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May and CompanyAccounting | Auditing | Tax Specialists

October 2018 NEWSLETTER
Get the Most Out of Your Audit While Saving Cost
Help your auditors to help you. Work together with them, and prepare properly. That’s the best way to maximise your audit’s value to you and to your business. 

Your goal is an audit which gives you assurance that your systems are sound and that your annual financials fairly reflect your economic position, whilst also containing your audit costs.

We discuss four ideas on how to achieve this by laying a good base for a smooth audit, followed by another five ideas on how to communicate effectively with your auditors during the process. 

Last, but certainly not least, we suggest ways to respond to best advantage to their audit findings and suggestions.
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Importing From Amazon: You Could Be Forced to Register as an Importer 
Are you one of the many South Africans regularly using online retailers like Amazon, eBay, Alibaba etc to import goods from overseas? If not, chances are that you soon will be – online shopping is hard to beat for choice, efficiency and convenience.

But beware, SARS has suddenly started enforcing an old requirement that you register as an importer if your imports hit either of two thresholds. Let’s look at what those thresholds are, at what you need to do to register as an importer (regrettably there’s some bad news there), and at the need for your accountant’s help if you fall into the net. 

Forewarned, as they say, is forearmed…
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Directors Beware! You Could Be Held Personally Liable For Data Breaches 
We read about it all the time – businesses both here and abroad are increasingly subjected to major data breaches. Cyber crime is on the rise, and we are all at risk.

A particular danger faces any director whose company’s computer systems are hacked and losses ensue. Overseas, disgruntled shareholders are already suing directors in such cases for dereliction of their fiduciary duties, and there’s a very real threat of incurring personal liability if you drop the ball on this one.

We analyse what the Companies Act and King IV require of directors in this regard, and discuss the danger of failing to comply with any of these duties. Most importantly, we end off with some practical thoughts on how to protect yourself from liability.
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Surviving a Business Crisis: Consider Your Turnaround Options 
Business failures are an inevitable reality in any free (or even partially free) economy, and at some stage in the life cycle of your business it will almost certainly face at least one major crisis.

How you and your senior management respond to such a crisis will determine whether your business sinks or swims. 

So in this article we’ll list some ideas on how to identify the core problem, and on how to address it – with a minimum of stress and a good chance of a successful turnaround…
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Will the 21st Century Really Be Africa‚Äôs Time to Flourish? 
As Bill Gates has put it, a wave of progress is rippling through China and India, and it’s high time for Africa to follow suit.

The big question for us all is whether Africa (and particularly South Africa) are on the brink of a phase of rapid advancement. Is it true that Africa’s time really is coming?

Let’s look at the two factors normally cited by those who tell us that it is, and at how likely to materialise are the optimistic predictions based on them. Most importantly, what will the impact be on South Africa if they do indeed come to fruition?
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Your Tax Deadlines for October  
The due date for non-provisional taxpayers who submit their income tax via eFiling or electronically at a SARS branch is 31 October. 

Time is running out and SARS is cracking down on late lodgements and failure to submit returns. 

The penalty amount that will be charged for late lodgement depends on your taxable income and, says SARS, “can range from R250 up to R16,000 a month for each month that the non-compliance continues.”

Treat this deadline seriously!


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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