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May and CompanyAccounting | Auditing | Tax Specialists

Tax Season Opened On 1 July: Here’s What You Need to Know, and Do
Once again tax season has opened for individuals.

We look at the documentation you will need before you submit your return, whether or not you have to (or should) submit a return in the first place, and what your submission deadlines are this year.  

Read on for the details …..
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Vet Your Suppliers! Good Stakeholder Relationships Will Boost Your Profits 
Your suppliers play a strategic role in your business because if they fail to deliver on time or with the required quality, they can cause delays in your organisation. These delays will inevitably have a knock-on effect to your customers.

We’ll list vetting procedures you should have in place to ensure you get high quality suppliers, and share some ideas on optimising relationships to bring good long term profit to your business.
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Directors and Shareholders: There’s Hope If You Forget Companies Act Compliance Requirements  
The “new” Companies Act is pitted with clauses requiring that special resolutions be passed. There are also instances where as directors you are required to take certain actions such as recusing yourself if there is a conflict of interest.

Note that transactions can be set aside if the necessary steps are not taken; and if this happens, you will be in for a costly and time-consuming exercise.

But there’s still hope even when you fail to comply – if, that is, you are able to rely on the “unanimous consent” principle.  A recent Supreme Court of Appeal judgment illustrates.
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Must You Pay Tax on Bitcoin Transactions? 
Bitcoin has become increasingly used in South Africa and there are some good platforms for its use. Although it has proved volatile (it fell 30% in value recently), its long term value has risen over the past decade.

So is Bitcoin subject to taxation?  Yes it is. South Africa is following global trends and SARS has confirmed that the normal rules of taxation will apply and it will be subject to income tax or capital gains depending on the type of transaction.

Speak to your accountant if you need advice.
Blockchain Technology: New Potential in Financial Services  
Bitcoin is currently the best known user of a blockchain platform, but expect many more varied uses to emerge.

For example Calastone, which provides a platform for mutual funds (e.g. unit trusts) to trade in 34 countries, recently successfully replicated its transactions for a full day using blockchain technology.

But will this be good for us?
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In The News Again: Mandatory Audit Firm Rotation  
The Independent Regulatory Board for Auditors (IRBA) has proceeded with its aim of introducing Mandatory Audit Firm Rotation (MAFR), which will apply only to listed companies and public interest entities (institutions such as banks and insurers) and is intended to “enhance auditor independence and protect public interest”.

We tell you what’s happening, and discuss the backlash that has resulted.
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Your Tax Deadlines for July 
There are no significant tax reporting deadlines in July.

However, tax season is one of the most significant events in the tax calendar. As noted above, it opened on 1 July, and you need to know whether or not you are required to submit a return, and if so, what documentation you need and what deadlines you must meet.


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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