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Accountants

How does accounting differ from bookkeeping?
There's a great deal of confusion about accounting and bookkeeping. And while the terms are often used interchangeably, the functions of a Bookkeeper versus those of an Accountant are VERY different. Read on to discover the difference between an Accountant and a Bookkeeper so you can make an informed decision when hiring.... ››› more
[25 October 2013]

Revealed: The easiest way to fix your accounting Excel problems
If you have a hard time dealing with Excel problems, you'll be glad to know there's a simple and effective solution to fix all your Excel problems. Read on to discover how the Practical Guide to Excel can help you simplify even the most complex problems in Excel!... ››› more
[22 October 2013]

What does 'ring-fencing of assessed losses' mean and how does it affect you?
Do you have a side business that you declare and claim losses for on your tax return? If so, beware! You may be caught out under the ring-fencing rules of Section 20A of the Income Tax Act (ITA). But what does ring-fencing of assessed losses actually mean? Read on to find out...... ››› more
[18 October 2013]

Warning: Your accountant may resign after reading this press release
The South African Institute for Business Accountants (SAIBA) has issued an ominous press release. SAIBA warns tax practitioners to 'sharpen their pencils or face the full might of the law'. Read on to find out more....... ››› more
[19 August 2013]

ATTENTION ACCOUNTANTS: Failure to comply with changes to the TAA could land you in trouble with the taxman
If you're an accountant, be warned. You must comply with the recent changes to the Tax Administration Act (TAA) or prepare to face harsh penalties. Read on to discover what these changes are so you can get up to speed and comply.... ››› more
[19 August 2013]

Want to inject new blood into your business? Here are 14 tips for hiring competent graduates
When you need to find candidates with a specific skill set, you can employ graduates. However, employing people who've graduated with a degree doesn't mean you have an experienced person to do the job. To help you navigate around this dilemma and get candidates who will be valuable to your company, here are 14 tips you can use when hiring graduates.... ››› more
[19 July 2013]

Warning: Manage your employee's personal information properly or be prepared to pay the price
It's crucial you manage your employees' confidential information to ensure you don't face penalties for infringing their rights to privacy. Doing this correctly will also help you avoid the mayhem that could result from employees knowing each other's personal business like their salary and previous bonus. Here's how you can keep personal information safe to avoid facing serious penalties.... ››› more
[05 July 2013]

The 2013 tax-filing season for individual tax payers is well underway having officially kicked off on Monday. If there's one thing SARS has made clear, it's that it won't tolerate non-compliance. And if you're using a tax practitioner to handle your affairs, you'll be held personally liable if SARS finds he's not registered with the relevant authorities!...
[04 July 2013]

Do you have the documentation you need to complete your tax return?
According to tax expert Ettiene Retief, chairperson of the National Tax and Stakeholders Committees at the South African Institute of Professional Accountants (Saipa), when it comes to your tax return, it's crucial that everything is accurate, on time and, above all, you need to make sure you have the supporting paperwork. Here are the documents you'll need to complete your return as the 2013 tax-filing season gets underway today...... ››› more
[01 July 2013]

Submit your individual tax returns with success using these six expert tips
Today marks the beginning of the 2013 tax-filing season for individual tax payers. To help ease the anxiety that comes with tax season, here's what you need to know to ensure you submit your returns with success.... ››› more
[01 July 2013]

8 Reasons why you must have proper job descriptions in place...
Do you often find employees aren't sure about what they should be doing? It could be because you haven't outlined what's expected from them. To stop this happening, you need to make sure you have up to date, accurate job descriptions so your staff are performing up to scratch. Here are our top 8 reasons to create successful job descriptions...... ››› more
[12 June 2013]

Tax practitioners have until the 1st of July to register with SARS in order to comply with the Tax Administration Act of 2012. Failure to do so will mean they'll be forced to stop practising and offering their services until they resit their professional compliance exams. Here's why this should be a top concern for your business......
[06 June 2013]

Are you ready for the 31 May deadline for third party report submissions to SARS?
Thought you knew all your responsibilities under the Tax Administration Act? You could be mistaken, as new Tax Administration Act regulations that were gazetted last month mean SARS doesn't have to rely on just your business' financial reports and tax returns to check if you're telling the truth about your finances as certain entities now have to submit third party reports. Added to this, reportable irregularities will be considered by auditors! Here's what this means for your business.... ››› more
[24 May 2013]

Tax practitioners who've already registered with one of the five local controlling bodies SARS has approved are sitting smug as the 1 July deadline for registration swiftly approaches. But they shouldn't be so smug, as SARS has announced they can't just sit back - they have to re-register with the controlling bodies, too!...
[16 May 2013]

Account for employee contributions correctly in four easy steps and avoid SARS penalties today!
Employee related expenses are significant for many companies. Calculate your employee contributions wrong and SARS'll jump at the chance to penalise you. But don't worry. There are four easy steps to follow to get your calculations right everytime. Let's have a look...... ››› more
[08 April 2013]

Reduce your CGT obligations by reducing the base cost of your assets - it's legal!
Capital gains tax or CGT is usually a nightmare for accountants. Not only do you need to keep accurate records of each capital asset in the business, but also notes of the assets' condition, date of disposal, and any profits made when you dispose of it. Luckily, there are two perfectly legal ways to lower the amount of CGT you pay over to SARS...... ››› more
[27 March 2013]

Don't worry about post strikes - submit your Return of Earning statement to the Department of Labour online
Have you submitted your return of earnings statement to the Department of Labour yet? If not, best you get moving as you only have six weeks to get it in. With postal strikes playing havoc on the postal system at the moment, online filing is your best bet. Here's what you'll need to do...... ››› more
[26 March 2013]

Ready for your accounting audit? Make sure your internal controls are effective!
While not bad overall, the South African Institute of Chartered Accountants (SAICA) says the Auditor General's recently released audit outcomes for national and provincial government show quite a few areas where effective internal controls are missing. If you re among the 86% of businesses who still prefer audits to an independent review, there's an easy way to make sure your own internal controls are effective...... ››› more
[19 March 2013]

Two ways to comply with the Companies Act - the choice is yours, but act fast!
Audits are enough to send any accountant over the edge. That's why it's surprising that the South African Institute of Chartered Accountants' (SAICA) recent survey of small and medium accounting firms confirms that almost 86% of businesses still prefer audits to an independent review based on the amount of work involved. Here's how to decide if you'd rather go for an independent review or an audit of your accounting records to meet your Companies Act obligations...... ››› more
[14 March 2013]

Is your business up-to-date with Vat implications of the latest Budget Speech?
As expected, this year's Budget Speech ended up confusing many South Africa citizens. When it comes to implications of the Vat Act in particular, one of the main areas of confusion is how to register your business for Vat if you operate over the internet. Here's what you need to know!... ››› more
[13 March 2013]

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