Constance Kawelenga, Author At Zuva Financial Services |

25 Apr 24

A Quick Guide to Income Tax for Trusts in South Africa

A trust is defined as the legal relationship created by a person (the founder) who places assets under the control of another (the trustee) for the benefit of specified persons (beneficiaries) or for a specified purpose. Any distribution to the beneficiaries of the trust must be made in accordance with…

25 Apr 24

Fringe Benefits 101

Fringe benefits are employment benefits that have a monetary value but do not affect basic wage rates. SARS defines a fringe benefit in the seventh schedule as having four elements i.e. Below we look at the different categories of fringe benefits:

25 Apr 24

Unemployment Insurance Fund – Registration, Reporting, Compliance

What is Unemployment Insurance Fund (UIF)? The Unemployment Insurance Fund (UIF) provides short term relief to workers when they become unemployed or are unable to work because of illness, maternity or adoption leave and to provide relief to the dependants of a deceased contributor. Who is it for? All employees, as…

25 Apr 24

Share Blocks and Body Corporates – Definitions, Differences and Tax Exemptions

In terms of section 7(1) of the share blocks control act, no 59 of 1980 (“the act”), the main object and business of a share block company are to operate a share block scheme in respect of immovable property owned or leased by it. In a share block scheme, individuals…

25 Apr 24

What Is Provisional Tax?

Provisional Tax is not a separate tax from income tax. It is a method of paying the income tax liability in advance, to ensure that the taxpayer does not have a large tax debt on assessment. The tax liability is spread over the relevant year of assessment where it requires…

12 Mar 24

Audit Deadlines and Reports Attorneys Must Submit to the Legal Practice Council

My name is Constance Kawelenga and I am a registered Chartered Accountant and Auditor, and today we’re going to talk about Audit deadlines and reports submitted to the Legal Practice Council. The auditor of a legal practitioner’s trust account must ensure that they furnish the Council with an audit report…

12 Mar 24

Documents Attorneys Need to Prepare for an Audit

My name is Constance Kawelenga and I am a registered Chartered Accountant and Auditor, and today we’re going to talk about audit preparation for attorneys, and in particular, the documents you want to prepare in order to get ready for an audit. 1. IT3(b) CertificateYou will need to request your…

07 Mar 24

Top 5 Issues Auditors Encounter in Attorney Trust Account Audits (Don’t Make These Mistakes)

My name is Constance Kawelenga and I am a registered Chartered Accountant and Auditor, and today we’re going to talk about the main issues that we as auditors pick up when we audit the trust accounts for attorneys. The trust audit for an attorney is guided by the International Standard…

01 Dec 23

Winding Up Audits for Property Practitioners

My name is Constance Kawelenga and I am a registered Chartered Accountant and Auditor, and today we’re going to talk about winding up audits. To de-register an estate agency firm, the auditor needs to submit the following: Submit a closing/winding-up audit report. What is a “winding up report”? A winding…

01 Dec 23

Property Practitioners: Which Accounting Records Must Be Audited?

My name is Constance Kawelenga and I am a registered Chartered Accountant and Auditor, and today we’re going to talk about audit requirements for property practitioners. According to the Property Practitioner Act, every property practitioner must be audited whether they are operating as a sole proprietorship, a company, a close…