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Selected for SARS Verification or Audit? Here’s What to Expect and What to Do  • Raising Small Business Finance in 2021: 5 Common Mistakes with a High Impact  • Leadership, Ethics and Governance: The Benefits for Your Business  Employers: Compensation Fund Return of Earnings Deadline Extended  • MGI Webinar: A Practical Approach to POPIA Tax Deadlines for April

Selected for SARS Verification or Audit?
Here’s What to Expect, and What to Do

Most of us – even the most dutiful taxpayers - know the cold dread that accompanies receiving SARS correspondence, and it is never colder than when the notification states that you or your company have been selected for SARS verification or audit. Given some of the recent developments in terms of SARS’ powers and increased scrutiny of taxpayers, you will do well to remain prepared for the ever-greater possibility of being selected.
In this article, we take a look at what the difference is between a SARS verification and a SARS audit, what taxpayers can expect when going through the process - and what they should do to manage their risk if selected for verification or audit.

Raising Small Business Finance in 2021:
5 Common Mistakes with a High Impact

The life of a small business entrepreneur seeking finance is one of pitching ideas and start-ups, or sometimes existing enterprises, to those who have money and are looking to invest it.

Knowing how to convince investors to come on board could be a matter of business survival and you can never forget that what you are hoping to achieve from a presentation to a potential investor is a partnership in which both you and the investor make money. Forgetting this can lead to you leaving critical information off your pitch deck and therefore not getting what you need.

Here are five very common mistakes even an experienced entrepreneur can make when trying to attract investment.

Leadership, Ethics and Governance:
The Benefits for Your Business 

Looking back at the 2008 global economic crisis and the recent corporate failures, Steinhoff in particular, one may be tempted to ask: “Why didn’t boards and their advisory committees (audit committees in particular) not see what was coming?”
There has, undoubtedly, been a significant loss of confidence and trust in top management. Some of this is, of course, to do with competence but in reality it has mostly focused on the quality of top management and a crucial component is ethics and integrity and an appropriate degree of skepticism on the part of non-executive directors.

Governance is not a static theory; it is an ever-evolving process...

Employers: Compensation Fund Return of Earnings
Deadline Extended

The Compensation for Occupational Injuries and Diseases Act (COIDA) provides a statutory insurance policy for your employees and pays them compensation if they are killed, injured, disabled or contract an occupational disease or illness whilst at work.
As an employer, you are required to register and to submit an annual return (RoE or Return of Earnings). The Department of Employment and Labour has announced that the date for submission of the 2020 RoE has been extended to 31 May 2021. The portal for submitting the Returns will be opened as of 1 April 2021 to 31 May 2021.

Download the Extension Notice with the Compensation Fund’s contact details here.

+27 21 405 8500 |
Suite 1502, 15th Floor, Portside, 4 Bree Street, Cape Town, 8001

MGI Worldwide is a network of independent audit, tax, accounting and consulting firms.


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