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                *     Registered Professional Accountants in practice since 1982

                *     Registered Tax Practitioners

                *     Licenced Financial Service Provider 

 

 

Accounting Officer .......  Management & Financial Accounting ...... Management Accounting for Profit ...... CC Formations and registrations...... Strategic Planning ...... Wills & Trusts ....... .

Deadlines

Annual Duty – one calendar month to the day after the incorporation date

Submission of Company and Close Corporation tax returns – 12 months after their financial year-end  

EMP501 Reconciliations – 30 May 2014

Compensation Fund - Return of Earnings - 30 May 2014

Promotion of Access to Information Act manual – 31 December 2015

EMP501 Reconciliations

Clients who are employers are reminded that the EMP501 reconciliations must be submitted by no later than 30 May 2014 in respect of the year ended 28 February 2014. Therefore, where we attend to this function on your behalf, we request that you furnish us with your payroll data as soon as possible.

Those clients that attend to their own submissions are advised that the latest version of e@syFileÔ is available on the SARS website (www.sars.gov.za). On the What’s New column there is an article entitled “Employers Tax Season” which contains a link that enables the downloading of the upgrade.  

Streamlining of VAT registration

Previously, where in any month an entity’s turnover for the prior twelve months exceeds R 1 million or is likely to do so in the ensuing twelve months, registration for VAT is obligatory. From 1 April 2014, the necessity to predict turnover will now fall away and compulsory registration will only be necessary where the threshold is reached or exceeded in the immediately preceding twelve months or where the entity has a written contractual obligation to make taxable supplies in excess of R 1 million during the next twelve months.

Formally, an entity could voluntarily register for VAT where it was able to show that its annual turnover had exceeded or was likely to exceed R 50 000.  From 1 April 2014, the R 50 000 limit will be retained. However, businesses that are unable to satisfy this requirement will be permitted to register on the payments basis only. Upon reaching the R 50 000 limit, the entity will have to switch to the invoice basis.

Foreign suppliers of electronic services to South African resident customers will be required to register on the payments basis once the R 50 000 threshold is reached. Logistics relating to the SARS recovery process is unclear. However, it seems likely that South African banks will be required to facilitate this.

The present system allows for vendors, whose turnover for a twelve-month period is less than R 1.5 million, to submit returns covering a four-month period. This category is to be abolished. These vendors will be absorbed into the bi-monthly category.

 

Accounting 4 Financial Services

 

Financial Planning ....... Investments ........ Assurance