20 – 25 February 2012
This year, February marks the 15th anniversary of the opening of South Africa’s Constitutional Court.
The Constitution of the Republic of South Africa was approved by the Constitutional Court on December 4, 1996, and took effect on February 4, 1997.
Understanding what our rights are is the first step towards standing up for them, so to find out why our Constitution is worth loving, and to have your questions answered, go to www.wethepeople.org.za.
In this issue…
Is Exchange Control Over For Individuals?
The new limits…and a massive new concession
Following the Medium Term Budget Speech by Pravin Gordhan in October 2011, the Treasury published revised exchange control amounts which grouped the annual amounts individuals can take off-shore to R5 million per annum.
What does this mean for us?
Business Rescue: Are Personal Suretyships Enforceable?
In terms of the new Companies Act, creditors’ rights are curtailed during business rescue proceedings.
A surety sued
A court decides
Creditors and sureties – the lessons learned
So how will it work?
PAIA Manuals – Breathing Space For Small Businesses…
On December 30th, the Minister of Justice issued a government notice giving small businesses an additional four years to submit their manuals in terms of PAIA. The new date for these exempted businesses is 31 December 2015.
Who’s off the hook, and who isn’t?
Finance 101: Leave Pay – The Potential Time Bomb On Your Balance Sheet…
The large corporate companies have focused extensively on leave pay over the past few years. Why is this attention given to leave pay? There are two main reasons:
New trends in Annual Leave
The Risk: what you should do
YOUR TAX DEADLINES FOR FEBRUARY
Provisional taxpayers need to do their provisional returns by 29 February 2012.
Please don’t forget to complete the estimated turnover for the year.
Read more: CA[SA].News – February 2012
We all said a sad farewell to three of our team players in January. We wish Caress Govender, Dale Naicker and Grant Smolas good luck for their futures and thank them for being key members of the Aitken Lambert Elsworth family. It is always difficult to say goodbye to friends but we are all excited for them to take the next steps in their careers.
A positive start to February saw the arrival of six new Trainee Accountants who began their training contracts with us. We welcome them all and look forward to getting to know each of them during their time to come with Aitken Lambert Elsworth.
We will be updating our Team page soon, so you will be able to see the new faces of the ALE family.
Congratulations to the winners of our Hamper Competition:
Judith Guthrie
Rhona Greef
Alan Beall
You each walk away with a Hamper worth R1000 !!!
We will notify each of you via email when your hamper is ready for collection.
In this issue…
VAT Refund Delayed? Track It With The New VAT Dashboard!
Taxpayers have experienced frustration in recent times waiting for VAT refunds. As most small businesses are always strapped for cash flow, the delays in refunds have been a considerable source of worry. How does the tracking system work?
Red – You need to take action, such as submit supporting documents
Amber – SARS is in progress with an action e.g. completing an audit
Green – No outstanding issue, or issue resolved
Beware The Tax Assessment Masquerading As A Letter!
A formal tax assessment comes in the form of an IT 34 which assesses how much you owe SARS (or if you’re lucky how much SARS owes you). A case recently decided by the Supreme Court of Appeal found that a letter from SARS was deemed to be an assessment.
Medical Aid Deductions Versus The New Tax Credits – Will You Pay More Tax, Or Less?
The Tax Laws Amendment Bill (due to be promulgated shortly) will change the way medical expenses are allowable for income tax purposes. The amendments will take effect from 1 March 2012. How will the new system work?
Finance 101: Planning For Retirement
Over the past few decades there has been a significant shift in retirement funding. The onus has shifted from employers to employees. People no longer spend a lifetime at one employer, technology makes information far more available and accessible and retirement fund providers now focus on individuals as much as they focus on corporates. How can you make a plan?
Read more: CA[SA].News – January 2012
Fashion Flashback…
There was a buzz in the office and you could feel the excitement building, so when 12h30 rolled around there was not a staff member in sight. Everyone had their kit on and were all making their way to Stars Niteclub (opposite the Moses Mabhida Stadium). The social committee put together a fantastic year end celebration…possibly the best yet!!
The theme was “Fashion Flashback” and staff had to dress according to the decade they were born. There were outfits, accessories and hair from as early as the 50′s to as recent as the 90′s. Clearly everyone had made an extra effort to represent their decade proudly and each person added their own unique flair to their fashion flashback.
Sadly we had to say farewell to Abraham Wiggill and Krishan Maharaj and each of them said a little something about their time at ALE. Krishan kicked off the positive vibes as MC and proceeded to do impressions of each of our Directors, which of course got everyone laughing, including the Directors. Then it was time for Andrew’s Annual Year End Speech, followed by the best dressed mini-awards for the guys and gals. Colin took best dressed guy, with Dale, Naeem and Abheran as his runner ups, and Lauren won best dressed gal with Nishi, Vikki & Cassandra as her runner ups.
The good vibes continued with fabulous food, delicious desserts and then a game of musical chairs to loosen everyone up. Next was a Decade Dance Off , and each decade had a chance to “squeak some takkie” on the dance floor. The fantastic 50′s boys brought back the twist, while the psychedelic 60′s children rocked their air guitars to some Woodstock tunes. Next were the Sensational 70′s grooving to Saturday Nite Fever, followed by the Awesome 80′s with their mind-blowing moon walks, and the 90′s babies showed off with some brilliant Mendoza moves.
Everyone had a blast, with a few die-hards dancing well into the night. A big thank you to our Social Committee for making it a party to remember.
 
  
15 December 2011 @ Stars Niteclub, Durban
For more pictures go to our Facebook page: https://www.facebook.com/AitkenLambertElsworth
In this issue:
Promotion of Access to Information Act, 2000 – PAIA Manuals:
- No further extensions have been granted and if you have not already compiled your PAIA Manual then it is due for publication and submission to The Human Rights Commission on or before 31 December 2011.
Whistle-Blowers in the workplace:
- As an employee, you are protected from any reprisals in the workplace should you “blow the whistle’” on any employer or co-worker who is committing an offence or a malpractice in the workplace. The Protected Disclosures Act, 2000 (PDA) applies to employees in both the public and private sectors, but does not apply to independent contractors.
The Consumer Protection Act and Dining Out - There are 2 rights covered in the Act which would apply to the dining out scenario:
- The right to fair and honest dealing
- The right to good quality and safety
Going Green – As from 9 November 2011, all new buildings and all extensions to existing buildings in South Africa must conform to the new regulations on energy conservation.
- Example: Fifty percent (by volume) of hot water in a building must be heated from a source other than a geyser and alternatives include solar heating and heat pumps.
Download: December 2011 Newsletter
In this issue…
Business Rescue – Read All About It!
Business Rescue is covered in chapter 6 of the new Companies Act 2008 and replaces the Judicial Management (“JM”) process in the old Companies Act.
* What is it?
* How does it work?
* The stakeholders
Tax: Beware the New “Supplementary Declaration” Form!
SARS has recently announced another measure to enforce compliance. It is a form called the “Supplementary Declaration” IT14SD and will be sent out to selected companies and close corporations (CCs) by SARS. The intention of this form is to verify and reconcile all taxes paid by the company or CC.
What should you do as a taxpayer?
Your Business Risk: Assess It and Address It!
There is risk within the business itself, from the economy, from the environment and there is global risk. It has always been there but now why is everyone speaking about it?
* Business is about risk
* Building an assessment framework
* Identifying risks……
* ……and managing them
Finance 101: The Moody’s Downgrade – What’s It All About?
Moody’s, one of the most famous global rating agencies, has downgraded South African debt from AAA+ to AAA-.
* What is the impact of this?
* How did this come about?
* In the global context where do we stand?
* Why is this important?
The jury however is out on who is correct…
Read more: CA[SA].News – December 2011
(Courtesy of MSI Global Alliance, London, UK)
MSI Global Feelgood Index reveals that business confidence is finally balanced.
“Inaugural survey shows that although the overall balance of global business confidence is neutral, it is noticeably lower in the major developed markets than in the emrging economies.”
James Mendelssohn, Chief Executive of MSI Global Alliance, comments: “The Global Feelgood Index provides a fascinating insight into the balance of confidence in 105 countries worldwide. Going forward, it will provide companies with a benchmark they can refer to on a quarterly basis when looking at prospects for the global economy.”
Read more: MSI Global Feelgood Index – press release – Nov2011
The Global Economy – a two-speed recovery in 2012?
Further analysis of the findings of the inaugural MSI Global Feelgood Index is provided by Joe Nellis, Professor of International Management Economics at Cranfield School of Management, a leading international business school based in the UK.
Read more: MSI Global Feelgood Index – Supplemental Info – Nov2011
In this issue…
National Health Insurance: What will it Cost You?
In August the Minister of Health released a green paper on NHI (National Health Insurance). This is the next big social program by government following the extension of social grants to some 13 million people. It is also in line with section 27 of the Constitution which states that everyone should have access to health facilities.
Navigating the SARS Minefield
As you will have realised recently, SARS is becoming increasingly sophisticated through system enhancements and will have increased powers through the promulgation of the new Tax Administration Act. It is clear that SARS is embarking on a campaign of enforcing compliance amongst taxpayers. What does this mean for taxpayers?
King III: What is it? And Why is it Important and Relevant to You?
“King III” is the latest code of corporate governance issued by the King Committee on Corporate Governance. It is accepted that there must be a profit motive but a company must also consider its stakeholders – employees, suppliers etc – and be aware of the community in which it operates. It needs, also, to be conscious of the environment surrounding it.
* “Profit, People and The Planet”
* Integrated Reporting
* “Lead SA”
Accounting 101: Financial Statements Made Easy! This Month – Ratios
What are ratios? And why are they important?
* Debt to Equity
* Earnings per Share (EPS)
* Price Earnings (PE)
Your Tax Deadlines for November
Remember November 25 is the cut-off for submitting your personal tax return if you use E-filing.
Read more: CA[SA].News – November 2011
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