Webinar: Four disciplines of the professional practitioner – 2 CPD hours – 18 Aug 2015

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Overview 

Accountants provide one of the most valued services to their clients by accounting for their finances, advice on taxes and being the liaison with the government. So why is it that accountants are suffering from an identity crisis? How does a skilled and experienced accountant maintain his or her positioning as a senior advisor to their clients?

This webinar is a very unique and rare chance to hear US-based business coach, Carl Gould who will show you how to reclaim your status and take advantage of growing market opportunities.

Content

  • Defining the four disciplines and how they apply to your current practice
  • Identifying the market opportunities that exist in each of these four niches
  • Protecting your hard-earned and well-deserved positioning by knowing which hat to wear… and when
  • The single biggest mistake that you are making while advising your clients and how to avoid it
  • How to become the most trusted advisor to your clients

Continuing Professional Development (CPD)

Attending the webinar will accrue 2 hours’ CPD for members of a relevant professional body.

Cost

  • Member of SAAA: R 299.00
  • Non-members: R 399.00
  • CPD subscribers: Free

All above prices include VAT .

When and where

  • Online webinar
  • 18 August 2015
  • 14h00 – 16h00

Click here for more information and registration.

 

Betty Bookkeeper explains why a personal trainer must register as a sole proprietor and not a micro business – July 2015

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Hi Betty 

My question is with regards to personal trainers:

A) Would this be considered a professional service or can they register as a micro business? A micro business requires that no more than 20% of your income be for professional services.

B) If they cannot register as a micro business, do they register as a company in order to get the tax benefits that individuals don’t get?

Thanks,
Roy

Hi Roy

Here are my answers to your questions:

A) Yes, unfortunately this would be considered a professional service and, as such, a personal trainer would not qualify as a micro business.

B) Even though a trainer does not qualify as a micro business, he/she is still entitled to run a business as a sole proprietor and will be allowed all deductions for which he qualifies under the Act – it is not necessary to register as a company, as this does not confer any tax advantage. A personal trainer will be entitled to claim any expenditure that is incurred in the production of income, while carrying on his/her trade – e.g. cell phone, sporting equipment, sport clothing, subscriptions, etc.

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!

Treasury takes steps to improve retirement industry

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Article source: SA News national_treasury

National Treasury is taking steps towards implementing proposals that aim to lower charges and improve market conduct in the retirement industry.

Members of the public are invited to comment on the Draft Default Regulations in terms of section 36(1)(c) of the Pension Funds Act, No. 24 of 1956.

“The draft default proposals published for public comment today follow from the Treasury paper, Charges in South African Retirement Funds, published on 11 July 2013,” Treasury said.

The paper found that parts of the South African retirement system were characterised by complex and opaque products, with high charges.

Treasury said these factors make it impossible for consumers and employers to exercise choices in a way that leads to best outcomes for members of retirement funds.

“Low rates of preservation and participation in the retirement system, particularly by lower paid workers, exacerbate the problem, leading to higher than necessary costs and charges,” Treasury said.

The department said when the draft regulations are adopted they will require all retirement funds to operate a set of default policies that are in the long-term interests of members rather than of service providers.

The regulations will also prescribe the conditions that such default policies are required to meet.

“These proposals follow on legislation already enacted to harmonise the treatment of retirement funds, including a more equitable system of tax deductions for contributions, as well as enabling tax-free savings since 1 March this year.

“The Tax Laws Amendment Bills published today also contain proposals to close loopholes to ensure that no retirement funds are inadvertently excluded from reform measures already enacted,” Treasury said.

The draft default regulations are available on the National Treasury website (www.treasury.gov.za).

Comments on the Draft Default Regulations in terms of section 36(1)(c) of the Pension Funds Act, No. 24 of 1956 can be submitted by 30 September 2015, to Ms Alvinah Thela, Director: Retirement Funds, Private Bag X115, Pretoria, 0001; or fax to (012) 315 5206; or per email to retirement.reform@treasury.gov.za.

 

Tax bills published for public comment

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Article source: SA News 

National Treasury has published for public comment two tax bills which provide the legislative amendments required to implement most of the tax proposals that were announced in the 2015 Budget in February.

The 2015 Draft Taxation Laws Amendment Bill (TLAB) and the 2015 Draft Tax Administration Laws Amendment Bill (TALAB) were published on Wednesday.

“Changes to the rates and thresholds announced in the 2015 Budget were included in the 2015 Rates and Monetary Amounts and Amendment of Revenue Laws Bill that was published on the same day as the 2015 Budget Review.

“The 2015 draft TLAB deals with more substantive changes to the tax laws while the 2015 draft TALAB deals with administrative provisions of tax legislation currently administered by SARS [South African Revenue Services], including the Tax Administration Act, 2011,” explained Treasury in a statement.

Members of the public and stakeholders can make comments in writing on these draft bills, before they are formally introduced in Parliament.

The Standing Committee on Finance in Parliament usually makes a call for public comment too and convenes public hearings on the draft bills before their formal introduction in Parliament.

Treasury said it will, together with SARS, also engage separately with key stakeholders, including through workshops that may be held in early September.

“A response document on comments received will be presented to the Standing Committee on Finance. The bills will then be revised, taking into account public comments, before they are tabled formally tabled in Parliament for its consideration,” said Treasury.

A first batch of the 2015 TLAB was published on 5 June 2015 containing tax proposals that required an additional round of comments. These proposals included measures to counter tax-free corporate migrations, transitional tax issues resulting from the regulation of hedge funds and the tax implications of the outright transfer of collateral.

The current draft TLAB 2 includes these proposals with the amendments that have arisen from comments received on the first batch.

The 2015 draft TLAB gives effect to these key proposals announced in the 2015 Budget Review:

  • closing a loophole to ensure consistent tax treatment on all retirement funds
  • closing a loophole to avoid estate duty through excessive contributions to retirement funds
  • the tax implications of the outright transfer of collateral
  • transitional tax issues resulting from the regulation of hedge funds
  • measures to counter tax free corporate-migrations
  • withdrawal of special foreign tax credits for service fees sourced in South Africa
  • reinstatement of the controlled foreign company diversionary income rules
  • allowing municipalities to demarcate more areas as Urban Development Zones
  • monetary threshold adjustments for enterprise supplying commercial accommodation

For legal reasons, the draft tax amendments continue to be split into two bills – namely a money bill dealing with money bill issues and an ordinary bill dealing with issues relating to tax administration.

The 2015 draft TALAB gives effect to the following key proposals:

  • medical scheme tax credits to be taken into account for Pay As You Earn tax (PAYE)
  • collection of information by South African financial institutions and an associated obligation on the financial institutions to register with SARS
  • extension of period of limitations for issuance of assessments under narrow circumstances
  • clarifying qualifying persons for voluntary disclosure, relaxing the requirements for voluntary disclosure and broadening the ambit of voluntary disclosure relief

Treasury said requirement for banks to collect certain information is necessary to allow SARS to implement agreements under international tax standards.

The draft legislation and the draft explanatory memorandum containing a comprehensive description of the draft amendments have been published on www.treasury.gov.za and www.sars.gov.za.

Written comments should be submitted to Nomalizo Bulisile at: nomalizo.bulisile@treasury.gov.za and Adele Collins at acollins@sars.gov.za by close of business on 24 August 2015.

 

The quick and easy guide to earning CPD points

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All ICBA members have to earn a minimum of 20 Continuing Professional Development (CPD) points every year. Sounds intimidating? It isn’t, we promise!

One hour of learning = 1 CPD point. Points are either:

  • Verifiable – you can prove that you did it. E.g. an attendance certificate from a workshop. You need only 8 or 12 verifiable CPD points (hours) every year, depending on your level of membership (obviously you can exceed this if you want to!).
  • Unverifiable – we have to take your work that you did as learning. E.g. reading this newsletter. These hours plus your verifiable hours should total 20 every year.

Earning CPD points is actually really affordable. We averaged out the cost of all the CPD-earning sessions that we’ve listed on our site since January 2015, and it came to just under R200/hour. Remember, that’s an average. It could be less if planned carefully. So to earn your 8 verifiable hours for the year, you’ll have to spend only around R1,600. That’s about R130/month.

Earning CPD points is super easy. The EVENTS SECTION on the ICBA website is updated regularly with workshops, seminars and webinars that can earn you CPD points. Like these which are coming up in the next few months:

  1. Attend the Tax Indaba, which will be held in Johannesburg (7-11 September). A one-day ticket costs R2,199 if you register by 7 August.
  2. Do you live far from the major centres? Then look out for seminars which are also shared online as webinars, like the SA Accounting Academy’s Trusts and Estate Planning webinar on 2 September. The webinar will earn you 4 verifiable CPD points (plus 1 more if you do an optional online assessment afterwards), and costs only R499.
  3. Reading these newsletters count! You’ll earn 0.5 points for every ICBA newsletter you read. Don’t forget to click through and read all the articles we link to as well, for it to count.
  4. Registered ICBA members will receive a 20% discount when viewing video content on the Upload Media website. Learn more about this member benefit over here.

You need CPD. CPD is one of the ICBA’s membership requirements, but for very a good reason. Ongoing learning means our members are keeping their knowledge current, which boosts others’ confidence in your work too.

Keep a record! Don’t forget to keep a log of your CPD on the ICBA’s CPD Tracking Form (download it here). Print out the form and add to it every time you do any activities like the ones above. Clip receipts and course completion certificates to it where applicable too. You will need to send the ICBA this form – the attachments are called for if audited – when you apply to renew your membership.

 

Webinar: Unpacking provisional tax – 2 CPD hours – 3 Aug 2015

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Overview 

The new provisional tax electronic processes and the constant changes in provisional tax provisions have been a baptism of fire to the Tax Practitioner. It is understood that change causes disruption and re-learning and there are bound to be teething problems

The problem in South Africa is that there is never sufficient time after tax law changes to make the necessary system changes so that the law can be properly implemented. Sometimes these changes are communicated very late, causing disruption and late delivery of amendments to software which affects taxpayers.

Currently provisional tax provisions and provisional tax in practice are so very different that there is a disconnect between the two. Take for example the 14 day rule for the determination of the basic amount and the way this has been implemented by SARS on their Website. Even until very recently one wonders if it is 14 business days or 14 actual days, so there is a problem with the cutoff date for determining the basic amount. The ruling on this will be delivered at the Webinar.

There will be a discussion on Provisional tax provisions and the new penalty laws, the Draft Interpretation Note on Provisional Tax, and the SARS Guide published early July 2015.

Course content

Topics to be discussed during this webinar:

  • We will detail the difference between Practice versus the Law
  • 14 days vs 60 days
  • 8% increase in basic amount
  • S 19(3)
  • SARS position on loading basic amounts on the eFiling system
  • Double tier system
  • New penalty laws introduced in January 2015
  • Timing issues in provisional tax
  • Payments
  • Difference between a manual system and an electronic system

Continuing Professional Development (CPD)

This webinar and successful completion of the online assessment will secure 2 hours verifiable output CPD points/units for members of professional bodies like SAICA, CIMA, SAIPA, SAIBA, ACCA, FPI, CSSA, LSSA, FISA, ICBA, IAC, AAT.

Cost

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

Click here for more information and registration.

 

Seminar & workshop: IFRS for SMEs (2015 update) – 8 CPD hours – Oct 2015

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Overview 

The 2015 amendments to the IFRS for SMEs were issued on 21 May 2015. Practitioners using the IFRS for SMEs are required to apply the amendments for annual periods beginning on or after 1 January 2017, although earlier application is permitted. Join Prof. Hentie van Wyk for this full-day seminar when he will cover the amendments in detail and also provide you with a refresher on the standard as a whole.

After attending this session you will be able to:

  • Understand the latest changes to the IFRS for SMEs standard and how to apply them.
  • Understand the Companies Act requirements and apply the IFRS for SMEs to your clients’ business.
  • Make informed decisions and provide practical advice.
  • Produce and interpret financial statements and information.
  • Enable you to prepare fairly presented and SARS-compliant financial statements.

Seminar content

1. Scope including Companies Act requirements

2. New amendments introduced in 2015

3. Comparison with full IFRS

4. Detailed practical illustrations of the above

5. All sections covered in the IFRS for SMEs including:

  • Concepts
  • Presentation
  • Financial Instruments
  • Inventories
  • Investments in Associates
  • Joint Ventures
  • Investment properties
  • Property plant and equipment
  • Intangible assets
  • Goodwills
  • Leases
  • Business combination
  • Provisions
  • Contingencies
  • Liabilities
  • Equity
  • Revenue
  • Borrowing costs
  • Grants
  • Impairment of Assets
  • Employee Benefits
  • Income tax
  • Foreign Exchange
  • Events after reporting date
  • Related parties
  • Agriculture

Who should attend?

Accountants, tax practitioners, auditors, bookkeepers and other professionals involved in financial reporting for small and medium enterprises.

Continuing Professional Development (CPD)

Attendance of the half-day seminar will accrue 7 + 1 hours’ CPD for professional members of a relevant professional body such as ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CSSA, ICBA, LSSA, FPI, and the IBA.

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

Cost

OPTION 1: Full-day seminar + workshop

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

OPTION 2: DVD + electronic course notes

  • Members of SAAA: R 664.05
  • Non-members: R 699.00

All above prices include VAT.

When and where

All seminars will run from 09h00 to 16h30.

  • 02 October 2015 – Pretoria, Diep in die Berg
  • 07 October 2015 – Johannesburg, Wanderers Club
  • 08 October 2015 – Durban, Riverside Hotel
  • 09 October 2015 – Cape Town, Lord Charles Hotel

Click here for more information and registration.

 

Sage VIP Seminars: Mid-year payroll update – Sep 2015

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The Mid-year Payroll Tax Update seminar, presented by Rob Cooper marks an important milestone in the annual cycle of changes to the employment laws that impact on payroll systems and payroll administration.

Positioned squarely between the February 2015 budget proposals and the implementation of the changes to the law in March 2016, the seminar will bring you up to date with all the changes under discussion that will impact on your payroll, and give you a heads-up opportunity to prepare for their implementation.

Some of the highlights

  • Retirement Reforms were postponed in October 2014 to give more time for discussions with labour on social security issues. National Treasury promised at the time to give feedback on the discussions by mid-2015, and these will be dealt with in the seminar. If the reforms roll-out on 1 March 2016 as currently planned, this is an ideal time to come to grips with what are very significant changes to the requirements, and to discuss what their potential impact on your workforce might be.
  • By mid-2015 the Employment Tax Incentive Act will be halfway through its current 3 year lifetime. Was it successful enough to be extended and if so what are the changes?
  • The seminar will also bring you the latest information from the Unemployment Insurance and Compensation Funds, and have a look at the mid-year tax certificate submissions and reconciliations.

The seminar will be presented in a practical and easy-to-understand manner and there is opportunity to ask questions during the presentation. Your take-home seminar workbook is comprehensive, up to date, and designed for later reference purposes.

Cost

  • Seminar Loyalty Club members: R 1,650 (excl. VAT)
  • Normal price: R 1,795 (excl. VAT)

Click here for a full list of dates and venues.

 

Webinar: Cross border services and provisional tax – 2 CPD hours – 27 Jul 2015

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Overview 

This webinar will deal with the provisional tax payments due on 31 August, the taxation of cross border service income, the deductions available to employees against remuneration income and the deductions available against investment income and capital gains.

This webinar we will also cover the general principle of the taxation of accruals from services rendered outside South Africa, the source of services, the section 10(1)(o) exemption, and the implications of a double tax treaty on the resident status of a person that temporarily works abroad.

The deductions available to a person deriving remuneration income will also be covered. The focus will be on the dreaded section 23(m), but will include the deduction of expenses related to the study at home.

The deductions available against investment income and capital gains on disposal of investments will also be covered.

Course content

The 2015 Budget Speech and related documents and announcements, including:

1. A brief reminder of what is new in the tax field

  • Binding general ruling – accommodation and travel
  • Deductions available to employees against remuneration

2. A reminder of important issues and risks relating to the first provisional payment

3. Cross border services rendered

  • General principles revisited – source and residence
  • RSA residents working abroad (outbound): Treaty considerations; The section 10(1)(o) exemption; Rebate for foreign taxes
  • Non-residents working in the RSA (inbound)
  • Pensions
  • Permanent establishment rules – TC 13726

4. Investment income

  • The deductions available against income and capital gains

5. An opportunity for questions

Continuing Professional Development (CPD)

This webinar and successful completion of the online assessment will secure 2 hours verifiable output CPD points/units for members of professional bodies like SAICA, CIMA, SAIPA, SAIBA, ACCA, FPI, CSSA, LSSA, FISA, ICBA, IAC, AAT.

Cost

  • 2015 monthly CPD subscribers: Free (use your promo code when registering for this event)
  • SAIT members: R 370.00
  • Non-members: R 450.00

Click here for more information and registration.

 

Workshops: Basic Accounting to Trial Balance – certified for CPD – Aug 2015

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This one-day, easy-to-understand workshop will help you understand how books of account are constructed – from source entry to trial balance. You will be able to recognise and understand the accounting entries that originate within a business, enabling a more controlled environment within which a business can operate in. Additionally, you will be introduced to the accountant and bookkeepers jargon, enabling you to understand the language of business.

This workshop is designed for individuals, entrepreneurs, financial and bookkeeping staff who want to gain a basic understanding of how the “books of account” are designed and integrated into business – leading ultimately into the financial statements.

The following topics will be covered:

  • Basic bookkeeping and accounting terminology
  • Why you need bookkeeping
  • Accounting cycle
  • Source documents – books of first entry
  • Chart of accounts
  • Audit trails
  • Trial balance
  • Reconciliations
  • Month/year end close of process
  • Annual Financial Statements (AFS)

Continuing Professional Development (CPD)

This workshop is accredited by the ICBA for CPD points. If you are an ICBA member, please indicate this when registering.

Cost

  • R 1,750.00 per delegate (incl. VAT)

When and where:

  • Willowbridge, Cape Town –  18 August 2015

For more information, please contact Gary Garbutt on 086 148 8883 or gary[at]bizfacility.co.za.