What trustees need to do now – the risky new trust landscape

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Website: www.sdkca.co.za


	REMINDER 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. REQUIRED INFORMATION FOR THE YEAR 1 MARCH 2022 to 28 FEBRUARY 2023 In order to facilitate us in the completion of your income tax return we require certain information such as: IRP5 Certificates IT3(b) and (c) Certificates Vehicle logbook for the year: 1 March 2021 to 28 February 2022 Medical Aid Tax Certificate Invoice and Receipts for Medical expenses not paid by medical aid Donations S18A certificates Retirement Contributions Tax Certificates Rental and/ or other Business activity income and expenses Disposals of fixed property or investments during the year The above list is not comprehensive, and additional information may be required based on your unique tax affairs. Kindly forward the information as soon as you are able to, to the manager responsible for your portfolio at SDK or to tax@sdkca.co.za, to reduce the risk any late submission 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 14 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).

October 2023 NEWSLETTER

The Risky New Trust Landscape – What Trustees Need to do Now

Recent legal and tax amendments have considerably altered the trust landscape, placing onerous new duties on the shoulders of all trustees in South Africa, while also exposing them to significant risk, with penalties for non-compliance including substantial fines of up to R10 million or imprisonment for up to 5 years, and some of the impossible deadlines already passed!

In this article, discover the new duties imposed on trustees and why professional assistance is essential to ensure compliance.

Tips for Pacing Business Growth for Sustainability

Every entrepreneur that starts a business does so hoping it will grow into a working concern. Despite this, many go into the process of building those businesses blindly, unaware that the pace of growth and the way it is handled is a critical element of making a business work in the long run.

If a business grows too slowly, it may run out of financing, and if it grows too quickly, it may collapse due to an inability to meet requirements and client dissatisfaction. Here’s our guide on how to grow your business sustainably.

Why the Four-Day Working Week Just Might Happen

Back when the industrial revolution first started Sunday was the only day off, given over to worship and contemplation. It wasn’t until 1908 that companies first began enacting a five-day work week, and only the great depression made it the standard.

Now decades later we are finally contemplating turning another workday into an even longer weekend, in fact it has been trialled in a number of places around the world. The results have been an unexpected phenomenon. Here is why the four-day work week is getting closer to reality.

Don’t Fall Prey to the Most Common Cybercrimes!

Cybercrimes, including phishing and online scams, are not only the biggest current threat in Africa, according to Interpol, they are also the type of crime most likely to increase in the next three to five years.

In this article, we share the prominent cyberthreats identified by Interpol - with Business Email Compromise (BEC) still top of the list, explain what these cybercrimes entail, and also offer some excellent tips from expert sources to help you, your business and your employees remain safe from these growing threats to businesses and individuals.

Your Tax Deadlines for October 2023

6 October - Monthly Pay-As-You-Earn (PAYE) submissions and payments
30 October - Excise Duty payments
31 October - 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 us for professional, detailed and appropriate advice.

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