The difference between these types of engagements is the level of assurance that is provided on the financial statements as a whole in terms of being free of material misstatements. Audit – Reasonable assurance Independent review – Limited assurance Compilation…
On 7th September 2022, SARS confirmed that penalties were erroneously issued for the non-submission of 2022 personal income tax returns. SARS is in the process of reversing these penalties and taxpayers will be informed in writing once the reversal has…
A third payment can be made by the last business day of September 2022 for companies or any other individual with a February year-end. The top-up payment should be the difference between the total tax for the year less the…
The tax law proposals to introduce the "two-pot" retirement system were published on 29 July 2022. The proposal aims primarily to enable South Africans to save for non-retirement purposes (e.g. emergencies) via their retirement funds, whilst preserving more of their…
Due dates for reporting and payments: August 2022 Month Tax Type Date Notification August 2022 Employment Taxes 05/08/2022 EMP201 submissions and payments Value-Added Tax 25/08/2022 Manual VAT201 submissions and payments Value-Added Tax 31/08/2022 Electronic VAT201 submissions and payments Income Tax…
In terms of the Companies Act of South Africa Regulation 164 interest should be included in the company’s turnover if it is in the nature of the company to earn interest. Thus, the interest is excluded from the annual turnover…
As per IAS 12 Income Taxes, there are exemptions on initial recognition relating to deferred tax assets and liabilities. From 1 January 2023, a requirement has been added in IAS 12 to state that an asset or liability in a…
A taxpayer that does not agree with an estimated assessment issued to them must edit the tax return within 40 working days. Ordinarily, SARS issued a revised assessment. However, the SARS system has been sending out erroneous rejections, e.g. stating…
From 1 – 14 July 2022, SARS issued approximately 2.5 million estimated assessments to individual taxpayers, as part of their enhanced ‘auto-assessment’ process. As a result, several taxpayers were entitled to receive income tax refunds. Prior to the commencement of…
Currently, IAS 1.39.d states that an entity shall classify a liability as current when it does not have unconditional the right at the end of the reporting period to defer settlement of the liability for at least twelve months after…