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May and CompanyAccounting | Auditing | Tax Specialists

Your Board: Maximise Its Effectiveness With Term Limits And Appraisals For Directors
We all know that leadership is crucial to an organisation. The board of directors sets strategic direction and exercises control over the organisation. How does an organisation ensure it has an effective board of directors in place?
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Beware Of Fixed Term Contracts: What You Need To Know About Amendments To The Labour Relations Act 
Government has followed through on its intention of improving the rights of temporary lower paid workers. Employees with fixed term contracts are now, subject to the exceptions set out below, deemed to be part of the permanent labour force if their contract runs for more than three months

Whilst this legislation is primarily aimed at labour brokers, all employers need to be aware of the key elements of the legislation as failure to adhere to it can be extremely costly.
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Economics 101: India’s Budget Versus South Africa’s - Why Is India Forecasting A Growth Rate Four Times Higher Than Ours? 
Since South Africa was admitted to the BRIC (Brazil, Russia, India and China) nations, we have developed a closer relationship with the BRIC countries. Two new BRICS finance ministers released their budgets in the last week of February. As two developing countries you would expect that there would be many similarities between the budgets. In fact, they are almost diametrically opposed.
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Good News: Employment Tax Incentive Act Refunds Now Claimable 
An amendment to the Employment Tax Incentive Act (ETI) brings good news to those employers who have made use of this incentive. If you were unable to offset the full amount of ETI due to you against employees’ tax, SARS has now instituted a refund process.
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Reporting Tax Cheats – A Simple New Online Process 
SARS has created a simple online form for people to report any suspicious tax or customs practices. The more information that can be given to SARS (names, addresses, ID numbers etc) the easier it will be for SARS to investigate.

People completing the form have the right to anonymity. 

There will be no feedback from SARS as taxpayer confidentiality is guaranteed by SARS.
South Africa: More Interesting Facts  
  • Sport:  We are the only country to have hosted all three of the Soccer, Cricket and Rugby World Cups
  • Industry:  South African Breweries is the world’s largest beer producing country by volume
  • World History:  Jan Smuts, the former Prime Minister, was the only person to sign both the treaties ending World War 1 and World War 2
  • Tourism and Conservation:  South Africa, Mozambique and Zimbabwe are forming the largest conservation area in the world – 35,000 square kilometers.
  • Health and Infrastructure:  South Africa is rated third in the world in terms of safe drinking water.
Your Tax Deadlines For April 
Only the normal run-of-the-mill tax deadlines in April, but the annual employer PAYE reconciliation (EMP501) is due on 29 May. As this can take some time to do, the earlier you begin this process, the more time you leave yourself to iron out discrepancies and errors.


The information provided herein 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 professional adviser for specific and detailed advice.

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