Roller Coaster Report

After a fast start to the race, eight riders managed to break away on the ascent of Ou Kaapse Weg’s east side. Smith & Assosiate / OBike Maties were represented by Victor Grobbelaar and Stefan Ihlenfeldt while Daikin/Gu’s David Garrett and SA Road Champ Darren Lill (Bonitas), along with Renay Goustra (RSA Web) and Lance Muller (Brothers Sport) were other notable riders in the break.

Read more: Roller Coaster Report

Ihlenfeldt Takes Double Victory, Series

This past weekend saw the finale of the Aca Joe Pro Classic  Series with two races in two days.  On Saturday the cyclists competed in the Wellington Lions Race over 94km and Sunday the series finished off with the Bay City Cycle Tour over 84km.

Read more: Ihlenfeldt Takes Double Victory, Series

Companies Amendment Bill 2010

The Department of Trade and Industry has just released the long awaited Companies Amendment Bill 2010.

Read more: Companies Amendment Bill 2010

Operational delays at CIPRO

Clients are advised that, as a result of problems with systems and the unavailability of the call centre, it has become increasingly difficult

Read more: Operational delays at CIPRO

Annual returns by companies and close corporations

Companies and Close Corporations are required by law to submit an annual return and pay the applicable fee to the Registrar of Companies/Close Corporations annually in the anniversary month of the entity’s date of incorporation.

Read more: Annual returns by companies and close corporations

New penalties for non-compliant tax payers

SARS will implement a system of applying strict new penalties against non-compliant taxpayers from 21 November 2009.

Read more: New penalties for non-compliant tax payers

King III and Corporate Governance

The third report on corporate governance in South Africa was launched in September 2009 in response to the new Companies Act no. 71 of 2008 and changes in international governance trends.  This report, known as King III, was compiled by the King Committee headed by Justice Mervin King and will come into effect on 1 March 2010.

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Provisional Tax - Second Period Estimates

SECOND PERIOD ESTIMATES - TWO TIER APPROACH
A two-tier approach is envisaged for second provisional tax estimates. Taxpayers with a taxable income of up to R1 million will be classified as “smaller taxpayers” and will fall into tier 1. All other taxpayers will fall into tier 2.

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IFRS for SME’s

South Africa is the first country is the world to accept adopt the internationally issued International Financial Reporting Standard for Small and Medium-Sized Entities as the local standard.

Read more: IFRS for SME’s

Deregistering for VAT?

From the first of March 2009 the VAT registration threshold was increased from R300 000 to R1 million. (For some VAT vendors a long awaited change.) A VAT vendor with taxable supplies less than R1 million may deregister as a VAT vendor.  Those vendors who chose to deregister will no longer account for VAT or submit VAT returns. This will reduce the administrative burden relating to VAT records.

Read more: Deregistering for VAT?