SARS: 

• Guides (updated & issued): 

  • New Tax guide for small businesses 2018/19 

  • New Guide on income tax and the individual (2018/19) 

• Interpretation Notes (updated & issued): 

  • None 

• Binding Rulings (Private/Class/General) issued and updated: 

  • BPR 324 – Disposal and acquisition of shares by a public benefit organisation  

  • BPR 325 – Liquidation distribution and amalgamation transaction between non-resident companies 

• Notices and other publications issued: 

  • Practice Note 2 of 1996 withdrawn – Income Tax: Determination of taxable income where financial assistance has been granted by a non-resident of the Republic to a resident of the Republic 

• Tax cases: 

  • High Court: Acti-Chem SA (Pty) Ltd v CSARS – Whether the rebate claimed by the appellant is warranted in terms of the Customs & Excise Act, 1964 

IFRS: 

• Standards – What’s new? 

  • IFRS Monthly news summary 

IRBA: 

• Standards:  

  • IRBA issues Guide for Registered Auditors: Auditing in the Public Sector (Revised August 2019) - effective from 2 September 2019 

  • IRBA issues SAAPS 4 (Revised 2019): Letters of Specific Inquiry to the Entity's External Legal Practitioner Regarding Litigation and Claims Involving the Entity - effective for letters of specific inquiry requested on or after 1 September 2019 

• Legal/Ethics:  

  • Proposed Amendments to the IRBA Code of Professional Conduct relating to Registered Candidate Auditors 

  • IESBA Proposes Changes to Promote Role and Mindset Expectations of Professional Accountants 

CIPC: 

• Notices and Practice Notes issued (enforcement and to customers): 

  • 2 notices issued (re Lists re Deregistration Notification to Companies and Close Corporations, Introduction of compliance checklist button on e-services website) 

• Companies Tribunal: 

  • 9 Decisions reached on cases heard (6 Name disputes, 0 AGM, 2 Exemptions from SEC, 1 Directorship dispute) 

Labour Law: 

• Employment law: 

  • The wholesale and retail sectoral determination 9 wage tables have been amended. 

  • Employees can soon check their UIF status via USSD. 

Other Laws & Regulations affecting your client AND impact on NOCLAR: 

• This month’s big 5 include: 

  • The Administrative Adjudication of Road Traffic Offences Act (Amendment Act 2019); 

  • The Constitution of the Republic of South Africa (Transfer of administration and powers and functions); 

  • The National Credit Act (Amendment Act 2019); 

  • The National Qualifications Framework Act (Amendment Act 2019); and 

  • The Public Finance Management Act (Standard rate on interest). 

• Other Acts: 

  • The National Health Insurance Bill 2019 

  • Financial Sector Regulation Act (Reminder that the commencement date for chapter 14 (Ombuds) is now 1 September 2019) 

Regulator news: 

• ISAICA Guidance & other publications: 

  • Top tips for SMPs (Small and Medium Practices) 

• Companies Tribunal:  

  • Manual re on-line case management system  

  • Newsletter 

• SAIBA:  

  • SAIBA talks to IRBA re accreditation 

  • SAIBA investigates ATA assurance engagements – inspectors vs auditors 

  • SAIBA makes practical suggestions: 

    • To CIPC: to have RI for IRs included when you do the submission of your annual return 

    • To the Companies Tribunal: to have an automatic extension to submit financial statements, from 6 to 9 months, where a company/CC has a PIS<100 

• SARS media releases: 

  • VAT Fraudster sentenced to 15 years imprisonment 

  • Clarification Note on Donations 

• FSCA publications & press releases: 

  • 6 Warnings issued to the public against fraudulent FSPs 

General Announcements / News Releases: 

• Media articles:  

  • How you can save tax on school fees