SDK Chartered Accountants's Monthly Newsletter

Forward email

December 2019 NEWSLETTER
Important Tax Deadlines To Remember
  • 4 December 2019:  Non-Provisional taxpayers 2019 tax returns

  • 31 January 2020:  Individual provisional taxpayers and Trusts 2019 tax returns

  • 28 February 2020:  Companies, Close Corporations with February year ends 2019 tax returns

  • 28 February 2020:  2020 second provisional tax estimates and payments for provisional individual taxpayers, Companies, Close Corporations and Trusts with February year ends
Please remember to check your odometer reading at 29 February 2020 for tax purposes should you receive a travel allowance.

No More Tax Clearence Certificates
ArticleImage As of the 4th of November 2019, the issuing of the printed Tax Clearance Certificate (TCC) has been phased out by SARS. 

Since the new Tax Compliance Status (TCS) system was brought into effect in 2015, SARS has advised that the printed TCC will be phased out at a future date.  This has now been implemented. All TCC’s currently in circulation will be cancelled.

The TCS PIN will replace the TCC and enable you to authorise any third party (an organisation or government) to view your status online via e-Filing. It will reflect your overall tax compliance status at the date and time of viewing it. To protect the taxpayers’ confidentiality, only the tax compliance status will be accessible to a third party.

Foreign Investment Allowance
ArticleImage In terms of South African Reserve Bank Exchange Control, South African residents are entitled to two allowances per calendar year:
  • R1 million discretionary allowance (DA) – this allowance may be used for foreign investment without having to obtain tax clearance (a tax number is required), as well as; travel, gifts, loans, studies and alimony.

  • R10 million foreign Investment allowance (FIA) – this allowance can be used to invest funds overseas and requires the applicant to have a green bar coded South African ID book and to obtain tax clearance from South African Revenue Services (SARS) before proceeding.
The application can be filed through e-Filing by submitting an application form and supporting documentation/information.


Customs Requirements for South African Travellers
(the below is from SARS’ Media Release on 24 May 2018)

The South African Revenue Service (SARS) would like to clarify a recent confusion in the media about Customs requirements for travellers returning to South Africa with personal valuables.

In terms of Customs legislation, South African residents travelling abroad are not required to declare their personal effects when leaving the country, nor upon return. “Personal effects” is defined in legislation as including items such as personal laptops, iPads, cell phones, golf clubs, cameras and/or other high value items forming part of the traveller’s possessions when leaving the country.
read more

Sometimes the Best Management Is To Take a Back Seat
ArticleImage Will your business prosper, or will it fail? Your management style will always be a critical factor in deciding that, and the art of successful management requires that you understand when to get actively involved in an issue; and when to take a back seat while your staff team get on with it.

But that’s not always easily achieved. Should you join the current fad for “Management By Walking Around”? What do you do about hostile employees? How should you handle criticism? 

We discuss the answers in the light of this sage advice from ancient philosopher Lao Tzu: “When the best leader’s work is done the people say ‘We did it ourselves’”.
read more

How to Prepare Your Business Plan
ArticleImage Previously we discussed why having a business plan in place is so important (Benjamin Franklin’s “If you fail to plan, you are planning to fail!” perhaps sums it up nicely.

Let’s turn now to have a look at how you should go about compiling your plan. How do you get started? What topics should your plan cover?

Firstly, consider using a business plan template for this exercise – many of the banks provide them. Then read through our summary of the five topics which lie at the centre of any successful business plan, and join us as we lead you through each of them in turn…
read more

The CIPC to Intensify Compliance Enforcement from January
ArticleImage Be ready for new CIPC (Companies and Intellectual Property Commission) requirements which kick in from January 2020. They apply to all companies and failure to comply will put your company at risk of deregistration - with all the resultant negative consequences for your company, for your business and for you personally.

When you come to complete your company’s Annual Return next year (we’ll explain how to find out when your deadline for that will be) you will find that you must first complete a questionnaire/checklist designed by the CIPC to ensure that you are complying with Companies Act requirements.

We’ll take you through this new requirement and how you will access the questionnaire, plus we share a list of the main areas of compliance it will cover. 
read more

Important: SA’s Rankings on the Ease of Doing Business Index, and an Exciting New Business Registration Platform
ArticleImage One of the key milestones in the President’s plan to speed up our economic growth is his goal of improving our position in the World Bank’s “Ease of Doing Business Index” from 84 (out of 190 countries) up to the top 50 - within three years. 

After listing our current standings in several crucial measurement areas, we move on to some very positive and exciting news for entrepreneurs, for small business, and hopefully also for our economy as a whole. 

Government has just launched its “Biz Portal” online business registration platform, which promises to help you register your new business in just 1 day (it normally takes 40)! Everything you need is catered for – tax registrations, domain names, bank account, BEE certificate, you name it…
read more

Your Tax Deadlines for December 2019
  • 4 December - Tax Season 2019 eFiling closes for Individuals (if you are a provisional taxpayer, you have until end January 2020 to submit your tax return)

  • 6 December – Monthly PAYE submissions and payments

  • 24 December - VAT manual submissions and payments

  • 30 December - Excise Duty payments

  • 31 December - VAT electronic submissions and payments

  • 31 December - CIT Provisional Tax Payments where applicable.



Thank you for your support in 2019.
Have a Wonderful Festive Season, and a Happy and Prosperous 2020.

Enjoy the Break!



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.

© DotNews.  All Rights Reserved.

  A Client Connection Service by DotNews