”

 

Submit Employer Annual Reconciliation Declaration (EMP501) before 29 May 2015

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This article is reproduced with authority from MGI Bass Gordon GHF, Chartered Accountants (SA).
Article source
Tel: 021 405 8500
Website: www.bassgordon.co.za

The 2015 Employer Annual Reconciliation Declaration (EMP501), Employees Tax Certificates [IRP5/IT3(a)s], and where applicable, Tax Certificate Cancellation Declaration (EMP601) for the period 1 March 2014 to 28 February 2015 must be submitted to SARS between 1 April and 29 May 2015.

It is important to submit the EMP501 forms and to issue IRP5/IT3 certificates to your employees on time as they will need the IRP5/IT3(a) certificates to file their 2015 income tax returns during tax season, starting in July 2015. There are three elements on the EMP501 that must reconcile for the reconciliation submission to be successful. These are:

  • Monthly Employer Declarations (EMP201s) reflecting your monthly PAYE, UIF and SDL;
  • Payments made (excluding penalty and interest payments); and
  • Employees Tax Certificates [IRP5/IT3(a)s] generated.

By requesting a Statement of Account after the submission, the employer will be able to see any outstanding Debt, Outstanding Returns, and Unallocated Payments.

All employers that qualify for the Employment Tax Incentive (ETI) may complete the Brought Forward, Calculated, and Carried Forward (auto calculated) ETI fields. If the employer is however, not compliant the employer will not be able to complete the ETI Utilised.

It is vital that employers meet the deadlines set out by SARS as non compliance will incur penalties.

 

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your business consultant for specific and detailed advice.

 

Webinar: The Protection of Personal Information Act (PoPI) and its implications for accountants – 2 CPD hours – 14 May 2015

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Overview 

The Protection of Personal Information Act (PoPI) not only necessitates the processing of clients’ personal information in a lawful manner, but also dictates accountability and associated responsibilities of such processing. It has therefore become paramount for any accounting practice to strike the correct balance when assessing the privacy of any personal information it is faced with. Francis Cronje, a contributor to the Act and professional advisor to many large organisations, will share some of his thoughts and insights during this two-hour webinar.

Content

  • Brief background on the Act and its origins.
  • Some key definitions and concepts.
  • The eight conditions and related aspects.
  • Why a Code of Conduct is of paramount importance.
  • PoPI dilemma: Technological pros and cons
  • Q&As

Continuing Professional Development (CPD)

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

Cost

  • SAAA members = R 299.00
  • Non-members = R 399.00

When and where

  • Thursday, 14 May 2015
  • 14h00 – 16h00
  • Online webinar

Click here for more information and registration.

 

 

QuickBooks training courses – certified for CPD – May 2015

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QUICKBOOKS VAT SEMINAR 

When and where

Johannesburg – 26 May 2015

 

BASIC BOOKKEEPING

If you’re an entrepreneur or have just been promoted into a managerial position, this is the perfect course for you. You will learn how:

  • to manage your money coming in and going out,
  • track your customer balances and daily sales,
  • record your expenses,
  • reconcile your bank statement to ensure that you can create accurate income statement,
  • balance sheet and trial balance reports.

When and where

Durban – 18 to 20 May 2015

 

QUICK PAYROLL TRAINING

This course is designed to give you a quick and easy understanding of how Quick Payroll does:

  • payroll calculations,
  • leave registers,
  • report writing,
  • tax year-end,
  • and how it interfaces seamlessly with QuickBooks Accounting Software.

When and where

Johannesburg – 6 May 2015

Cape Town – 14 May 2015

Port Elizabeth – 20 May 2015

Durban – 14 May 2015

 

QUICKBOOKS ESSENTIALS TRAINING

This intensive two-day course will teach you the ins and outs of QuickBooks, so that you can take advantage of the software’s more unique features. By the end of this course, you can consider yourself an accomplished QuickBooks user.

When and where

Johannesburg – 12 to 13 May 2015; 19 to 20 May 2015

Port Elizabeth – 21 May 2015

Durban – 11 to 12 May 2015

Cape Town – 26 to 27 May 2015

 

QUICKBOOKS ADVANCED TRAINING

When and where

Johannesburg – 21 May 2015

Cape Town – 28 May 2015

 

Betty Bookkeeper explains how to correct an over-depreciated account – April 2015

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Hi Betty 

I would like to know what I must do if I have over-depreciated an account. The cost of the asset is R 140,000 and the asset accumulation depreciation is R 150,000. How do I correct it in Pastel?

Thanks and regards,
Caron

 

Hi Caron

In the case of the over-depreciated account, the transaction simply needs to be reversed. So when recording a depreciation transaction, the journal entry would typically be:

  • Dr Depreciation
  • Cr Accumulated depreciation

Reversing this transaction would thus yield:

  • Dr Accumulated depreciation
  • Cr Depreciation

When it comes to calculating the depreciation on a newly-purchased item, it depends on which method of depreciation has been set out in the accounting policy for that class of asset. The most common options are the straight line and reducing balance methods.

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!

 

Seminar: Basic principles applicable to shareholder transactions and restructuring – 4 CPD hours – Jun 2015

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Overview 

Every taxpayer or tax advisor is likely to encounter a transaction between a company and its shareholder, or a restructuring at some point in time. In many instances the tax implications of such transactions do not necessarily drive the transaction, but play an important role in which it is structured to achieve the desired outcomes. Taxpayers and advisors need to have a working understanding of the basic concepts and principles to consider from a tax perspective.

Course content

This seminar covers the following basic principles that would be relevant to advisors and taxpayers entering into transactions between shareholders or restructuring activities:

  • Share issue and buy-back transactions.
  • Company distributions and loans.
  • Restructuring and write-off of loans.
  • Capital gains tax principles relevant to the sale of business or shares.
  • Using roll-over relief to achieve tax efficient restructuring.

Continuing Professional Development (CPD)

This event and successful completion of the online assessment will secure 4 hours verifiable output CPD points/units.

Cost

OPTION 1: Seminar 

  • Members: R 885.00
  • Non-members: R 985.00

Click here for a list of venues and dates.

Printed copies of notes is optional and will cost additional R 50 per set and must be ordered. Electronic notes will be emailed to all registered delegates 2 days prior to the event. Should you require a printed copy on the day of the seminar, kindly select the printed seminar notes when registering for the event.

OPTION 2: Webinar

This dedicated CPD webinar will be presented on Wednesday 10 June 2015 from 09h00 to 13h00.

  • Members: R 370.00
  • Non-members: R 450.00

Click here to register for the webinar.

OPTION 3: DVD and electronic course notes

This CPD event will be recorded and available to purchase on DVD from 1 July 2015.

  • Members: R 595.00
  • Non-members: R 650.00

Click here to purchase the DVD.

 

Webinar: Tax free savings account – 2 CPD hours – 22 Apr 2015

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Overview 

Section 12T of the Income Tax Act, introducing the tax free savings account came into effect on the 1st of March 2015. The tax free savings account allows for yearly contributions of up to R30,000 and has a lifetime contribution threshold of R500,000. All receipts and accruals received from the account is exempt from tax and any capital gain or capital loss in respect of the disposal of a tax free investment shall be disregarded.

To this effect the following banks have already made available exciting tax free savings account products:

  • Nedbank
  • FNB
  • Standard Bank
  • Investec
  • Old Mutual

A high uptake of this initiative is predicted, hence the importance that you as a tax professional become familiar with the requirements of the tax free savings account.

Continuing Professional Development (CPD)

Webinar participation and successful completion of the online assessment will secure 2 hours verifiable output tax CPD.

Cost

Free for SARS registered tax practitioners and SAIT members.

When and where

  • 22 April 2015
  • Online webinar

Please note that the same content will be covered in two separate sessions:

  • 1st session: 12h30 to 14h30
  • 2nd session: 15h00 to 17h00

Click here to register.