Aquilla Informer: Issue 2010/28
Can you believe that the Soccer world Cup is in semi-final stage. Quite a number of surprises for me. Did think that Brazil and Argentina could do better. A pity about Ghana. But that is the way the cookie crumbles. This coming weekend we also see the start of the Tri-Nations and the Currie Cup. May the best teams win.
To assist you in becoming a winning team with your staff I will summarize a great website with information that you can peruse at your own time about the King III report on all forms of business irrespective of the registration method of your organisation. This implies that Listed, unlisted, CC's. NGO's Churches etc will all have to adopt the principles in some form or another or face explanation to why they have not adopted these principles. The principals was implemented as from 1 March 2010. Next week I will touch on the implications for Non-listed organisations.
Thank you to those who utilise the special on Turbo Cash Accounting Solution Software during the world cup 2010.
Someone complained that they do not need our advice. Please I am not trying to persuade you to change your financial adviser or Auditor. I merely share information with you, after which you can contact your current adviser to explain or discuss. WE will also gladly assist you if you require us to.
KEY PRINCIPLES OF THE KING III (Part3)
King III came into effect on 1 March 2010 – until then King II will apply. The new Code and Report also fall in line with the Companies Act no 71 of 2008, which is expected to become effective during 2010. However, it should also be mentioned that there are now King II recommendations which have become law due to the Companies Act.
Unlike its predecessors, King III applies to all entities regardless of the manner or form of incorporation or establishment whether public, private or the non-profit sector. A lot of debate is ongoing between the Institute of Directors in Southern Africa (IoD) and the organised NGO sector.
The problem with King III in its present form is that in failing to mention specifically the role of governance in the NPO sector, it inadvertently views NPO activities within the same prism as that of the corporate sector. This is a mistake given the vast inherent differences between the two sectors. More about that in the next issue of Aquilla Informer.
I great website website with lots of information on the implications of the King III report is http://www.pwc.com/za/en/king3/index.jhtml . The King Code of Governance Principles (King III) and the King Report on Governance is also available from the Institute of Directors via the website www.iodsa.co.za or can be ordered in hard copy by contacting the IoD on 011 430 9900.
Please let us know if you have any questions or need assistance in any way. Also discuss the implications for your organisations with you accountant, auditor or advisors.
1 July 2010 marks the start of the 2010 Tax Season for individual taxpayers and trusts.
As from this date you can begin to request and submit your income tax return to the South African Revenue Service (SARS). As an eFiler you can simply obtain your customised return on your eFiling profile or you may visit a branch with all your supporting documents and SARS staff will assist you with requesting and filing your return.
Your tax return will contain only those income and deduction sections relevant to you.
Outlined below is a summary of main changes being introduced in the 2010 Tax Season regarding the ITR12 individual tax return:
• Taxpayers married in community of property as at 28 February 2010 must complete the fields concerning their spouse’s personal details on their return
• The total amount of investment income earned must be declared even if taxpayers are married in community of property as SARS will do the necessary apportionment
• As a result of a change in legislation persons who qualified as a “handicapped person” in the past must have his or her disability re-confirmed in order to continue to claim the deduction. This will be facilitated through the completion of an ITR-DD form – confirmation of diagnosis of disability form for an individual taxpayer. The ITR-DD form must be completed by the taxpayer and a duly registered medical practitioner.
Should you require us to file your return kindly ensure that you have all your supporting documents with you so that we can complete your income tax return on your behalf. We will send you a power of attorney and a list of all the documents needed. These include proof of ID, your employee tax certificate [IRP5/IT3(a)], medical aid, retirement annuity and pension certificates, details of business travel expenses, lump sum certificates and banking particulars.
1 July 2010
Tax Season 2010 starting date
Deadline for eFiling/Branch submissions
26 November 2010:
Non-provisional: Individuals and Trusts
31 January 2011:
Provisional: Individuals and Trusts
Deadline for Postal submissions/SARS Drop box
30 September 2010:
Provisional and Non-provisional: Individuals and Trusts
Please let us know if you have any requests or need us to search for a particular open source software that you might need. Open source Solutions can be found for almost all proprietary software.
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Thank you for sending in your questions. Please continue so, and we will answer them as best possible in our Q&A section.
Have a great week.
Aquilla Informer Team