The old cliché of ‘doing what you love allows for money to follow’ has been heard numerous times.  But have you actually thought about this seriously and considered working on it?   If you love what you do, then it doesn’t feel like work does it? And if the average person spends eight hours a day, five days a week working (and in today’s world, this tends to veer toward seven days a week more so than five!), how can you truly put your best focus and optimal energy into your work if you are not at least remotely passionate about it?

Starting with baby steps – begin by engaging in the tasks and projects at work that are your strength, which you will naturally find easy and gain greater fulfillment from by accomplishing them efficiently.  For those tasks and projects that hover on your To Do list repeatedly and turn you into an MP (“Master Procrastinator”), hand them over to those that are passionate about them and are specialists in what they do.  The tasks you love will make you persevere, but the tasks you don’t will make it much harder for you to succeed and may see you giving up after the first hiccup. 

Dislike balancing books?  Find a Bookkeeper.  Instantly bored by tax returns?  Speak to your Accountant.  Switch off when trying to figure out the difference between megabytes and gigabytes?  Call your IT Specialist.  And spend your energy and time on what you love.

When you’re fulfilled and energised by doing what you are passionate about, it will roll into every aspect of your life and inspire those around you.  The smallest change can start the biggest ripple effect!

As a firm, Graemor has a passion for creating opportunities and providing support to clients to maximise their business and personal objectives.

What is your or your business’ passion? Share it with us.  Write it down.  Start focusing on it and living it.

Graemor wishes you a February filled with passion-finding and success!

Contact us now for further information on the new dividends tax.

Until 1 May 2013, if there is conflict between the Act and a provision of the old Memorandum and Articles, the latter will prevail. This in effect means that the old Articles (where all companies required an audit) will prevail until 1 May 2013. All companies that have not amended their old Memorandum and Articles will thus require a compulsory audit until 1 May 2013.

Thereafter the new Act will automatically apply, and compliance notices will be issued by CIPC where a company has not yet filed its amendment to the MOI.
Should a company wish to align with the new Act and potentially not require a compulsory audit for 2012, an amendment will need to be filed amendment with CIPC before 28 February 2012. This will entail registering a special resolution adopted at a general meeting of shareholders, amending the compulsory provisions of the old Articles or replacing it with a new MOI that does not require an annual audit.

The company would then have to refer to the provisions of the 2008 Act to ascertain whether an audit would be compulsory or not under the new system.

• Cleaning out paper files – now’s the time to clean out, clear out, shred and recycle!
• Organise your surroundings at work and home, and work on your budget for next year
• Clear out your computer – make space for all that 2012 will bring!
• Donate unused items and put some thought into ways to help people or assist with projects in 2012
• Focus on you and what you would like to achieve in the coming year.

We’d like to share some humorous advice shared about a ‘Holiday Survival Kit’ to carry in order to get through the ‘silly season’:

Year-end survival Kit

• A Roll of Sticky Tape – to fix things that will not work
• A Band-Aid – for when things get a little rough
• A Crayon – to keep your day cheerful
• A Paper Clip – to help keep things together when they seem to be out of control
• A Stick of Gum – to remind you to stick to your commitments
• A Candle – to remind you to shine brightly
• A Match – to light a fire under you when you feel burnt out
• A Stick of Biltong – to remind you not to bite off more than you can chew
• A Pin - to remind you to stay sharp
• A Smartie – to help you on those days you don’t feel so smart
• A Super C - to give you a burst of energy
• A Battery – to keep you going, going, going
• A Tea Bag – to enjoy a quick break
• A Marble – for when you lose yours
• A Tub of Confetti – to remind you to have fun
• A Panado – if all else fails!

Wishing everyone a peaceful, hopeful & joyful end to the year!

This will enable government to borrow more and invest in infrastructure, industry and to boost local firms.  It was said the country must learn to do more with less in the face of sluggish global growth, whilst outlining a plan to support the country’s economic recovery. The inability of the local economy to recover as expected could trigger a combination of slower spending coupled with higher taxes, whilst Government is said to have projected revenue collections to recover in 2014.  The proposed increase in government debt was noted as going from 23 per cent of GDP to 40 per cent in 2015.

Why is this important to follow?

So that each one of us can plan ahead and realise the highlights and implications this will have on our businesses, our spending, our taxes and our future planning.

We look forward to the 2012 Budget Speech and what highlights and implications this will have in the coming year.

Provisional taxpayers who plan to capture returns electronically have until Tuesday the 31^st of January 2012 to submit them.

Income tax FYI

Who needs to register for income tax?

All those receiving any form of employment income (including those below the tax threshold) need to be registered with SARS to help reduce the scope for non-compliance.

• Who needs to submit a completed and signed income tax return to SARS?

• Taxpayers receiving remuneration of less than R120 000 may elect not to submit an income tax return, provided the following criteria are met: (1) Remuneration is from a single employer; (2) Remuneration is for a full year of assessment (1 March – 28/29 February); and (3) No allowance was paid, from which PAYE was not deducted in full with regards to travel allowance.  However, we advise that a person should submit an income tax return if they contribute to a medical aid or a retirement fund, as this may be beneficial.

• When are you exempt from provisional tax?

• Persons over 65 years, excluding directors of companies and members of close corporations, whose taxable income does not exceed R120 000 are exempt from provisional tax, provided that such income consists exclusively of remuneration, rental, interest and dividends

• Persons under 65 years who do not carry on business, and whose taxable income does not exceed the tax threshold or whose interest, foreign dividends and rental income does not exceed R20 000 are exempt from provisional tax

Come and see us now so that we may assist in making tax simple!

The submission deadline for non-provisional taxpayers submitting paper/manual returns has now passed.  Non-provisional taxpayers wanting to capture returns electronically have until Friday the 25^th of November 2011 to do so.  Do not miss this deadline!  The deadline will not be extended and taxpayers who fail to meet this deadline will face administrative penalties of at least R250, ranging up to R16 000, accumulating monthly for every month the return is outstanding.

Provisional taxpayers who plan to capture returns electronically have until Tuesday the 31^st of January 2012 to submit them.

INCOME TAX FYI

• Who needs to register for income tax?

All those receiving any form of employment income (including those below the tax threshold) need to be registered with SARS to help reduce the scope for non-compliance.

• Who needs to submit a completed and signed income tax return to SARS?

Taxpayers receiving remuneration of less than R120 000 may elect not to submit an income tax return, provided the following criteria are met: (1) Remuneration is from a single employer; (2) Remuneration is for a full year of assessment (1 March – 28/29 February); and (3) No allowance was paid, from which PAYE was not deducted in full with regards to travel allowance.  However, we advise that a person should submit an income tax return if they contribute to a medical aid or a retirement fund, as this may be beneficial.

• When are you exempt from provisional tax?

Persons over 65 years, excluding directors of companies and members of close corporations, whose taxable income does not exceed R120 000 are exempt from provisional tax, provided that such income consists exclusively of remuneration, rental, interest and dividends

Persons under 65 years who do not carry on business, and whose taxable income does not exceed the tax threshold or whose interest, foreign dividends and rental income does not exceed R20 000 are exempt from provisional tax

Come and see us now so that we may assist in MAKING TAX SIMPLE !

Breast Cancer Awareness Month (BCAM) is an annual international health campaign organized by major breast cancer charities every October to increase awareness of the disease and to raise funds for research into its cause, prevention, diagnosis, treatment and cure. The campaign also offers information and support to those affected by breast cancer.

As well as providing a platform for breast cancer charities to raise awareness of their work and of the disease, BCAM is also a prime opportunity to remind women to be breast aware for earlier detection.

According to the South African National Cancer Registry, 1 in 29 women in South Africa will be diagnosed with breast cancer; the good news is that if it’s detected early, there is an excellent chance of recovery. That is why every woman needs to examine her breasts and underarms regularly (every month) to check for any changes.   

Symptoms of Breast Cancer:
- difference in size breasts
- lumps (including the underarm area)
- unusual swellings
- sores
- pain
- discharge
- nipple pain or turning inward
- redness, scaliness, puckering or thickening of the nipple or breast skin

If you have any of these symptoms, go to a health professional without delay. Many breast lumps are harmless, but they all must be checked. If you are over 40, ask your doctor how often to go for a mammogram (a special x-ray to detect lumps in the breast).

The importance of early detection and preventative screening cannot be emphasized more. 

Factors to consider which may increase the chance of getting breast cancer are below:
- Alcohol: The use of alcohol has been linked to an increased risk of getting breast cancer.
Being Overweight or Obese: Obesity is linked to a higher risk of breast cancer, especially for post-menopausal women and if the weight gain took place during adulthood. Also, the risk seems to be higher if the extra fat is in the waist area. The link between weight and breast cancer risk is complex but health experts recommend that women maintain a healthy weight throughout life.
- Lack of Exercise: Studies show that exercise reduces breast cancer risk. Health experts suggest that women should exercise for at least 30 minutes every day.
- High-Fat Diets: Studies have shown that breast cancer is less common in countries where the typical diet is low in fat. A healthy low-fat diet includes five or more servings of vegetables and fruits each day, choosing wholegrain products and limiting the amount of processed and red meats.
- Tobacco Smoke: Smoking is linked to breast cancer. This is another reason to stop smoking and to avoid being around second-hand smoke.

Women need to invest in their health! Women lead busy and demanding lives – while cancer is one of the most serious diseases women face, they often put others’ needs before their own. Being proactive against cancer is the greatest gift women can give themselves and their families.

This pertinent information is thanks to CANSA and Wikipedia.

For more info, visit www.cansa.org.za

Please note the following:

The IRP5 and IT3 certificates issued for the period March – August 2011 will be submitted to SARS only (these certificates are not to be issued to employees)

There are certain mandatory fields required to complete and submit the reconciliation – accurate and complete information is needed on each employee. The mandatory fields are:

• Full names and surname of employee
• Employee’s ID or passport number
• Employee’s physical and postal address
• Employer’s address and contact details
• Employee’s dates of employment in the current financial year
• Employee’s complete breakdown of salary/wages received for the year
• Employee’s Income Tax Reference Number
• Employee’s bank account details

If an employer fails to disclose the above information as part of its PAYE reconciliation process, SARS will reject the PAYE reconciliation.  A potential penalty will be imposed on the employer for non-submission of the reconciliation form, equal to 10% of the total amount of employees tax deducted from the remuneration of employees during the tax year.

Speak to us now to assist with your bi-annual reconciliation on your behalf.  The clock is ticking and we want to help you avoid penalties!