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2018 Year-end Tax Update – George
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2018/11/16
When: 16 November 2018
From 9:00am until 1:00pm
Where: Oubaai Golf Estate
406 Heroldsbay Road
Herolds Bay
George, Eastern Cape  6615
South Africa
Contact: Tshepo Magopa
0129410400


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Overview

The Annual Year-End Tax Update is arguably the most important seminar on the calendar of tax practitioners and accountants.

The seminar content provides the most pertinent tax changes that will help you to engage your clients with the level of confidence to stand out from the rest.

The appointment of Tito Mboweni as Finance Minister will undoubtedly attract the attention of mainstream media to current tax legislative changes. Don’t be caught off guard. Be ready for your clients’ queries to solve their tax concerns.


Course Content

The top 10 changes you need to know about:

1. SARS activation of understatement penalties for the failure to submit tax returns

2. How to deal with the Section 7C amendment, including loans to companies

3. Implementing the change to paragraph 11 of the Seventh Schedule: Debt to acquire immovable property

4. Removal of provision to allow for the tax-free transfer of assets between spouses

5. How to deal with a material error in an original tax invoice

6. Application of adjustments to contributions made to retirement funds

7. How to address VAT adjustments made for debit and credit notes, and bad debts and face value

8. Changes to the taxable fringe benefits regime

9. TAA changes to provisional tax and normal tax

10. Practically apply the doubtful debt allowance and IFRS 9

Other critical changes:

The Tax Administration Laws Amendment Bill, 2018

  • Changes to employer returns
  • SARS enforcement procedure (including naming and shaming) to clamp down on non-compliant tax practitioners
  • Taxable benefits and non-executive directors
  • Claiming refunds on erroneous payment by a taxpayer
  • Joint ventures as vendors
  • The audit engagement letter
  • Appropriate order in a procedural matter

The Taxation Laws Amendment Bill, 2018

Deductions

  • Section 7F: Deduction of interest repaid to SARS
  • Section 11(f): Any line or cable used for the transmission of electronic communications
  • Section 12(2): Periods of use listed for this purpose in a public notice
  • Section 12J: Venture capital companies
  • Section 20A: The ring-fencing of losses in respect of the acquisition or disposal of any cryptocurrency
  • Wasteful expenditure
  • Section 24I: Irrecoverable amounts
  • Donations to public benefit organisations

Rebates

  • Section 6A: Where more than one person pays any fees in respect of benefits to a person or dependant
  • Section 6quat: Retirement annuity fund contributions to be allocated in relation to the taxable income from sources within and outside the RSA

Tax avoidance

  • Sections 7(8), 25B(2A), 25B(2B) and 50D and paragraph 72 of the Eighth Schedule: Amounts deemed to have accrued to “donors” and certain controlled foreign companies
  • Paragraph 80 of the Eighth Schedule: Capital gain attributed to beneficiaries and foreign capital gains

Other changes

  • Section 9HB (new): The transfer of asset between spouses – paragraph 67 repealed
  • Section 9J (new source rules): The interest of non-resident persons in immovable property
  • Short-term insurance
  • Changes to the taxation of amounts received by collective investment schemes, portfolios and REITs
  • Residence of a deceased estate
  • Amendments to the dividend definition (including the amendments to section 31 and 64D)
  • The definition of “official rate of interest”
  • Retirement funds and the election to transfer the retirement interest to a preservation fund (including paragraphs 6 and 6A of the Second Schedule)
  • To allow for withdrawals from preservation funds on emigration or on the expiry of a visa

Presenter

Piet Nel

CA(SA)

Head of School of Applied Taxation at The TaxFaculty



Nico Theron

MTP(SA), BCom Law (cum laude), BCom Honours Taxation, MCom Taxation (SA and International Tax)


CPD

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


Event Investment

Free for all 2018 Subscription Package CPD subscribers. (Not yet a subscriber? Please click here for more information).

Option 1 - Seminar:

Member: R995.00

Non-member: R1195.00

Printed notes: R51.00

Click here to register for the seminar

Important: Printed copies of notes is optional and will cost additional R51 per set and must be ordered. Electronic notes will be emailed to all registered delegates 2 days prior to the event. Should you require a printed copy on the day of the seminar kindly select the printed seminar notes when registering for the event.

Option 2 - Dedicated Webinar Broadcast

This dedicated CPD webinar will be presented on 15 November 2018 from 09.00 – 13.00

Member: R455.00

Non-member: R556.00

Company Price: R860.00

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.
  • Conditions:
    • 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.

     

 

WHY REGISTER WITH SAIT?

Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

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