Using a risk matrix to risk-proof your business

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Website: www.sdkca.co.za


	AUGUST 2023 EMPLOYER INTERIM RECONCILIATION SUBMISSION: 1 SEPTEMBER TO 31 OCTOBER 2023 This year, the August 2023 (2023 08) Employer Interim Reconciliation submission period will commence on 1 September and end on 31 October 2023. During the Employer Interim Reconciliation, employers need to reconcile their Monthly Employer Declarations (EMP201) for the first six months of a Reconciliation Year (March to August) with the tax values of the interim IRP5/IT3(a) certificates for the same period and submit their Employer Reconciliation Declaration (EMP501). REMINER OF SUBMISSION DEADLINES OF 2023 INCOME TAX RETURN The deadlines for the submission of the 2023 Income tax returns have been published in the Government Gazette No. 2130 dated 14 June 2023, and are as follows: Electronic submission of Individual - non-provisional taxpayers \| 23 October 2023 at 7pm Electronic submission of Individual – provisional taxpayers \| 24 January 2024 at 7pm Electronic submission of Trust’s tax returns \| 23 October 2023 at 7pm Electronic submission of Companies/Close Corporations tax returns \| 12 months from year end PLEASE TAKE NOTE If you are a provisional taxpayer and do not remit your third top up payment to cover your 2023 tax liability by 30 September 2023 interest will be imposed from 1 October onwards until date of payment. If any of your details have changed during the past year, such as address, bank account etc. kindly include the new details when providing your current tax information. Should you require further clarification, please do not hesitate to contact us at tax@sdkca.co.za.

September 2023 NEWSLETTER

Using a “Risk Matrix” to Risk-Proof Your Business

As an entrepreneur or business leader, working out the risks your business faces is critical to planning for the future and ensuring you are ready when disaster strikes. A “risk matrix” is a tool designed to help in this scenario as it allows you to plot and compare the likely risks your business faces and therefore establish a hierarchy of threat.

Here is our guide to creating and using risk matrices to help you prepare for the threats that could scupper your business.

Common Tax-Related Criminal Offences, and How to Avoid Them…

Most tax criminal offences are not premeditated acts of tax evasion, but ordinary events that now - in terms of the Tax Administration Act - expose individuals and businesses to the possibility of committing offences that carry harsh penalties, including fines, imprisonment, and other implications for those convicted.

With the requirement that a tax criminal offence is committed “wilfully” now removed, even inadvertent or administrative errors can be penalised to the maximum, which is why SARS itself says that professional tax assistance is crucial to avoid these tax criminal offences.

Corporate Taxpayers: Hello Tougher SARS Verifications
	While SARS’ announcement of the removal of the supplementary declaration for Corporate Income Tax (CIT) for companies or close corporations – the IT14SD form - appears to indicate less paperwork, cost and time when a company is selected for CIT verification, the reality is that it will result in greater scrutiny during the verification process. Because being selected for verification poses significant risk to your company in terms of time, cost and effort, and the possibility of being referred for audit, the expertise and assistance of your accountant is highly recommended.

Quiet Quitting and How to Prevent It
	2022 saw a new term rapidly enter the lexicon of HR managers everywhere, “quiet quitting”. The term refers to a trend where, instead of formally resigning, workers are coming to work but only just meeting the absolute minimum requirements to keep their jobs. The trend has inspired a number of conversations around the importance of work/life balance compared with the needs of an effective business. Now it’s clear quiet quitting isn’t going away and business leaders need to find different tactics to meet both business and employee needs.

Your Tax Deadlines for September 2023
	7 September - Monthly Pay-As-You-Earn (PAYE) submissions and payments 28 September - Excise Duty payments 29 September – End of the 2^nd Financial Quarter, Value-Added Tax (VAT) electronic submissions and payments, CIT Provisional payments where applicable.

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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