In a bid to assist small and medium sized entities in preparing financial statements and ease the burden of the complexity of complying with International Financial Reporting Standards (IFRSs), the Eastern, Central and Southern African Federation of Accountants (ECSAFA) has issued a draft guideline for discussion on preparing financial statements for SMEs.
Section 18 of the Income Tax Act, the section dealing with the deduction for certain medical expenses, is to be amended by replacing the 5% limit on the deduction with a two-tier deduction.
Section 4(b) of the Skills Development Levies Act has been amended.
The amendment stipulates that, with effect from 1 August 2005, employers with a total payroll of less than R500 000 per year are no longer liable for the skills development levy (SDL).
The deputy-president's proposed secretariat to research the need and availability of specialist skills, along with her plea that skilled South Africans, wherever they are, contribute actively to economic growth, must be given wholehearted support and encouragement.
The nation's 24 000 qualified accountants are keenly aware - some more than others - of the crucial role they play in ensuring that our economic engine is well oiled.
Starting a new business? One of your first moves will be to obtain a tax number from the SA Revenues Service (SARS).
This is not as simple as one would expect, says Jackie Arendse, project director: tax at the South African Institute of Chartered Accountants (SAICA), who spells out the three options open to those applying for tax numbers