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Best Practice: SARS Income Tax Audit 2021

Overview In the 2021/2022 Budget Speech delivered on 24 February 2021, the Minister of Finance, Tito Mboweni, stated: “We owe a lot of people a lot of money. We must shore up our fiscal position in order to pay back the massive obligations w e have incurred over the years.” The minister also pointed out the following, “SARS has started to deepen its technology, data and machine learning capability. It is also expanding specialised audit and investigative skills in the tax and customs areas to renew its focus on the abuse of transfer pricing, tax base erosion and tax crime.” Given government’s focus on cash collections aimed at serving the ever-increasing debt burden of the country, one should expect a significant increase in SARS audits and investigations. The tax practitioner and tax executive has an obligation towards clients and employers to ensure that these audits can be dealt with effectively and efficiently whilst minimising the risk of revised assessments and by eliminating the risk of understatement penalties charged by SARS. This not to be missed workshop-webinar is relevant for any person who is responsible for ITR14 submissions and responding to SARS audits and requests for information. It will also be insightful for any public officer or director responsible for overall tax governance of a taxpayer. Workshop-webinar content The workshop-webinar will consist of the following four aspects: Section 1 Since September 2018, 15 income tax cases were heard in the Supreme Court of Appeal (SCA). Of the 15 cases, only three were found in favour of the taxpayer. In this section, we will explore certain high-profile SCA and high court cases and consider whether or not a different approach by the taxpayer (in dealing with the SARS request for information and the SARS audit) could have avoided the cases being referred to the court in the first instance. Cases dealing with prepayments, stock valuations and section 24C will inter alia be discussed. Section 2 Under section 2, we will consider how a precautionary and anticipatory approach to ITR14 preparation can avoid costly disputes with SARS and minimise the risks of understatement penalties. We will further discuss sound principles of tax risk management and tax governance, which if applied properly, can protect the taxpayer against most understatement penalties. Section 3 Here we will deal with practical case studies where a strategy for dealing with SARS audits under different scenarios will be discussed in a practical and understandable manner. Participants will benefit from the practical experience built up over 30 years by the presenter in dealing with SARS audits. This is more than “knowing your rights”. This section is about the subjective decisions to be made by the person dealing with SARS audits under a variety of scenarios. Section 4 Under section 4, we will deal with the future of tax audits with specific reference to increased data analytical capabilities of SARS and reliance on third-party data submissions. Who should attend? Tax practitioners, tax accountants, tax managers and tax executives.


4 Hours | R575.00
Johan Heydenrych CA(SA)

Webinar: Fairness for All with the Office of the Tax Ombud 2021

Overview Join the Office of the Tax Ombud’s Senior Manager of Legal Services, Gert van Heerden, as he unpacks various cases that were in favour of the taxpayers against SARS. With the theme of this session being fairness for all, the foll owing will be unpacked: Court validates Tax Ombud’s stance on tax refunds. Tax Ombud’s intervention on a delayed refund from SARS which resulted in the payment of over R73 million to a taxpayer, as well as R6 million in interest. The session will also address the following questions: The mandate of the Office of the Tax Ombud (OTO). Important findings on each case. OTOs perspective on each case. Lesson to be learned on each case. Who should attend? Tax practitioners.


2 Hours | R0.00
Gert van Heerden

Webinar: Monthly Tax Update - March 2021

Overview Does it feel like the tax rules are changing by the minute and that it’s difficult to keep abreast of changes? It’s crucial for tax professionals to be informed and well-rounded. Our monthly tax update will bring you up to spe ed with the recent developments in the tax environment. Each monthly tax update brings you the latest tax news, highlighting: The latest case judgments. The most recent changes in tax legislation. The key aspects of recent SARS documents published such as rulings, interpretation notes, notices, etc. Relevant tax news. And any other recent developments. Course content Some of the key aspects that we will cover in the March 2021 update include: Further developments on the 2021 proposed tax amendments – travel allowance table and UIF ceiling. Recent judgments including Medtronic International Trading SARL v CSARS (33400/2019) [2020] ZAGPPHC (15 February 2021). Recent rulings and other SARS documents including ​updated Employers Guide to the AA88 Third Party Appointment Process. Draft interpretation notes: Draft IN 59 (Issue 2) – Tax treatment of the receipt or accrual of government grants. Draft IN – Deductions in respect of improvements to land or buildings not owned by a taxpayer. The webinar unpacks these developments in a practical and understandable way to assist you in understanding the full impact of these changes and developments on you, your employer and your clients. Who should attend? The monthly tax update webinars will benefit all persons involved in taxation, such tax accountants, tax managers, tax advisors and those running a tax practice. Furthermore, persons involved in the finance functions of businesses would also need to have an awareness of recent tax developments as this could impact decision-making. This includes accountants, bookkeepers, financial managers, financial directors. Business owners will need to stay abreast of changes in the tax environment to properly structure and plan transactions. Lawyers and attorneys, directly or indirectly involved in taxation, will benefit from staying up-to-date with the monthly tax update sessions. The monthly tax update webinars will cover all developments across taxes covering individual taxpayers, corporate taxpayers, value-added taxation, estate duty, payroll taxes, etc.


2 Hours | R475.00
Prof. Jackie Arendse

Webinar: Exchange Control Changes – Estate Planning and the Dispersed Family 2021

Overview The 2021 relaxation in exchange control regulations impacts all South Africans, whether they reside in South Africa or are living abroad as expats. Does this mean that exchange control regulations can now be disregarded, or do the new rul es create more uncertainty? Course content Now that formal emigration (also known as financial emigration) is no longer an option, will expat children be able to receive their South African inheritances as cash transfers to their new home country? With so many expats and dispersed South Africans, estate planners; tax accountants; executors and financial planners need to know how to deal with exchange control when residents inherit foreign funds from local or foreign estates. There are indeed different South African Reserve Bank exchange control rules, and a pre-legacy is a gift. South Africans receiving foreign gifts and winning foreign lotteries remain subject to even more restrictive rules. Finally, the relaxation of so-called loop rules did not allow the "free for all" as expected. The loop reporting rules and anti-avoidance tax rules have left many families planning internationalisationor cross-border expansion with their hands in their hair. Where to start and how to legally protect the related shareholders residing offshore? Hugo van Zyl, Master Tax Practitioner (SA) TEP CA(SA), will unpack new post and pre-event capital flow monitoring rules that are slowly but surely replacing the exchange control rules as we've known them for so many years. Who should attend? Tax advisors, persons interested in emigrating, persons who have family who have emigrated.


2 Hours | R475.00
Hugo van Zyl

Budget and Tax Update 2021

Overview The Annual Budget Speech is the most anticipated event on the financial calendar and even more so this year, in a period of unprecedented challenges brought about as a result of the Covid-19 pandemic. Furthermore, the economic pressures c aused by the Covid-19 lockdowns and travel restrictions only served to exacerbate the pre-existing fundamentals in the form of the spiralling levels of government debt, the ever-widening budget deficit, a stagnant economy and a shrinking tax base. All of these factors make it extremely difficult to ‘balance the budget’. How will Minister Mboweni address this? There is much speculation about fiscal policy and possible changes to the tax system and it remains to be seen what actions the Minister will announce. As taxes have a critical impact on taxpayer’s profits and take-home pay, these announcements will have an important impact on financial and business decisions. The 2021 Annual Budget and Tax Update will unpack the tax proposals announced in the Budget Speech to enable attendees to understand the full impact of these changes. In the webinar, Professor Jackie Arendse will explain the proposals in a practical and comprehensible manner so that attendees can understand how to apply the amendments and the impact on business and personal finances. Course content Tax rates, including: Changes in normal tax rates and rebates, including the medical rebates. Estate duty and donations tax. Dividends tax. VAT. Payroll and employees’ tax changes. Fringe benefit amendments. Retirement reforms. CGT amendments. Corporate tax amendments. Limitations on deduction of interest. Limitations on the carry-forward of assessed losses. Corporate restructuring. Venture capital companies. Controlled foreign companies. Trusts. Tax administration amendments. Recent selected court judgments and new SARS rulings and interpretations. Who should attend? This webinar is a significant, must-attend event on the calendar of tax practitioners, accountants and bookkeepers everywhere.


4 Hours | R575.00
Prof. Jackie Arendse

Monthly Tax Update Feb 2021 - Budget Highlights

Overview Does it feel like the tax rules are changing by the minute and that it’s difficult to keep abreast of changes? It’s crucial for tax professionals to be informed and well-rounded. Our monthly tax update will bring you up to spe ed with the recent developments in the tax environment. Each monthly tax update brings you the latest tax news, highlighting: The latest case judgments. The most recent changes in tax legislation. The key aspects of recent SARS documents published such as rulings, interpretation notes, notices, etc. Relevant tax news. And any other recent developments. Course content The monthly tax update webinars unpack the latest developments, taking a practical approach to help you understand how these changes and developments may affect you and your clients and keeping you on the cutting edge of tax law and practice in South Africa.


2 Hours | R475.00
Prof. Jackie Arendse
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