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May 2019 NEWSLETTER
May 2019 | News from SDK Accounting
2018/2019 Return Of Earnings Declaration

The Department of Labour and/or Rand Mutual Assurance (RMA), in accordance with the Compensation for Occupational Injuries and Diseases Act (COIDA) requires employers to submit a declaration by either 31 March 2019 (RMA), or 31 May 2019 (Department of Labour extended deadline date) which declares the number of employees (including directors) and their annual earnings, per month, for the period 1 March 2018 – 28 February 2019.

A percentage is determined, depending on the industry applicable to the employer, which is used to determine the fee payable to the Compensation Fund (CF).

If the declaration and payment is not made by 31 May 2019, a penalty not exceeding 10% of the assessment will be charged.


2019 Employer Annual Reconciliation

Employers are required to submit their Pay-As-You-Earn Employer Annual Reconciliation (EMP501) from mid-April to 31 May 2019 and involves a reconciliation between the monthly EMP201 declarations submitted to SARS, monthly payments made to SARS and income tax certificates (IRP5) for the 2018/2019 tax year. Employers are also required to supply employees with a copy of their income tax certificates (IRP5).

It is of utmost importance to ensure that each employee’s personal details are up to date and accurate, as the information will reflect on the employee’s 2019 income tax certificate (IRP5).

SARS has developed a free software programme to assist employers with the reconciliation and submission process and is available for download on their website (www.sars.gov.za).

To avoid any penalties or interest charged, ensure that your reconciliation is submitted by 
31 May 2019.


New Adobe Flash Forms On eFiling

During April 2019 SARS performed maintenance on all SARS systems, which included the introduction of new Adobe Flash forms on eFiling.

SARS states that the enhancements are set to deliver a more pleasant and productive eFiling experience for all. While the new forms introduced this tax season can be accessed using version 9 and up of Adobe Flash Player, eFilers are advised to download Adobe Flash Player 10.1 for increased security and better viewing.


Consolidated Governance Solutions

Consolidated Governance Solutions specialises in assisting companies with the implementation and management of their corporate governance, risk management and compliance (GRC) strategies and frameworks.

They are able to package their services either as an all-inclusive project or it can be
segmented according to your specific needs. There is not a "one-size-fits-all" solution,
so they provide bespoke solutions to all their clients.

Please visit www.cgscc.co.za for more details, like the Facebook page and follow them on Twitter for some of the latest pertinent topics and discussions.

You are welcome to contact Anton directly on 083 400 2299 should you be interested in meeting with him to discuss any of the above.


OFFICE NEWS

We congratulate Loanda Matthee on her wedding on 23 March 2019 and Luané Vermaak on her engagement on 17 February 2019.
































Small Businesses: Make The Most of Your Tax Breaks!
ArticleImage Small businesses face many challenges, not the least of which is the tax burden. Both our high tax rates, and the complexity of our tax compliance system, can be particularly hard on smaller and newer enterprises.

Fortunately however, some relief is available to qualifying businesses in the form of both turnover tax for micro businesses, and tax on SBCs (Small Business Corporations). 

Don’t be one of the many uninformed taxpayers who miss out on tax breaks like these!  Read on for an overview of the benefits your business may be able to take advantage of…
   
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Quick Wins to Get Our Economy Going Again
ArticleImage We all know that our economy needs a major boost. Business Confidence is down again, and last year’s mood of optimism is rapidly fading. The silver lining is that if we can just turn those trends around and start on a path of increasing economic activity, both jobs and a rise in GDP will follow. Everyone will benefit.

But what can we actually do to get the economy moving again?

We discuss three interesting “quick win” ideas that could help. Hopefully government will take heed (and act accordingly), whilst entrepreneurs looking for “the next big thing” should also take note.
   
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Employers - Need Reducing Staff Conflict With Employee Rights?
ArticleImage As a director you have both the power and the duty to manage your organisation in its best interests.

What happens though if you need to consider the possibility of retrenching staff for operational requirements? How does that tie in with the very extensive rights afforded to your employees by our labour legislation?

A recent Labour Appeal Court judgment addressed the question of whether, when entering into the necessary consultations with staff and/or unions, you are entitled to have first formed a prima facie view on the matter. Is that necessarily fatal to your obligation to take part in a “joint consensus-seeking process”?
   
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Tax and Solar Energy Plants: Your Business Can Deduct the Costs Upfront
ArticleImage Solar power is often touted as a key factor in reducing the environmental damage we are inflicting on our environment. 

South Africans will also be looking for ways to reduce the very serious impact of loadshedding, which regrettably seems likely to continue plaguing both our business and personal lives for some time to come.

The good news is the tax relief available to businesses on the costs of solar energy plants. We summarise a recent SARS binding ruling which sets out what deductions will be allowable, and when.
   
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SARS – Important Update on VAT for E-Services from Foreign Suppliers
ArticleImage
The VAT base for Electronic Services (E-Services) has been considerably broadened with effect from 1 April 2019, and both suppliers (who may well now need to register for VAT) and their customers ought to know how the new provisions impact on them.

Of particular significance are the new definition of electronic services (which, having been specifically listed in the draft regulations, are now defined very widely), and the inclusion of B2B (business to business) supplies.

Businesses in particular should understand both how wide the net is now cast, and what exclusions from the definition still apply.
   
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Your Tax and Other Deadlines for May 2019
ArticleImage Your Employer Annual Reconciliation Declaration (EMP501) for the period 1 March 2018 to 28 February 2019 is due on or before 31 May. This relates to your monthly EMP201 declarations and IRP5s, IT3(a)s etc generated.

Secondly the Department of Labour has extended the date for the submission of your 2018 Return of Earnings to the Compensation Commissioner to 31 May. 

As it is important to get both returns totally accurate, ask your accountant for help in any doubt.
   







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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