The tax regime of small businesses in South Africa is an area of significant importance, from both a SARS administrative and compliance perspective, and from a tax planning perspective.
Recent tax amendments affecting micro and small businesses include clarification of the law relating to personal service companies and changes to the tax rates. Other noteworthy developments include the important changes in the principles to practice generally prevailing that will affect small businesses in their tax compliance obligations.
The annual Tax Issues for SMMEs seminar will deal with all of these changes and will extend the focus to the common tax issues relating to micro businesses and small business corporations.
Some of the key topics that will be covered in the seminar include important considerations to determine if a company qualifies as a small business corporation and when to register as a micro business. The presenter will also cover valuable points such as VAT considerations and depreciation allowances.
- Micro business and turnover tax (bi-annual returns)
- When to advise someone to register as a micro business
- The benefits of being a registered micro business
- The registration process
- Qualifying persons – emphasis on the “professional service” requirements
- The exclusion available on the disposal of micro business assets
- Administrative issues – filing of the TT02
- Small business corporations
- Personal liability companies and changes in the Act and practice generally prevailing
- Common questions relating to shareholders in a company
- The requirement for 20% of the total of all receipts and accruals
- Investment income
- Income from rendering of a personal service
- The full-time engaged safe harbour provision
- The R1.8 million capital gain exclusion on disposal
- The election regarding depreciation allowances
- Section 11(e) or section 12E(1A)
- Allowances for assets used to produce biodiesel, bioethanol or assets used in the generation of electricity from wind power or solar energy
- Remunerating owners of the small business
- Variable remuneration
- Debit loans
- The dividends tax and losing the normal tax exemption in respect of dividends
- IT14 and IT14SD issues (not dealt with above)
- Changes in resident status
- Changes in financial year end
- Dormant companies
- Common reconciliation issues
- IRP5 data will be pre-populated and locked
- IT14 small businesses
- Supporting material to be submitted with the ITR14
- Qualifying companies operating within Special Economic Zones
- Value-added tax issues
- Registration as a vendor
- Supplies prior to registration
- Zero rating of services
- Input tax – meeting supporting documentary requirements and responding to requests from SARS in this regard.
Piet Nel CA(SA)
Piet is the Head of the recently established School of Applied Tax at the SA Institute of Tax Professionals (SAIT). He formerly lectured in taxation at UNISA and the University of Pretoria and acted as study supervisor on post graduate level. Prior to joining SAIT, Piet was the project director for tax at SAICA. Over a period of more than a decade, Piet presented numerous tax seminars and workshops to tax practitioners. Piet is also well known in the media, regularly appearing on radio and TV talk shows. He actively contributes to the tax thought in South Africa and regularly publishes articles in professional journals and magazines.
This event and successful completion of the online assessment will secure 4 hours verifiable output CPD points/units. Including the following professional bodies: SAICA, CIMA, SAIPA, SAIBA, ACCA, FPI, CSSA, LSSA, FISA, ICBA, IAC, AAT
Free for all 2017 Tax Technician CPD subscribers. (Not yet a subscriber? Please click here for more information).
Dedicated Webinar Broadcast
This dedicated CPD webinar will be presented on 8 June 2017 from 9:00 – 13:00
Company Price: R850.00
Click here to register for the Webinar
Payments & Cancellations
All payments must be made by EFT or by credit card, at least 3 working days before commencement of an event.
Kindly note that should payment not been received 2 days after the event, legal action will be taken
Proof of payment will be requested at registration, if payment at that point in time has not been reflected on SAIT's bank account.
Only written notice of cancellation will be recognised.
If the cancellation occurs more than 4 working days prior to the event no cancellation fee will be charged.
If the cancellation occurs less than 4 working days prior to the event a 100% cancellation fee will apply.
Delegates who book and fail to attend will be liable for the full event fee.
SAIT's liability in the case of an event being cancelled will be limited to a refund or credit of the event fee.
Please click here for the full terms and conditions.