Mazars Messenger September 2018

IN THIS ISSUE:

* The new travel allowances: how do they affect you and are they working?

* What to do if SARS does not pay out your refund

* Corporate governance in a time of complexity and crisis

* Employment Equity (EE) compliance

* Five common problems to avoid when drafting your will

* Appointment of co-CEOs

* Unit Trusts: who will foot the bill from proposed tax amendments

* Vat panel: Zero-rated items

* Your tax deadlines: September

Unit Trusts: who will foot the bill from proposed tax amendments

In the recently published draft Taxation Laws Amendment Bill (draft TLAB), Treasury appears to
have taken a tough and inflexible stance in addressing the ongoing industry debate on the income
tax treatment of the disposal of assets within a Collective Investment Scheme (CIS) – commonly
known as a unit trust. Unfortunately, it now seems as though the individual unitholders are likely
to bear the brunt of the proposed amendment.

Appointment of co-CEOs

We are pleased to announce that, effective 1 September 2018, Michelle Olckers and Anoop Ninan have been appointed as the new joint Chief Executive Officers (CEOs) of Mazars South Africa.

Corporate governance in a time of complexity and crisis

‘Steinhoff’. Just mentioning the name these days is enough to send shivers down the spine of even the hardiest investor. Take into account also the ravages seemingly wrought on our state companies by state capture, and the reputational damage to global icons in the auditing profession and we have a clear warning of what can happen when we don’t ensure good corporate governance at all levels.

What to do if SARS does not pay out your refund

If you have now filed your tax return and have not been selected for either verification (submission of relevant supporting documents) or audit (SARS requests further specific information about what is contained on your tax return) then you may be wondering why SARS has not yet paid out your tax refund.

The New Travel Allowances

How do they affect you and are they working?

The 2018/2019 tax year sees important changes to how, as an employee, you can be reimbursed for your business travel expenses. Both employers and employees should know how they will affect you in practice.

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