As a company director you need to be aware of the Companies Act’s requirements in regard to testing for and maintaining liquidity and solvency.  Failure to do so not only risks the health and viability of your company, it also exposes you to the possibility of personal liability.

We look at what these concepts entail, at how to monitor them effectively, and at your legal obligations if danger signs appear.
 


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22A Church Street
DURBANVILLE
7550

 Tel: 021 970 4600
Fax:  021 975 6780
Email: info@sdkca.co.za
 
Website:  www.sdkca.co.za 
 

 
     
 

UPCOMMING IMPORTANT INCOME TAX DATES TO DIARIASE

31 JANUARY  2018  -  SUBMISSION DEADLINE FOR PROVISIONAL TAXPAYERS 2017 INCOME TAX RETURNS

28 FEBRUARY 2018  -  SUBMISSION DEADLINE FOR 2017 INCOME TAX RETURNS OF COMPANIES AND CLOSE CORPORATIONS WITH A FEBRUARY YEAR END

28 FEBRUARY 2018  -  DEADLINE FOR SUBMISSION AND PAYMENTS OF SECOND PROVISIONAL TAX PERIOD FOR 2018


2018 SECOND PROVISIONAL TAX RETURNS AND PAYMENTS DUE 28 FEBRUARY 2018

SDK will commence the process of working with you to determine your second provisional tax payment and to ensure compliance with SARS, from middle January 2018. In the meantime, here are a few factors to consider:
  1. Provisional tax is not a type of tax, it should rather be seen as a pre-payment of your income tax.

  2. It is highly recommended that the taxpayer should not submit an estimate which is less than the basic amount.

  3. Payments to SARS should be made by 26 February 2018 to limit the risk of payments be deemed late.

SARS PAYMENT METHODS

Please note that SARS no longer accepts payment per cheques. Alternative payment options are the following:
  1. Electronic Transfer (EFT)

  2. Making payment at your bank using the tax statement as proof

  3. E-Filing
Please note that banks will also not accept cheques as a method of payment to SARS.


OFFICE NEWS

We say goodbye to the following staff and we thank them for their hard work. We wish them all of the best for their futures:- Johan Els, Herman Coetzee, Barend de Jongh and Amanda Truter.

We are also welcoming new staff members in January 2018

Congratulations to Bennie, Marike and Barend for passing their SAIPA exams, Lize-Marie Kotzé on passing her CTA LEVEL 2 exams, Mariette Kleyn for receiving her Bachelors of Accounting Science degree and Elsie Kruger for completing her honours in taxation. 

Congratulations to Johanette Kotzé who got married on 2 December 2017. We wish them all of the best for their future together.

 
     

 
January 2018 NEWSLETTER
Directors: Watch Your Liquidity and Solvency
As a company director you need to be aware of the Companies Act’s requirements in regard to testing for and maintaining liquidity and solvency.  Failure to do so not only risks the health and viability of your company, it also exposes you to the possibility of personal liability.

We look at what these concepts entail, at how to monitor them effectively, and at your legal obligations if danger signs appear.
read more
How Efficient is SARS Globally?
ArticleImage SARS has been in for some bad press in the last few years, and taxpayer frustrations are on the increase. But how do we rank globally?  Are we better off or worse off than our international peers?  

A recent 190-country survey compared us with global averages in terms of time needed to prepare and file all our various tax returns, number of tax payments required of us, waiting time for refunds, tax audits and so on.  Some interesting trends emerged…
   
read more
Bitcoin: Is A Bubble Driving Up The Price?
ArticleImage One of 2017’s biggest stories was the Bitcoin phenomenon.  Despite its volatility it has become increasingly popular and the price has rocketed.  It just seems to keep going up and up and is now even officially traded in some futures markets.

Is it a bubble on the verge of bursting or is it a ticket to riches?  Should you invest?  Are cryptocurrencies here to stay or a flash in the pan?  We share some thoughts…
   
read more
Sugar Tax: Is It Good For Us?
ArticleImage Emotions always run high when new taxes are levied, and the “sugar tax” is no exception.  In one corner we have the Department of Health aiming to reduce diseases like obesity, diabetes, heart disease etc.  In the other we have the sugar industry, forecasting job losses and taking issue with the Department’s assertion that there is indeed an inherent correlation between sugar consumption and NCDs.

Regardless, the sugar tax kicks in on 1 April, leaving the question of whether it will affect our overall tax burden; and if so, how?  

   
read more
Your Tax Deadlines for January; and New eFiling Security Measures
ArticleImage If you are a provisional taxpayer submitting your Income Tax Return by eFiling, don’t forget your 31 January deadline.

Be aware also of new security measures introduced by SARS to authenticate your eFiling Profile if it picks up any attempt to change your personal details. If that happens to you, you will need to visit a SARS branch with the required documentation (read on for the list).
   
read more

ArticleImage

“Have a Healthy, Happy and Successful 2018!”

   

Disclaimer

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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