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Contact Details:
Email:
marietjie@mjeaccounting.co.za
Web:
www.mjeaccounting.co.za
Cell:
082-574-3505
Fax:
086-672-7133
Important Dates:
  • 1 May – New Companies Act will come into effect.
  • 6 May - EMP 201 for 04/2011
  • 25 May – VAT201 – manual Submissions
  • 31 May - VAT 201 - e-filing

April 2011

MJ Esterhuizen Accounting Services CC

 

Companies Act 71 of 2008

The Companies Act has been revised, which will come into effect on 1 May 2011.  There are a few important issues to take into account with the new Act. According to some analysts, it seems unlikely that the independent review will gain a lot of followers. The reason for this opinion is due to restrictive regulations.  Here are some of the concerns:

  1. The person performing the review (reviewer) may NOT also prepare the company's financial statements.
  2. The reviewer may also not be related to any person that has a financial interest in the company.
  3. The reviewer may not be part of executive management.
  4. The reviewer has an obligation to report any irregularities (unlawful acts, fraud, theft etc).
  5. Procedures required by law for an independent reviewer are set much lower than for an auditor, which might result in inaccurate reporting.

The regulations prescribe a very complex system to determine the level of financial reporting, combining size, ownership, function and purpose of the financial statements (Public interest score). This means ALL companies, regardless of the form (CC, (Pty) Ltd, Ltd, Sole proprietor etc) will have to test against these regulations to determine whether the financial statements need to compiled, reviewed or audited. Some professionals are excited about the new Act and some are, understandably, a bit more cautious. Regardless of this, the Act is here to stay and will completely change the playing field.

 

National Credit Regulator (NCR) – Know Your Rights

The National Credit Act has been with us for a couple of years now, and still we find that the general public do not know what their rights are, especially when it comes to debt counselling. Here are some facts to keep in mind:

  1. ALL debt counsellors must be registered with the NCR.
  2. Debt Counsellors cannot be part of: organizations that provide credit, debt collection agencies or credit bureaus.
  3. A consumer who is over-indebted may approach a Debt Counsellor directly, or he/she may be referred to a Debt Counsellor by his/her creditor/s or by the magistrate court.
  4. Fees are prescribed by the Act, and this is where most consumers get ripped off. Please check with the NCR if the fees you have been quoted are within the limits set within the Act. Most important, you have the right to negotiate the fees charged by a debt counsellor.
 

PLEASE VISIT OUR NEW WEBSITE at www.mjeaccounting.co.za.

Thank you to Nikki, nikki@digitaldynamite.co.za, from Digital Dynamite for your patience and the fantastic service. You guys are the best! Please contact them on (011) 467-1606