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Section 6 of the IFRS for SMEs gives you two options—and choosing the right one can save time, cut costs, and keep your clients out of SARS trouble. In this article, we break down when to use the full Statement of Changes in Equity and when you can simplify with a Statement of Income and Retained Earnings. It’s not just about compliance—it’s about working smarter, billing better, and proving your value.
Too many accountants still fumble the basics of Section 5 reporting—and that can make your work look sloppy, even if it’s technically correct. Whether you're prepping year-end for a client or presenting to a board, how you lay out that income statement matters. This article breaks down exactly what Section 5 of IFRS for SMEs requires—no jargon, no fluff. You’ll see why choosing one or two statements isn’t just an admin choice, and how small mistakes (like calling something "extraordinary") can raise red flags with SARS or your client.
Understanding how to account for plants, animals, and farm produce is important for businesses in agriculture. IFRS for SMEs Section 34 explains how to record and report biological assets like crops and livestock and harvested products like milk or fruit. This article breaks down the key rules in simple terms, helping businesses stay compliant and manage their finances better.
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Tax
VAT is going up in South Africa from 1 May 2025, and it affects more than just prices at the till. In this article, we break down what the VAT increase means for accountants and their clients, using simple examples like construction projects, retail pricing, property deals, and VAT returns. Whether you're advising small businesses or handling your own VAT submissions, this guide will help you apply the correct rate, avoid penalties, and stay one step ahead of the changes.
Public Benefit Organisations (PBOs) do incredible work in communities—but they rely on accountants to help them stay tax compliant and maintain their SARS-approved status. This article breaks down the key tax rules, VAT benefits, donation requirements, and reporting duties every accountant should know when working with PBOs and welfare organisations. Read below and use CIBA’s handy checklist to ensure compliance!
The 2025 Budget brings a mix of relief and challenges. Education gets a boost, with R332.3 billion allocated, but most of it goes to salaries. Social grants are increasing—old-age grants rise to R2,315, and child support grants to R560. However, consumers will feel the pinch as VAT increases by 0.5 percentage points in both 2025 and 2026. Sin taxes are also up, making alcohol and cigarettes more expensive. Healthcare sees major funding, while defence and security receive an extra R9.4 billion. The budget aims to balance economic growth with essential public services, but rising costs remain a concern.
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Practice Management
Did you know that all private and public bodies—including your clients’ businesses—must submit a PAIA reports before 30 June 2025? Whether or not they received any information requests, a report is still required. As their accountant, you can help clients register their Information Officer, prepare a PAIA Manual, track access requests, and submit reports correctly and on time. It’s a great way to add value, support good governance, and help clients stay compliant with the law.
Marketing an accounting practice is about being seen and building trust. Clients need to know who you are and what you offer. A strong online presence, good networking, and clear communication help your business grow. Simple steps like updating your website, sharing useful tips, and asking for referrals can make a big difference. Consistency is key. Small efforts over time will bring steady results.
KPMG’s bold move to launch an independent law firm in the U.S. signals a shift in how multidisciplinary firms operate. But what does this mean for smaller accounting practices in South Africa? If you’ve ever considered offering legal services—whether in tax law, compliance, or corporate advisory—this article explores how your firm can strategically and legally expand into the legal sector. From regulatory hurdles to business models, we break down what CIBA members need to know, including practical steps to set up a law firm or partner with legal professionals. Plus, don’t miss our free template to help you map out your business plan!