CIPC Releases A Directors Quick Reference Guide
CIPC has released a quick reference guide designed to highlight specifically, although not exclusively, critical issues of the Companies Act No. 71 of 2008 that a director should be aware of. The central message of this guide, which is divided into 10 basic markers, is that a director of a company when acting in that capacity:
- must not cause harm to the company;
- must always act in the best interests of the company; and
- must ensure that there is no conflict of interest between the director and the company
A director differs from a shareholder in terms of function; power and authority and is legally distinct from the company itself. A person can act in different capacities, for example a person can be shareholder, director, employee and creditor of a specific company – the importance is that the rights and duties differ depending on the capacity – one must remember which “hat” a person is wearing.
A shareholder is a holder of a share issued by a company and, like a director, does not own the assets of a company. The company is an independent legal entity that owns the assets of the company. A share in a company gives you rights against the company not in the assets of the company. The director is the controlling mind of the company and is the legal link between shareholder and company.
The director of a company must:
- be vigilant when he/she conducts the affairs of the company
- have regard for the Companies Act and what is legally required to be a director
- do the basics right
- Ensure that he/she acts in the best interest of the company
Should you have any queries in this regard please do not hesitate to contact us for professional advice.
Filing Season 2020 – SARS Will Be Calling Taxpayers
With the intention of making it easier to comply with tax obligations, SARS is embarking on an outbound call campaign to assist taxpayers to file their tax returns virtually, either by a telephone or video call.
SARS will contact taxpayers by telephone for the following reasons:
- those taxpayers that fall within the category of Auto Assessment,
- taxpayers that choose to file their return via telephone, and
- for Tax Practitioners we offer the ability to file returns via a video collaboration platform
Category of auto-assessment:
With the consent of the taxpayer, a virtual agent will:
- Explain the auto-assessment result to the taxpayer. If the taxpayer agrees to it, the agent will accept the auto-assessment on behalf of the taxpayer; or
- Edit and submit the ITR12 return on behalf of the taxpayer if the taxpayer wishes to amend the return, provided they have the required supporting documents at hand
- These virtual engagements will be recorded, and taxpayers will be informed thereof
Category of Telephonic filing of Income Tax return:
With the consent of the taxpayer, a virtual agent will:
- Facilitate and capture any amendments required to the pre-populated assessment and once completed, verify and submit on behalf of the taxpayer
- These telephonic engagements will be recorded, and taxpayers will be informed thereof
Category of Virtual/Video conference filing of Income Tax return – for Tax Practitioners only:
- Based on an appointment slot, a Tax Practitioner can engage with a SARS agent to:
- Facilitate and capture any amendments required to the pre-populated assessment and once completed verify and submit the return
For the protection of taxpayers, SARS want to ensure you aware of the following:
- The SARS agent will authenticate taxpayers using certain personal details on record with SARS, e.g. confirm Tax and Identity number
- The SARS agent will never ask for any eFiling login details
- Taxpayers can ask for the SARS agent employee number, name and surname as well as the case number
Should you feel uncomfortable with the virtual engagement options, you may still use SARS digital channels: eFiling or SARS MobiApp to accept your auto-assessment and file your tax return.
Should you require assistance in this regard do not hesitate to contact us for professional advice.
Stats SA – Census 2021 – Using Technology – Our New Normal
Statistics South Africa (Stats SA) will conduct a population count in 2021, Census 2021. This will be the fourth population count in post-apartheid South Africa. A census is the largest undertaking by a statistical agency, where everyone in the country is counted.
The data collected during a census is used for planning, policy and evidence based decision-making. Census data also provides content for a wide variety of programs and services used by different structures and communities across the country. According to the Statistics Act (Act No.6 of 1999), a census in South Africa should be conducted every five years. However, a decennial census is undertaken and in between censuses, a large scale survey called the Community Surveys is conducted every five years.
Census 2021 will be the first population count in the country to use new methods of data collection that involves the use of digital devices. The Computer Assisted Personal Interview (CAPI) allows a fieldworker to administer a questionnaire by capturing data on a tablet. Where applicable, the option of Computer Assisted Web Interview (CAWI), where a respondent completes the questionnaire via the web, may be used.
There is no doubt that our world has changed forever and technology will plan increasing lager role in how we go about our daily lives, whether it be in our personal, work or business life!
Sincerely,
