N4 Introductory Financial Accounting | Student Book


The head of the budget division, after consultation with local Human Resources, may approve the appointment of the recipient of a redundancy or pre-retirement benefit or retirement incentive benefit to a continuing or fixed -term position, and a head of department or equivalent may approve appointments to a casual position.


7. Job offers


After the appointment decision has been made, the candidate in question will be contacted. The candidate will be offered the position in a letter containing information about pay and other terms and conditions of employment (for example whether it concerns a temporary position, the percentage of full-time position, pay). The employment contract will be sent to the candidate when the commencement date has been decided.


Activity 2.8 Name the seven steps when employing workers.


2.1. 9 Tax registration


• To become an officially recognised business entity, you must register with the government. Corporations will need an “articles of incorporation” document, which includes your business name, business purpose, corporate structure, inventory details and other information about your company.


• Otherwise, you will just need to register your business name, which can be your legal name, a fictitious “doing business as” name (if you are the sole proprietor), or the name you’ve come up with for your company. You may also want to take steps to trademark your business name for extra legal protection.


• After you register your business, you may need to get an employer identification number from SARS.


2.1. 10 Registration with local authorities


• CIPC (Companies and Intellectual Property Commission) registers companies and co- operatives. It is not necessary for all businesses to formalise by registering with the CIPC. For some businesses, such as informal businesses and sole proprietors, there may not be sufficient benefits.


• Businesses that wish to transact with government and the formal sector, or that wish to access certain types of government support, are generally required to be registered with the CIPC. For these businesses, there may also be tax benefits to registration, as registered businesses have a lower tax rate than individuals. Even though you may not be registered with the CIPC, you will still have to be registered with the South African Revenue Services and will still be liable for tax if your turnover exceeds the prescribed threshold.


• Registering a business is simple and inexpensive if you follow the steps outlined on our website, the first step being registered as a CIPC customer. However, it brings with its certain responsibilities, irrespective of whether the business is trading. For example, you will need to file an annual return and pay an annual fee.


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