Our Monthly Legislation and Standards Update (MCLU) provides a list of some of the most important legislation updates from the previous month. This helps you to stay up-to-date on recent and important legislation developments in auditing, accounting, tax, SARS operations, CIPC operations, Labour and other relevant laws.

For a complete update on each of the items listed go to the SAIBA CPD Provider: SA Accounting Academy and subscribe to the MCLU CPD package. This is a monthly webinar series presented by an expert that explains the latest changes to you can implement in your practice.

SARS:

Guides (updated & issued):

  • Comprehensive guide to capital gains tax (Issue 7)
  • ABC of capital gains tax for individuals (Issue 10)
  • Mutual agreement procedures (Issue 2) and Minimum information requirements for MAP requests
  • Calculation of the tax payable on lump sum benefits (Issue 3)

Interpretation Notes (updated & issued):

  • 104 (Issue 1) – Exemption – Foreign pensions and transfers
  • Binding Rulings (Private/Class/General) issued and updated:
  • BPR 311: Photovoltaic solar energy plants
  • Other publications issued:
  • Draft list of qualifying physical impairment or disability expenditure and Draft ITR-DD Form – Confirmation of Diagnosis of Disability
  • Court case, covering the:
  • Disallowance of the utilisation of an assessed loss

IFRS:

Standards – What’s in the pipeline?

  • Important aspects to note on new definitions of “materiality” and “a business”: IASB finalises amendments to IAS1, IAS8 and IFRS3 – Only effective for reporting periods beginning on or after 1 January 2020

IRBA:

Standards:

  • IAASB modernises auditing of accounting estimates in support of audit quality – Revised ISA540

Guidance issued:

  • Professional scepticism the heart of audit

CIPC:

Notices and Practice Notes issued (enforcement and to customers):

  • Appointment of Business Rescue Practitioner – form and supporting documents required for acknowledgment
  • Guideline for the application for licensing as a Business Rescue Practitioner – form and supporting documents to be submitted
  • Automation of paper-based disclosures for Companies and Close Corporations
  • Invitation for Public Comment on Draft Companies Amendment Bill
  • Clarity on CIPC’s interpretation of voluntary audits
  • Companies Tribunal:
  • 5 Decisions reached on cases heard (Exemptions and Name disputes).

Labour Law:

Court cases:

  • The labour court jurisdiction during business rescue proceedings: a case of urgency and unpaid employees – a recipe for new law
  • A commercial court established – a blessing or a curse?

Other Laws & Regulations affecting your client AND impact on NOCLAR:

The Big 5:
  • The Draft Financial Sector Laws Amendment Bill 2018;
  • The Financial Sector Regulation Act (Commencement dates);
  • The Income Tax Act (Taxation Laws Amendment Bill 2018);
  • The Long-term Insurance Act and Short-term Insurance Act (Policyholder protection rules); and
  • The Long-term Insurance Act and Short-term Insurance Act (Regulations commencement dates)
Legal Practice Act update:
  • Section 94 Regulations commenced on 29 October 2018 (also referred to as Section 109(1)(bA) Regulations)
  • Regulations on Compensation Fund new Assessment Model:
  • Released for comments

COID Amendment Bill:

  • Released for comments

· Ethics:

  • Social Media Guideline released

Regulator news:

IRBA News & press releases:

  • None

SAICA Guidance:

  • Top tips for SMPs (Small and Medium Practices).
  • Quarterly SMP Newsletter released

Companies Tribunal:

  • Article: ADR and its potential application to Insolvency
  • Tribunal Newsletter released

FIC Guidance:

  • To mandated entities re Access to Information held by FIC

National Credit Regulator:

  • Public warning issued

Tax Ombud:

  • Fairplay Quarterly Newsletter released

FSCA publications & press releases:

  • Quarterly newsletter released
  • Regulatory Actions Forum releases a list detailing the current status of insider trading and prohibited trading practices investigations
  • 2 Conduct Standards on Over-the-counter derivatives released in terms of the Financial Markets Act

Warnings issued against 2 fraudulent FSPs.General Announcements / News Releases:

General Announcements / News Releases:

SARS:

  • Clarification of SARS’s stance on medical expense claims
  • Good news for taxpayers battling refunds and disputes