Many of us experience never ending problems with SARS. Pay as you earn (PAYE) is no exception.
The Tax Onbud is currently engaged in investigating the PAYE system at SARS. Members in public practice, like EFGAudit Inc, participated in this review. Currently the SAICA (South African Institute of Chartered Accountants) published there findings on the same matter.
At this moment we don’t have any clear idea of the direction in which the investigation is going, but at least we know someone is listening. If you need any assistance with PAYE and payroll matters, feel free to contact EFGAudit for assistance.
Have a look at SAICA’s report: https://www.saica.co.za/Portals/0/Documents/Tax_Ombud_PAYE_Statement_of_Account_issues.pdf
Since our previous newsletter, the financial, economical and (hopefully) political world we find ourselves in changed drastically.
Steinhoff shares took a plunge. The governing ANC party got a new president. Various companies implicated in the so-called state capture are overcome with the possibility that people may get arrested. The CIPC laid (probably the first) criminal charges against a certain large audit firm and other consultancy firms for non-compliance with the Companies Act. Given that we are heading towards free education in South Africa, the SARS will soon start to pull all the stops to fill the R53 billion shortages on the fiscal budget.
Aside from that, we are still paying the same old bills and might soon be without water.
Did I skip BitCoin? (yes…)
We can learn valuable lessons from these matters.
At EFGAudit we are here to assist our clients and prospective clients, to create, fine-tune and maintain an administrative and financial system which will serve its purpose to both the owners and other interested parties. Allow me to explain:
Steinhoff: financial reporting is the responsibility of the management of a business. As this is potentially a complex area, EFGAudit has a wealth of knowledge and experience to assist you in the compilation of financial statements, management accounts and other information (information requested by banks, valuations). By assisting our clients with this vital task, external parties, like the bank and investors, and yourself, will receive understandable information which was compiled with the highest standard in mind.
The new ANC president: the rand appreciated after Ramaphosa was elected into this top position. In the global environment that we operate, almost every business has some exposure to foreign currency fluctuations. EFGAudit has regular contact with highly skilled experts in the field, that can assist in any foreign currency related matter. If you wish to invest offshore, or need forward cover, of just seek advice, we can put you in touch with the right person.
State capture, CIPC and the companies act: this week was the first time that I noted criminal charges laid against companies with regards to non-compliance with the companies act. The companies act has a section on what constitutes criminal actions, and those may carry hefty fines, and even jail time. During the coming year, we will ensure that all our clients are compliant in this area.
Free education and the shortfall on the budget: the SARS will collect more taxes and will continue to be less tolerant on any non-compliance. We will assist our clients to be compliant, to fix all instances of non-compliance. All legal steps will also be considered to optimise your tax position, as far as possible.
Paying the old bills: I am a firm believer that any business older than 5 years can become profitable, contribute to your wealth and generate reserves to operate in a sustainable manner. Unfortunately, not all business owners have the expertise to analyse their systems, accounts and budgets to know where to optimise their cash flow, where to focus, and where to let go. Merely having an accountant to do the books, is not worth much. We are available to engage with our clients, on a regular basis, to review your data to consult on the matter relevant to the growth of your business, from a financial point of view.
With 2018 already well underway, EFGAudit would love to be of more assistance to your business.
Disclaimer: any company and / or names mentioned in this newsletter are for information purposes only, and are being made with reference to articles in the public domain. EFGAudit is in no position to give opinions on the matters, and do not imply that any company or person are guilty of any form of misconduct, actual or alleged.