Budget and Tax Update 2021
|CPD Hours:||Attendance at this seminar will secure 4 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc)|
The impact that the annual budget announcements and amended tax acts have on businesses and an individual are always significant. This course aims to inform accounting professionals and tax practitioners about all the newly promulgated and imminent tax amendments. The sessions will focus on a practical and relevant application, discussing new and pending legislation and covering the impact of key changes announced in the 2021 Budget Speech.
The following will be addressed during this course: • 2021 budget proposals and amendments • Practical implementation of the effective amendments in the Income Tax Amendment Bill as well as the Tax Administration Laws Amendment Bill of 2020 • Amendments that will be dealt with in detail include (but is not limited to): o Foreign employment income exemption – 183-days requirement o Exemption for employer-provided bursaries o Withdrawing from retirement funds on emigration o Preference share structures and s 7C o Assets acquired in exchange for share or debt o Intra group transactions o Unbundling transactions o Raising of assessments based on an estimate o Interest on overpayments o Provision that a refund need not be authorized where a matter is under criminal investigation o Removal of requirement to prove intent in statutory offences o Reimbursing employees for business travel o Clarifying deductions in respect of contributions to retirement funds o Addressing the anomaly in the rollover of amounts claimable under the ETI o Clarifying the tax treatment of secured debt for the doubtful debt allowance for taxpayers not applying IFRS 9 o Introduction of anti-avoidance provisions regarding change in residency and foreign dividends received by residents o Changes to the VAT Act, including the clarification of the treatment of irrecoverable debts o SARS rulings: Binding General Ruling 53: Taxation of interest payable by SARS Binding General Ruling 54: Unbundling of unlisted company: impact of non-qualifying shareholders Binding General Ruling 55: Sale of dwellings by property developers o Court rulings: Telkom SA SOC Limited v CSARS Big G Restaurants (Pty) Limited v CSARS Diageo South Africa (Pty) Ltd v CSARS ABC Trading CC vs SARS (VAT 1712) – Fringe benefits and VAT
☒ Investment managers ☒Financial managers ☒Auditors ☒Bookkeepers ☒Financial accountants ☒Third year SAICA trainees ☒Fourth year SAICA trainees ☒Fifth year SAICA trainees ☒Audit managers ☒Audit partners ☒Compliance officers