Launching your business onto a sustained (and sustainable) growth trajectory has always been the Holy Grail for SMEs as much as it is for the big corporates. But how do you achieve that?

Jeff Bezos recently shared with Amazon shareholders just how important the company’s deployment of high standards “at all levels of detail” has been to Amazon’s phenomenal success. 

Let’s analyse Bezos’ 6 key principles for realising and maintaining high standards, and the practical business advice we can glean from them…
 


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Email: info@sdkca.co.za
 
Website:  www.sdkca.co.za 
 

 
     
 

TAXPAYER VERIFICATION AND eDNA IDENTITY SECURITY

SARS has implemented additional security measures at their branches for taxpayers who decide to visit a branch to change their banking details or applicable registered details. Taxpayers will be authenticated to make sure that their information is secure through the eDNA security system. However, you can make selected sensitive detail changes on efiling such as the following:
  • Selected identity information (Name, surname)
  • Bank Account details
  • Address details
  • Contact details
  • Add trading names
  • Add a new tax product subscription
However, if the validation of your banking details are unsuccessful on eFiling, you will be requested to visit a SARS branch to validate your banking details in person.

The only time you will be required to visit a SARS branch, would be for changes to the following:

  • The Nature of the Entity or taxpayer type (e.g. Company, Trust etc.)
  • Identity number/ Passport number/ Enterprise registration number (e.g. ID number, CIPC number or Trust number etc.)
  • Bank details – only under the following conditions:

      • When a 3rd party bank detail is involved
      • When the legal entity (taxpayer) that makes the change is a Trust
      • When the legal entity (taxpayer) that makes the change is coded as Deceased Estate, Liquidation or Insolvency
      • When bank details are changed via eFiling and additional validation is required.

What is the eDNA identity security system?

To protect taxpayers against fraudulent activities and to safeguard your sensitive information, SARS has introduced additional security measures at all their branches. 

The verification system will require taxpayers to provide their valid RSA identity document or ID card, the SARS official will take the taxpayer’s photograph and scan his / her fingerprint. The fingerprint will then be checked against the data that the Department of Home Affairs have on record. If there is any discrepancy the verification system will require the taxpayer to visit their nearest Department of Home Affairs to verify their biometric information.

Authentication steps:
  1. Provide your ID
  2. SARS will scan your fingerprint
  3. SARS will take your photograph
  4. SARS will check your ID and fingerprint with the Department of Home Affairs to make sure it corresponds with their records
Tax Practitioners and representative taxpayers with Power of attorney from taxpayers will also be authenticated via the Taxpayer Verification System before they will be allowed to do transactions with SARS on behalf of taxpayers.

To provide a high level of security and privacy to taxpayer’s sensitive information, SARS officials will also be subjected to eDNA verification (scanning of their fingerprints) when they perform certain tasks.


BEWARE OF SCAMS

Do not fall victim to tax identity fraud - protect your taxpayer information, banking details, login name and password at all times.

SARS requests that taxpayers take note of the following:
  • Do not open or respond to emails from unknown sources.
  • Beware of emails that ask for personal, tax, banking and eFiling details (login credentials, passwords, pins, credit / debit card information, etc.).
  • SARS will never request your banking details in any communication that you receive via post, email, or SMS. However, for the purpose of telephonic engagement and authentication purposes, SARS will verify your personal details. Importantly, SARS will not send you any hyperlinks to other websites - even those of banks.
  • Beware of false SMS's.
You can find examples of the latest scams on SARS’ website.


OFFICE NEWS

We say goodbye to Anso van Wyk (Secretarial), Bennie van Zyl and Marike de Villiers (Accounting). We wish them all of the best and thank them for their hard work.
 
 
     

 
June 2018 NEWSLETTER
Lessons for Your Business: How Does the World’s Most Successful Company Keep Growing?
Launching your business onto a sustained (and sustainable) growth trajectory has always been the Holy Grail for SMEs as much as it is for the big corporates. But how do you achieve that?

Jeff Bezos recently shared with Amazon shareholders just how important the company’s deployment of high standards “at all levels of detail” has been to Amazon’s phenomenal success. 

Let’s analyse Bezos’ 6 key principles for realising and maintaining high standards, and the practical business advice we can glean from them…
read more
When Do We Stop Working for SARS This Year?
ArticleImage No one likes paying tax, and it particularly rankles when we realise how long each year it takes us to cover our liabilities to the Tax Man.

What’s more the arrival of “Tax Freedom Day” – the day we effectively start earning for our own account – seems to happen later and later every year.

So let’s have a look at when South Africa’s Tax Freedom Day is this year, and at how we rank worldwide - are we really as badly off as we think we are?
   
read more
Risk Management for Your SME
ArticleImage Life, as we all know, is full of risk. Things go wrong all the time, in business and in our personal lives. As Machiavelli pointed out 500 years ago “All courses of action are risky, so prudence is not in avoiding danger (it’s impossible), but in calculating risk and acting decisively”.

We share some thoughts on how to manage the risks that inevitably face SMEs daily, and we recommend that you watch two excellent TED Talks videos filled with useful insights and practical advice.
   
read more
The European Union has Implemented GDPR – It May Affect You
ArticleImage The media has been awash with news of the 25 May enforcement date for the European Union’s GDPR or “General Data Protection Regulation”. You’ve probably also received a slew of “Do You Want to Stay in Touch?” and “Let’s Stay Together!” emails from companies rushing (as they see it) to comply with these new privacy laws.

But does GDPR affect South African businesses? And what about our own POPI Act? We share some thoughts…
   
read more
Companies: “XBRL” is Coming Soon. What is it and Are You Affected?
ArticleImage “XBRL” may sound like a new Star Wars Droid, but in fact it’s a global standard for exchanging and reporting business information, and our CIPC (Companies and Intellectual Property Commission) requires you to use it from 1 July for all Annual Financial Statements.

Let’s take a look at how XBRL works, what its benefits are and to whom, and – the million dollar question – whether this new CIPC requirement will apply to your business.
   
read more
Your Tax Deadlines for June, and Beware SARS Scams
ArticleImage There are only run-of-the-mill deadlines this month. 

It is worth getting your filing and workpapers ready for your 2018 tax return as filing season opens in July.


Tax Scams

Be alert to yet more scams involving SARS, such as fraudulent emails which say you owe interest to SARS and give an incorrect bank account to pay in the amounts “owed”. If in doubt speak to your accountant or contact SARS.
   
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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