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November 2017 NEWSLETTER
Climate Change: Make Sure Your Home is Correctly Insured
Fires, storms, floods and other natural disasters are on the rise in South Africa, and as worldwide climate change accelerates we can expect to see more and more scenes of devastation on our TV screens.  And that means that the risk of not being fully insured for such losses is multiplying by the day.  

Don’t take a chance with this – read our 6 point checklist to make sure that you have adequate insurance for your home, vehicles, business premises and other important assets …
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Tax on Offshore Income – A Change in Plan 
Employees working oversees (and their employers) need to keep an eye on proposed changes in the taxation of offshore income.

We’ll discuss the original proposals and the likely amendments, and we’ll address some FAQs - 

How much of your overseas income will be taxed at local rates?  How long must you have been out of the country to qualify?  How long do you have to prepare before the changes kick in?
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How are We Doing on the “Better Life Index”? 
We are used to measuring how well a country is doing by calculating its GDP (Gross Domestic Product).

But there’s also another very useful measurement – the OECD’s 11-point “Better Life Index”.  Let’s have a look at our global ranking, particularly in the fields of education, the environment, civic engagement and work/life balance.  Read on also for a hyperlink to the full South African report card – it’s important and interesting reading for all South Africans.
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SMEs Beware: POPI is Finally Becoming a Reality 
The private data of 60m South Africans has reportedly been put at risk by the recent database leak, and that has again focussed attention on the Protection of Personal Information Act (POPI).  

After many false starts, commencement of the enforcement provisions is in sight, and every business should start thinking now about what POPI will require.  Our brief summary will get you started, and we share some advice on checking whether your email address has been compromised.
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The Latest on the SVDP 
Access to the Special Voluntary Disclosure Program (SVDP) closed at the end of August 2017.

It was tabled by SARS as a final opportunity for taxpayers to regularise their affairs in terms of undisclosed off-shore assets and income in line with the new global automatic exchange of information between tax authorities.

What was the result of the SVDP, were the results in line with expectations, and what happens now?
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Disappointing - SA Slips Down the World Competitive Index 
Every year we report on the World Economic Forum’s (WEF) Global Competitiveness Index. This year South Africa slipped from 48th to 61st in the rankings. What was disappointing is that previously we were ranked 3rd in terms of corporate efficacy but this year fell to 34th. The audit profession had been ranked top for several years but has fallen to below 30th place.

Clearly this is a direct fallout from the various scandals engulfing State Owned Companies but it does call for sober reflection as to how we face these issues.
Your Tax Deadlines for November and “Watch Out, SARS is On The Warpath!” 
Non-provisional taxpayers using eFiling or electronically submitting from a SARS office need to file their 2016/2017 Income Tax Returns on or by 24 November.

It’s important to be fully compliant when it comes to tax.  With compliance levels slipping, SARS is “on the warpath” and threatening aggressive action to counteract both non-submission of tax returns, and failure to settle old and new tax debts.  

We’ll list the tax returns in question and discuss what SARS can do to taxpayers in cases of non-compliance.
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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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