Kurt Fuls CA(SA)

Registered Chartered Accountant and Auditor

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Companies and Intellectual Property Commission (CIPC) in effect from 1 May 2011

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From 01 May 2011 the New Companies Act (Act 71 of 2008) came into effect.

The new Act focuses on a regulatory framework for all enterprises, as well as on promoting growth, employment, innovation, stability, good governance and confidence, and assisting South African companies in becoming more competitive internationally.

The 1st of May 2011 also signals the birth of the new…

Companies and Intellectual Property Commission (CIPC)

The Commission is being put in place in order to deliver on the new Act’s mandate. The Commission brings together skills, knowledge and manpower from the Office of Companies and Intellectual Property Enforcement (OCIPE) and the Companies and Intellectual Property Registration Office (CIPRO).

The new Commission will act independently with a focus on the registration of companies and intellectual property. Further functions of the Commission, amongst others, will include education and awareness, investigations, compliance and enforcement.

CIPC: Protecting your intellectual property and elevating your business to new heights

New CIPC Website

New forms that must be used:

Form Number Form Name Download
Form CoR 9.1 Application to Reserve a Name 1
Form CoR 9.2 Application to Extend a Name Reservation 1
Notice CoR 9.3 Notice Requiring Further Particulars in respect of Name Reservation 1
Notice CoR 9.4 Confirmation Notice of Name Reservation 1
Notice CoR 9.5 Notice Refusing Name Reservation or Defensive Registration 1
Notice CoR 9.6 Notice of Potentially Contested Name 1
Notice CoR 9.7 Notice of Potentially Offensive Name 1
Form CoR 10.1 Application For Defensive Name Registration 1
Form CoR 10.2 Application to Renew a Defensive Name  Registration 1
Form CoR 11.1 Application to Transfer a Reserved or Defensively Registered Name 1
Notice CoR 11.2 Notice Refusing Name Transfer 1
Notice CoR 12.1 Notice Alleging Reservation System Abuse 1
Form CoR 14.1 Notice of Incorporation 1
Form CoR 14.1

A n n e x u r e A

Notice of Incorporation Initial Directors of the Company 1
Form CoR 14.1

A n n e x u r e B

Notice of Incorporation Alternative Names for the Company 1
Form CoR 14.1

A n n e x u r e C

Notice of Incorporation Notice of Ring Fencing Provisions 1
Form CoR 14.1

A n n e x u r e D

Notice of Incorporation Notice of Company Appointments 1
Form CoR 14.2 Notice Rejecting a Notice of Incorporation 1
Form CoR 14.3 Registration Certificate 1
Form CoR 15.1A

Short Standard Form for Private Companies

Memorandum of Incorporation 2
Form CoR 15.1B Long Standard Form for Profit Companies Memorandum of Incorporation 2
Form CoR 15.1C Short Standard Form Non Profit Companies without

members

Memorandum of Incorporation 2
Form CoR 15.1D

Long Standard Form Non Profit

Companies without

members

Memorandum of Incorporation 2
Form CoR 15.1E

Long Standard Form Non Profit Companies with

members

Memorandum of Incorporation 2
Form CoR 15.2 Notice of Amendment of Memorandum of Incorporation 3
Form CoR 15.2

A n n e x u r e A

Notice of Amendment of Memorandum of Incorporation Notice of Ring Fencing Provisions 3
Form CoR 15.3 Notice of Alteration of Memorandum of Incorporation 3
Form CoR 15.4 Notice of Translation of Memorandum of Incorporation 3
Form CoR 15.5 Notice of Consolidation of Memorandum of Incorporation 3
Notice CoR 15.6 Notice to Consolidate the Memorandum of Incorporation 3
Form CoR 16.1 Notice Concerning Company Rules 3
Form CoR 16.2 Notice of Results of Vote on Company Rules 3
Form CoR 17.1 Application to Transfer Registration of Foreign Company 3
Form CoR 17.2 Notice Requiring Further Particulars 3
Form CoR 17.3 Registration Certificate – Transfer of Foreign Company 3
Form CoR 17.4 Refusal to Transfer Registration of Foreign Company 3
Form CoR 18.1 Application to Convert a Close Corporation 3
Form CoR 18.2 Notice Requiring Further Particulars 3
Form CoR 18.3 Registration Certificate – Converted Close Corporation 3
Form CoR 19.1 Notice to Show Cause Regarding Reckless Trading or trading under insolvent  circumstances 4
Form CoR 19.2 Confirmation Notice 4
Form CoR 20.1 Registration of External Company 4
Form CoR 20.1

Annexure A

Directors of External Company 4
Form CoR 20.2 Registration Certificate – External Company 4
Form CoR 21.1 Notice of Change of Registered Office 4
FormCoR 21.2 Notice of Person Authorised to Accept Service 4
Form CoR 22 Notice of Location of Company Records 4
Form CoR 24 Request for Access to Company Information 4
Form CoR 25 Notice of Change of Financial Year End 4
Form CoR 30.1 Annual Return 4
Form CoR 30.2 Financial Accountability Supplement 4
Form CoR 30.3 Annual Return (External Company) 4
Form CoR 31 Notice of Board Resolution to Convert Par Value Shares 4
Form CoR 35.1 Notice of Pre-Incorporation Contract 4
Form CoR 35.2 Notice of Action concerning Pre-Incorporation Contract 4
Form CoR 36.1 Security Holder Notice to Company and  Proxies 4
Form CoR 36.2 General Company Notice to Security Holders 4
Form CoR 36.3 General Company Notice to Holders of Beneficial Interests 4
Form CoR 36.4 Notice of Director ’s Personal Financial Interest 4
Form CoR 39 Notice of Change of Directors 4
Form CoR 40.1 Notice of Resolution to Wind-up Solvent Company 5
Form CoR 40.2 Notice of Foreign Registration of Company 5
Form CoR 40.3 Demand Notice concerning Inactive Company 5
Form CoR 40.4 Notice of Pending De-registration 5
Form CoR 40.5 Application for Re-instatement of De-registered Company 5
Form CoR 44 Notice of Change of Auditor or Secretary 5
Form CoR 46.1 Notice of Employee Share Scheme 5
Form CoR 46.2 Annual Certificate of Employee Share Scheme 5
Form CoR 46.3 Application concerning rights offer exclusion 5
Form CoR 46.4 Registration of Prospectus or Letter of Allocation 5
Form CoR 46.5 Registration Certificate – Prospectus or Letter of Allocation 5
Form CoR 46.6 Application to exclude information from prospectus 5
Form TRP 84 Declaration of coming into or out of concert 5
Form CoR 89 Notice of Amalgamation or Merger 5
Form TRP 98 Disclosure of dealings in securities 5
Form TRP 121.1 Disclosure of acquisition or disposal of securities 5
Form TRP 121.2 Notice of acquisition or disposal of securities 5
Form CoR 123.1 Notice of Beginning of Business Rescue Proceedings 5
Form CoR 123.2 Notice of Appointment of Business Rescue

Practitioner

5
Form CoR 123.3 Notice of Decision Not to Begin Business Rescue 5
Form CoR 125.1 Business Rescue Status Report 6
Form CoR 125.2 Notice of Termination of Business Rescue Proceedings 6
Form CoR 125.3 Notice of Substantial Implementation of Business Rescue Plan 6
Form CoR 126.1 Application for Practitioner ’s Licence 6
Form CoR 126.2 Registration Certificate – Practitioner 6
Form CTR 132.1 Application for Alternative Dispute Resolution 6
Form CTR 132.2 Referral for Alternative Dispute Resolution 6
Form CTR 132.3 Certificate of Failed Alternative Dispute Resolution 6
Form CoR 134.1 Application for Accreditation 6
Form CoR 134.2 Registration Certificate – Accreditation 6
Form CoR 135.1 Complaint 6
Form CoR 135.2 Notice of Non-Investigation of Complaint 6
Form CoR 137.1 Notice to Investigate Complaint 6
Form CoR 137.2 Summons to provide evidence to Companies

Commission

6
Form CoR 137.3 Request for Additional Information 6
Form CoR 137.4 Demand for Corrected Information 6
Form CoR 138 Notice of Consent Order 6
Form CoR 139.1 Compliance notice 7
Form CoR 139.2 Compliance Certificate 7
Form CTR 140 Complaint Referral 7
Form CoR 140.1 Referral of Complaint to alternative authority 7
Form CoR 140.2 Notice of Non-referral of Complaint 7
Form CTR 142 Application for Relief 7
Form CTR 145 Notice of Motion 7
Form CTR 147 Application for Condonation 7
Form CTR 148 Notice of Withdrawal or Postponement 7
Form CTR 151 Notice of hearing before Companies Tribunal 7
Form CTR 160 Summons to appear before Companies Tribunal 7
Form CoR 168 Notice Challenging Filed Information 7
Form CoR 178 Request for Additional Information 7

Download 1

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PAYE Tax Tables

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Struggling to find the PAYE Tax Tables on SARS’s website.

For ease of reference they are attached here.

2012

2012 Annual PAYE Tax Tables

2012 Monthly PAYE Tax Tables

 

2011

2011 Annual PAYE Tax Tables

2011 Monthly PAYE Tax Tables

 

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New Companies Act

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The long-awaited new Companies Act, 2008 is expected to become effective on the 1st May 2011 and this will constitute a completely new corporate law for South Africa which will replace the current Companies Act, 1973 (as amended by the Corporate Laws Amendment Act) and amend the Close Corporation Act, 1984. The Act provides for a number of new features, we are prepared for the transformation and will offer all the services and requirements for necessary changes.

CIPRO will be known as CIPC

All changes to the Memorandum and Articles of Association must be registered by the 30th April 2011as any changes made after this date will have to be done under the new Act with the exception of director/registered office/Auditor changes. Companies registered prior to this date will have two years in which to convert to the new MOI.

 

Should you need to increase the authorized share Capital or have your issued shares at a premium please do so before 30th April 2011 as the new Act only allows for No Par Value Shares.

Close corporations will continue as usual with the exception of:

_ No more new entities can be registered

_ No company may convert into a Close Corporation

 

It is of great importance that Annual Returns are kept up to date as the new penalty arrangements have significantly increased as per schedule:

Turnover less than R1 million

Lodgement within prescribed period – R100

Lodgement after the prescribed period (late lodgement) – R150

Turnover R1m less than R10 million

Lodgement within prescribed period – R450

Lodgement after the prescribed period (late lodgement) – R600

Turnover R10 million but less than R25 million

Lodgement within the prescribed period – R2000

Lodgement after the prescribed period (late lodgement) – R2500

Turnover more than R25 million

Lodgement within prescribed period – R3000

Lodgement after the prescribed period (late lodgement) – R4000

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STC

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STC
Dividend declared on or after 17 March 1993 15%
Dividend declared on or after 22 June 1994 25%
Dividend declared on or after 14 March 1996 12,5%
Dividend declared on or after 1 October 2007 10%
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Individuals Tax Rates

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2012

Taxable income Tax Rates
R 0 R 150 000 18% of each R1
R 150 001 R 235 000 R 27 000 + 25% of the amount over R 150 000
R 235 001 R 325 000 R 48 250 + 30% of the amount over R 235 000
R 325 001 R 455 000 R 75 250 + 35% of the amount over R 325 000
R 455 001 R 580 000 R 120 750 + 38% of the amount over R 455 000
R 580 001 + R 168 250 + 40% of the amount over R 580 000
Tax Rebates Tax Thresholds
Persons under 65 R 10 755 Persons under 65 R   59 750
Persons 65 and under 75 R 16 767 Persons 65 and under 75 R   93 150
Persons 75 and over R 18 767 Persons 75 and over R 104 261

2011

Taxable income

Tax Rates
R 0 R 140 000 18% of each R1
R 140 001 R 221 000 R 25 200 + 25% of the amount over R 140 000
R 221 001 R 305 000 R 45 450 + 30% of the amount over R 221 000
R 305 001 R 431 000 R 70 650 + 35% of the amount over R 305 000
R 431 001 R 552 000 R 114 750 + 38% of the amount over R 431 000
R 552 001 + R 160 730 + 40% of the amount over R 552 000
Tax Rebates Tax Thresholds
Persons under 65 R 10 260 Persons under 65 R 57 000
Persons 65 and over R 15 935 Persons 65 and over R 88 528

 

2010

Taxable income

Tax Rates
R 0 R 132 000 18% of each R1
R 132 001 R 210 000 R 23 760 + 25% of the amount over R 132 000
R 210 001 R 290 000 R 43 260 + 30% of the amount over R 210 000
R 290 001 R 410 000 R 67 260 + 35% of the amount over R 290 000
R 410 001 R 525 000 R 109 260 + 38% of the amount over R 410 000
R 525 001 + R 152 960 + 40% of the amount over R 525 000
Tax Rebates Tax Thresholds
Persons under 65 R 9 756 Persons under 65 R 54 200
Persons 65 and over R 15 156 Persons 65 and over R 84 200

 

2009

Taxable income

Tax Rates
R 0 R 122 000 18% of each R1
R 122 001 R 195 000 R 21 960 + 25% of the amount over R 122 000
R 195 001 R 270 000 R 40 210 + 30% of the amount over R 195 000
R 270 001 R 380 000 R 62 710 + 35% of the amount over R 270 000
R 380 001 R 490 000 R 101 210 + 38% of the amount over R 380 000
R 490 001 + R 143 010 + 40% of the amount over R 490 000
Tax Rebates Tax Thresholds
Persons under 65 R 8 280 Persons under 65 R 46 000
Persons 65 and over R 13 220 Persons 65 and over R 74 000

 

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Companies Tax Rates

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For years of assessment ending during the following periods:
1 April 1993 – 31 March 1994                     40%
1 April 1994 – 31 March 1999                     35%
1 April 1999 – 31 March 2005                     30%
1 April 2005 – 31 March 2008                     29%
1 April 2008                                              28%

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2011 TAX RELATED BUDGET PROPOSALS

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BUDGET HIGHLIGHTS

 

The main tax proposals include:

 

  • Personal income tax relief of R8.1 billion.
  • A third income tax rebate of R2 000 for individuals 75 years and older.
  • Conversion of medical tax deductions to tax credits from March 2012.
  • From 1 March 2012 an employer’s contribution to retirement funds on behalf of an employee will be a taxable fringe benefit in the hands of the employee. Individuals will from that date be allowed to deduct up to 22.5 (%) per cent of their taxable income for contributions to pension, provident and retirement annuity funds with a minimum annual deduction of R12 000 and an annual maximum of R200 000.
  • Transfer duty relief for transactions from 23 February 2011.
  • National Health Insurance will be phased in over 14 years. Funding options under consideration are a payroll tax (payable by employers), an increase in the VAT rate and a surcharge on individuals’ taxable income.
  • Dividends tax becomes effective from 1 April 2012 and Secondary Tax on Companies will be discontinued from that date.
  • Treat dividends received under certain dividend schemes which undermine the tax base as ordinary revenue.
  • Extend the learnership tax incentive for a further five years.
  • Introduction of a youth employment subsidy in the form of a tax credit.
  • Taxation of gambling winnings exceeding R25 000 at 15% from 1 April 2012.

For more detail download the complete summary.

2011 TAX RELATED BUDGET PROPOSALS

2011 BELASTINGVERWANTE BEGROTINGSVOORSTELLE

 

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Voluntary Disclosure Programme

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Taxpayers are encouraged to make disclosure and regularise their tax and exchange control defaults before 31 October 2011.

A default was committed if the taxpayer failed to submit information or returns or has submitted inaccurate information to SAPS and/or SARB before 17 February 2010 and 28 February 2010 respectively.

Should any uncertainty exist as to whether the applicant qualifies under the tax VDP an anonymous application may be lodged with SARS.

The default may not result in a refund from SARS.

SARS must not have been aware of this default.

If the taxpayer is currently being investigated, limited relief may still be available.

The VDP can be withdrawn should it be ascertained that the disclosure was not complete in all material respects.
The capital amount of tax is still payable.

Interest (limited to 50% if the applicant is under investigation), penalties (apart from administrative penalties) and additional tax will be waived and no criminal prosecution will be instituted against the taxpayer.

For exchange control purposes the applicant may be liable to pay a 10% levy if paid from foreign funds and a 12% levy if paid from local funds.

Final VDP Guide

VDP FAQ 15Nov2010

VDP Web Guide

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