ARE YOU A TARGET FOR SARS’ VERIFICATION AND AUDIT PROCESS?

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Over the past few years, SARS has accumulated a lot of data on taxpayers and has improved its systems in terms of using this data to pick up errors or omissions by taxpayers. Legislation has enabled Revenue to increase its interrogation powers.

SARS has substantially escalated the verification and audit process

The number of audits conducted in 2012/2013 rose by 42% over the previous year. 15% of taxpayers were audited in 2012/2013.

Many taxpayers will have received a verification query after completing their 2013 returns. Taxpayers need to understand that this is the beginning of a process that could lead to paying more tax and/or becoming embroiled in an alternative dispute resolution procedure, objection and appeal, a tax audit and finally appearing in court.

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THE IMPACT OF THE SOUTH AFRICAN PROPERTY SECTOR ON THE NATIONAL ECONOMY

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This morning, (27 May, 2014) The Property Sector Charter Council released the results of its latest study:

The Impact of the South African Property Sector on the National Economy.

This research continues from its 2012 report, which measured the size of the property market in South Africa at a massive R4,9 trillion. It was and remains the first study of its kind in the country.

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EAAB CLARIFICATION STATEMENT REGARDING THE NON-ISSUE OF FIDELITY FUND CERTIFICATES DUE TO AUDIT REPORTING NON-COMPLIANCE

EAAB

23 MAY 2014

The Estate Agency Affairs Board (EAAB) is mindful of the legitimate concerns of the estate agency firms and practitioners who have not yet received their Fidelity Fund Certificates for 2014 as a result of audit reporting non-compliance issues.

Estate agents are however reminded that the EAAB is precluded by the provisions of the Estate Agency Affairs Act from issuing Fidelity Fund Certificates under such circumstances.

Estate agents that have been rendered disqualified by virtue of non-audit compliance are required to go through a formal process before the Fidelity Fund Certificate/s can be issued even after the outstanding audit reports have been duly received.  The EAAB is doing everything possible to expedite the issue of Fidelity Fund Certificates once the disqualification has been removed.  A substantial number of Fidelity Fund Certificates have already been issued under circumstances where the non-audit compliance has been satisfactorily remediated. 

Read moreEAAB CLARIFICATION STATEMENT REGARDING THE NON-ISSUE OF FIDELITY FUND CERTIFICATES DUE TO AUDIT REPORTING NON-COMPLIANCE

BBBEE Symposium hosted by Schoeman Tshaka Attorneys and Sales Partners, Cape Town

On 11 October 2013 the Minister of Trade and Industry, Dr Rob Davies, gazetted the revised Broad-Based Black Economic Empowerment (BBBEE) Codes. The new Codes will replace the existing BEE Codes of Good Practice when they come into operation. The Codes have introduced a number of changes, including: Reducing the elements of the scorecard from … Read moreBBBEE Symposium hosted by Schoeman Tshaka Attorneys and Sales Partners, Cape Town

The Revised Codes as Gazetted under Broad-Based Black Economic Empowerment Amendment ACT 46 – 2013

TUESDAY-PROPERTY INSIGHT (No.46) PRIORITY ELEMENTS AND  SUBMINIMUM PRINCIPLE The new revised codes of Good Practice have introduced- Priority Elements to ensure more focus and more efforts in particular codes/elements. There are 3 priority elements: Ownership, Skill Development  and  Enterprise & Supplier Development. Generic companies need to comply with all 3 priority elements and QSEs need to comply with only 2  of the 3 … Read moreThe Revised Codes as Gazetted under Broad-Based Black Economic Empowerment Amendment ACT 46 – 2013

Parliamentary Update: Post-election FAQs Answered

Last week, South Africa held its fifth democratic election. Below are answers to five key questions on the current status of Parliament and lawmaking. Is Parliament operational? Not yet. The newly-elected National Assembly (NA) and National Council of Provinces (NCOP) will hold their first sittings on 21 May and 22 May respectively. The results of the … Read moreParliamentary Update: Post-election FAQs Answered

INVITATION: Estate Agency Affairs Board 2014 Annual Stakeholder Roadshows

PHASE 1 and 2 EAAB Annual Roadshows for 2014 The Estate Agency Affairs Board will be conducting their Annual Roadshow Seminars commencing from May -November 2014. Invitations are currently been sent out to estate agents where we have correct email addresses. If you do not receive an invitation, please RSVP your attendance directly to margie@eaab.org.za indicating name … Read moreINVITATION: Estate Agency Affairs Board 2014 Annual Stakeholder Roadshows

Internship programme launched to transform estate agency sector

The Estate Agency Affairs Board (EAAB) and the Department of Human Settlements launched the ‘One Learner – One Estate Agency’ internship programme aimed at creating one internship position at each of the estimated 10 000 estate agencies in South Africa to grow the involvement of youth, women and previously disadvantaged people in the sector. EAAB chairperson Professor Kwandiwe … Read moreInternship programme launched to transform estate agency sector

STBB Property Law Update – Issue 10 – 2014

DON’T ASSUME THAT A LATER CONTRACT OVERRIDES A PRIOR ONE Laynes v Coco Haven 1100 CC and Another (25220/2013) [2014] ZAGPJHC 30 (10 March 2014) The seller and purchaser in this judgment concluded two sale agreements for a property on virtually the same terms, shortly after one another. The second agreement was cancelled by agreement … Read moreSTBB Property Law Update – Issue 10 – 2014