The latest South African accounting, tax, payroll and business finance news, with practical insights for your business.
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Accounting & Reporting
A recent IFRS Interpretations Committee agenda decision confirms that changes to an investee’s governing documents may require an entity to reassess whether it still controls that investee. South African groups reporting under IFRS should review governance changes before finalising consolidation conclusions.
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A recent High Court decision shows how SARS may seek to preserve and realise property linked to unpaid tax while legal proceedings continue. South African finance teams should treat tax-debt monitoring and asset records as core controls.
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A recent SARS investigation into alleged VAT refund fraud is a timely reminder for South African businesses to strengthen VAT records, approval controls and supporting-document checks.
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SARS’s Payment Advice Notice process gives businesses a practical way to reduce payment-allocation errors. A simple approval and reconciliation routine can help finance teams confirm that PAYE, VAT, income tax and other payments reach the correct SARS account.
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The Council for Medical Schemes’ Audit Quality Indicators submission platform is now live. Medical scheme audit and risk committees should confirm their assessments, supporting documents and submission responsibilities before the 20 November 2026 deadline.
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CIPC’s 23 October 2026 statement on the Nova matter highlights the importance of reliable financial statements, governance records and timely Companies Act compliance for South African businesses.
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SARS has reminded small businesses that using a tax practitioner does not transfer responsibility for the accuracy of submissions. SMEs should strengthen their practitioner checks and approval controls.
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SARS has published requirements for companies seeking to qualify as a REIT, including asset, rental income, leverage, distribution and governance tests. Property groups should assess their financial reporting and tax controls before the rules apply to a new year of assessment.
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SARS has expanded its Global Minimum Tax administration to cover information exchange, GMT03 declarations, payment processing, assessments and penalties. South African entities within affected multinational groups should confirm their local responsibilities and internal controls.
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SARS has announced amendments to the rules governing accredited customs clients, with retrospective effect from 1 September 2025. Importers should monitor the final Government Gazette notice and review supporting records, authorisations and customs-control procedures.
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Businesses that submit third-party data to SARS have until 31 October 2026 to report information for the period ended 31 August. Accurate data matters because SARS uses it to pre-populate and assess tax returns.
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A recent SAICA submission on the 2026 MTBPS highlights the practical cost of compressed consultation periods. South African businesses should distinguish between policy proposals, draft bills and enacted tax rules before changing their accounting or tax processes.
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