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December 2016 NEWSLETTER
Directors Don’t Like Goodbyes
One of the predicted negatives from the Companies Act (the Act) and the King Codes was it would be difficult to find directors. The Act and King Codes put extensive liabilities on directors, encouraged annual appraisal of directors, term limits for directors and recommended strong codes of conduct to ensure directors fulfilled their fiduciary roles.
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Beware of Trump’s Victory – Hard Economic Times Loom for SA 
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Donald Trump will soon be the 45th President of the United States. So far he is still threatening to implement his populist campaign promises (e.g. partially repeal Obamacare, tear up trade agreements and deport 11 million illegal immigrants) and has appointed a hard-line conservative to a senior position in the White House.
 
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Don’t Miss Your Deadline for Employment Equity Reports  
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Failure by “designated” employers to lodge their employment equity reports on time risks severe penalties, with first offenders risking a fine of the greater of R1,5m or 2% of turnover (increasing to the greater of R2,7m or 10% of turnover for serial offenders).
 
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Mandatory Audit Firm Rotation is in the News - Will it Apply to You? 
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There have been many articles in the financial press over mandatory audit firm rotation (MAFR). This followed an announcement by the Independent Regulatory Board for Auditors (IRBA) that they intend to implement MAFR in South Africa.
 
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Minimum Wages for Domestic Workers Increased 
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This year’s new minimum wages for all domestic workers are set out in the table at the end of this article.

Who is covered?
 
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Your Tax Deadlines For December 
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There are no significant tax deadlines for December.  Don’t forget, if you are involved in a dispute with SARS, the definition of business days allowed for each party to respond excludes not only Saturdays, Sundays and public holidays but also the full period from 16 December 2016 to 15 January 2017.
 
 
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Thank you for your support in 2016.

Have a Wonderful Festive Season, and a Happy and Prosperous 2017!



 







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