SAVE THE DATE!  ACCOUNTING DEADLINES 2020.

By Fanie Jansen Van Vuuren CA (SA), CFP®

SAVE THE DATE! Important deadlines.

  • Tax season this year (2020) will be in three phases:

Phase 1 | Employer filing                          15 April 2020 – 31 May 2020

Phase 2 | Tax file updates                        1 June – 31 August 2020

During this phase, a significant number of taxpayers will receive auto-assessments and given an opportunity to confirm their acceptance of the assessment outcome according to SARS. Individuals who are not required to file will be informed.

Phase 3 | Employee filing                         1 September – 31 January

Individuals who are non-provisional taxpayers or have not accepted the outcome of an auto-assessment are required to file as from 1 September through to 16 November 2020. Provisional Taxpayers are required to file when they are ready but not later than 31 January 2021.

WORKMEN’S COMPENSATION ANNUAL RETURNS 2020

COMPENSATION FUND:

The Compensation for Occupational Injuries and Diseases Act, No 130 of 1993 (COIDA) provides for compensation for disablement caused by occupational injuries or diseases sustained or contracted by employees in the course of their employment, or for death resulting from such injuries or diseases. Employers are required to Register, Submit & Pay annually

THE FOLLOWING PERSON OR ENTITY ARE REGARDED AS AN EMPLOYER OF THE COMPENSATION FUND:

“Employer” means any person, including a person acting in a fiduciary capacity, who pays or is liable to pay to any person any amount by way of remuneration, and any person responsible for the payment of any amount by way of remuneration to any person under the provisions of any law or out of public funds, excluding any person who is not acting as a principal.

We are required to submit an annual return via the Labour Department platform by the end of May for the financial year.

The Compensation fund registration requires us to fill out an application and on that application we need to state what your standard industry classification code is. This code will be used to apply the rate at which you will be assessed.

The annual return consists of the actual employees cost for year of assessment and then a provisional/predicted amount for the next financial year.

THANK YOU TO OUR LOYAL CLIENTS!

If you refer a client to FC Chartered Accountants, that signs a retainer agreement with us for at least R 3 500 (excluding VAT) per month, you will receive a R1500 voucher on your account.

DON’T MISS OUT!

SNIPPETS YOU MIGHT FIND INTERESTING

  • Sage One Business Accounting has released their long-awaited inventory module, Advanced Inventory. Seamlessly track and manage your inventory and gain accurate information into today’s state of your inventory. With Advanced Inventory, you’re equipped with an automated system that calculates the quantity and true value of your inventory after every sale you make.
  • Sage One Business has also launched a Debtors Manager module. Stay on top of late payments with a deeper analysis of who owes you cash, how much, and by when.
  • The Debtors Manager module empowers you with an automated workflow that helps track and facilitate the collection of outstanding payments. This gives you visibility into the real-time status of unpaid invoices and enables you to easily follow up with your customers. Set up a timeline, draft follow up responses, manage your customers’ account status and get paid faster.

WE ARE ALL IN THIS TOGETHER

We would love to hear from you!

Connect with Fanie Jansen Van Vuuren CA (SA) CFP®

at fanie@fcfin.co.za

To book an appointment with one of our independent financial advisors, investment specialists or tax advisors please dial 012 807 1714.

www.fcfin.co.za