years back, during Britain's relative early membership of the EU,
many major British manufacturers deserted Britain in favour of the
EU.The resulting job loss in the UK was enormous. One wonders
whether a sudden burst of patriotism will persuade them to return
or whether the EU without Britain will be a less attractive venue.
This just goes to show how political changes affect economic
decision making. Hopefully, South Africa is not populated by such
treacherous industrialists and that a much needed boost to
political stability will regain their goodwill.
Duty – one calendar month to the day after the incorporation
of Access to Information Act manual – 31
December 2021 extended
Voluntary Disclosure Programme
– 1 October 2016 to 31 March 2017
and postal submissions – 23 September 2016
by non-provisional taxpayers at a SARS office – 25 November 2016
by non-provisional taxpayers – 25 November 2016
taxpayers by Efiling – 31 January 2017
clients should note that unless we receive all the relevant
data and documentation at least fourteen days before the
applicable submission deadline we cannot be held responsible for
any punitive action taken against them by SARS.
that you have a spreadsheet that contains constants and formulas
but at the beginning of a new month you need to remove the
constants in order to use the sheet for new data without
disrupting any formulas. The best way to do this is to use the Go
To Special command as follows:
the range that contains both formulas and constants
F5 to open the Go To box
the constants box and click OK
0 and press Ctrl and Enter
cells that contained constants will be reset to zero
Filing Season 2016
2016 tax returns are now available on Efiling. Given the deadlines
set out above, early submission to us of the following will avoid
the imposition of late rendition penalties:
certificate(s) from your employer or pension fund.
certificate for investment returns. By now most finance houses
should have issued these.
statements in respect of business income. Separate disclosure of rental income and related expenditure is require.
Kindly refer to our April 2016 issue.
contribution certificates and receipts
in respect of local interest income earned. This
appears to be a repeat of the IT3(b) item above. What is omitted
is an IT3(c) in respect of any capital gain. This usually applies
to the sale of shares either via your stockbroker or unit trust
annuity fund certificates relating
to premiums paid.
other documents in support of business travel expenses. The
SARS website provides a specimen log book. Any logbook that is
submitted should comply with that content.
confirmation of diagnosis of disability form (ITR-DD), if
relevant income and deduction information
we have completed your return but prior to lodging it with SARS,
we will send a copy thereof to you. The purpose of that is to
enable you to verify all information thereon. Of prime importance
is the verification of the personal information, particularly, of
bank details. The information on any tax certificate should be
checked very carefully as any inaccuracies will have to be
rectified by your employer before the return is submitted.
is not uncommon to hear of credit applications being rejected
because of erroneous listing on a credit bureau for non-payment of
an account. A recent issue of a business magazine highlighted, the
case of a bond application being turned down by four banks
including the applicant's bank. He had dealt with his bank for
sixteen years. The applicant was confident that he had an
unblemished credit record. However, in the previous year, he had
cancelled a cell phone contract but the service provider had
continued to send accounts. When, after telephonic approaches and
two emails to the service provider's customer care department, the
bills stopped coming the user assumed that the matter had been
resolved. However, it had been handed over to the service
provider's legal department who listed the debt with a credit
bureau without notifying the customer. The listing only came to
light a year later when the bond applications were rejected.
cases were reported in respect of amounts that were short paid by
medical aid schemes. Therefore, it is advisable to follow these
steps on an annual basis:
to either Transunion or Experia for a full credit report. You are
entitled to a free report once a year.
any adverse disputed listing is reflected, request the credit
provider to investigate the matter in conjunction with the bureau.
Any verbal request should be followed up immediately with a
a dispute of the listing with the credit bureau. Their
investigation is likely to take 21 business days.
your approaches are unsuccessful, lodge a complaint with the
the matter to a consumer journalist may assist in speeding up
very basis of an employment relationship is the duty to act in
good faith. According to a Supreme Court of Appeal (SCA) case,
this duty is breached when an employee:
against the employer’s interest
him/herself in a position where his/her interest conflict with
those of the employer
a secret profit at the expense of the employer
a bribe, commission or secret profit in the course of or because
of his/her position with the employer.
ruling has been used recently in a case where the employee
participated in moonlighting activities.
case involved an employee who trained the employer’s employees
and, to equip him to do so, had qualified as an accredited
assessor and moderator. The company had a rule against
moonlighting which the employee contravened without even
requesting permission to do so. He did this by presenting training
to an external company. It was also alleged that he had been
involved in dishonest and fraudulent activities thereby bring the
employer company into disrepute. The CCMA Commissioner found that
there was no consistent application of the moonlighting rule by
the employer company and found against the employer and awarding
on appeal, the Labour Court reversed the CCMA decision on the
basis that the employee had not acted in good faith by acting
dishonestly and in a manner that might bring the company into
opinion is that because of an employee’s duty to act in good
faith, there is no need for the employers to introduce a rule to
prohibit moonlighting without obtaining
written permission. However, the introduction of such of
such a rule and the consistent application of it will serve to
reinforce the employer’s protection in this regard.
stability is one of the most important indicators when deciding
upon a country's credit rating. Violent demonstrations go a long
way to undermine that stability; so too does veiled censorship as
practiced by the SABC. It seems that the ruling party can do
little to control either. From an outsider's perspective, it may
even appear that this approach is a deliberate attempt by JZ, by
using his personal
to become a Zimbabwean style of dictator. This would certainly not
encourage a favourable review of the countries credit status. As
we approach the wage negotiation season, it is hoped that trade
unions and organised business will not tacitly contribute to
demonstrations and to the unemployment statistics. Higher cost of
living may also lead to a brain drain and associated capital
only plus factor is that most countries are experiencing similar
or worse economic woes.
it seems unlikely that the SA Reserve Bank will be able to avoid
raising the repo rate before the end of the year. It remains to be
seen what its Monetary Policy decides this week. The announcement
is due on Thursday afternoon.
can a world be good in which Money is the moving power, and
Self-interest the guiding star?”
– H. Rider Haggard