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May and CompanyAccounting | Auditing | Tax Specialists

Entrepreneurs: Help SAICA And Government Help You!
“It's about dialoguing with them [small businesses] to see where the challenges are” (Lindiwe Zulu, newly-appointed Small Business Development Minister)

We have raised the issue in past issues of the importance of small and medium enterprises (SMEs) in the economy. It is globally acknowledged that when SMEs thrive, economic growth and job creation follow.
In South Africa, GDP fell by 0.6% in the first quarter and unemployment is 36.1% amongst the youth. Yet SMEs find themselves confronting issues such as excessive red tape, restrictive labour laws, difficulty in accessing capital without onerous security and the lack of a mentor or incubator programme for fledgling SMEs. South Africa has one of the highest global business failure rates in the SME category – more than 70% fail in their first year.
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Economic Behaviour 101: Human Behaviour Can Be Contrarian (A Lesson From Domestic Workers’ Wages) 
Recent research into people’s response to government raising the minimum wage for domestic employees highlighted some counter-intuitive responses. The economy benefited as there was no impact on employment and domestic employees’ incomes rose sharply. This gives much food for thought whether other similar initiatives in the informal sector could stimulate jobs and economic growth.
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Kudos For Our Accounting Profession 
The World Bank has benchmarked how our accounting and auditing profession have adopted international standards. The report found that not only is South Africa up to world class standards but we have contributed positively to the development of International Financial Reporting Standards (IFRS). 

As many of you will know IFRS has become a widely used global standard and it is likely that financial statements for your business will either use IFRS or IFRS for SMEs. 
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Payments To SARS – New Rules You Need To Know 
If you have used a cheque lately, you will be shocked to see how much your bank charges to process the cheque. The security risks of making payment by cheque are also well known.  Like telegrams and the Dodo, cheques are headed for extinction.  SARS has recently announced that it is also reducing its exposure to cheques and as from 30 May, no cheques are being accepted - 
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South Africa: Did You Know? 
Did you know that South Africa ranks 7th in the world in the Economist’s “Big Mac Index” which measures global purchasing power parity? A Big Mac is 42% cheaper in South Africa than in the USA and 62% less than in Switzerland.

Some other interesting facts and statistics -
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Your Tax Deadlines For July 
There are no significant deadlines for July.

Enjoy July!


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