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May and CompanyAccounting | Auditing | Tax Specialists














OCTOBER 2015 NEWSLETTER
SMEs: Should You Build An App For Your Business?
“The secret of change is to focus all of your energy, not on fighting the old, but on building the new” (Socrates)

Applications (apps) have been topical since the rise of the smartphone. For many small and medium sized businesses the cost of developing an app has been prohibitive but this is changing rapidly.
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The Supreme Court Of Appeal Rescues Business Rescue 
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“….. a stratagem involving a wholly undesirable exploitation of legal technicalities for their own advantage” (Court’s comment on the conduct of the directors in the case below)

Business rescue was one of the new features of the 2008 Companies Act (“the Act”). It is designed to give ailing companies time and space to get back on their feet and resume trading. Business rescue replaced Judicial Management which was widely considered a failure in the previous Companies Act. It is more flexible than Judicial Management – for example, a director’s resolution can institute business rescue proceedings whereas a court order was required for Judicial Management.
 
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The New Auditors’ Report Is Coming – How Will It Affect You? 
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The single most important document released by auditors is the auditor’s report which appears in the audited annual financial statements. 

The so-called new and revised auditor reporting standards are affective for audits of financial statements for periods ending on or after 15 December 2016; in essence, 31 December 2016 financial year-ends. Although the audit opinion as such does not change, the auditor’s report has been enhanced to improve its communicative value and to provide more entity-specific and audit-specific information about the audit that has been performed.
 
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Trustees: The New Tax Return Form - Take Advice Now! 
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Towards the end of last year, SARS introduced a new IT12T tax return form for trusts. For the current tax year these need to be completed in full. The return needs be lodged on or by 29 February 2016.

Trustees be aware – the form is twenty two pages long and will need planning and preparation.
 
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What Is Slowing The Growth Of The SME Sector? See The SAICA Survey Results Here 
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Red tape, lack of funding and compliance with legislation continue to be the main challenges faced by most Small Medium Enterprises (SMEs) in South Africa – according to a latest survey conducted by the South African Institute of Chartered Accountants (SAICA).  Access the full “2015 SME insights report” at http://www.saica.co.za/Portals/0/documents/SAICA_SME.PDF.
 
Your Tax Deadlines For October 
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The EMP501 Employer Reconciliation for the period 1 March to 31 August is due on October 30th. This needs to be accurate and can be time consuming, so get it in early. 
 







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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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