“ A customer is the most important visitor on our premises. He is not dependant on us. We are dependant on him. He is not an interruption on our work. He is the purpose of it. He is not an outsider on our business, He is part of it. We are not doing him a favour by serving him. He is doing us a favour by giving us an opportunity to do so.”
AUDIT & ASSURANCE
We perform a wide range of auditing and assurance services which include:
- Statutory and voluntary audits in terms of the Companies Act
- Independent reviews in terms of the Companies Act
- Attorney trust accounts audits in term of the Attorneys Act
- Estate agent trust account audits in terms of the Estate Agency Affairs Act
- Financial Services Conduct Authority (FSCA) audits
- Body Corporate audits
- Audits of non-profit companies and organisations
- Audits of trusts
- Special forensic audits
- Factual finding reports and agreed upon procedures
- Income confirmation reports
When most people think of what an auditor does, they think about assurance services. Assurance services are audit activities that provide an independent, objective assessment of financial statements or compliance efforts. The objectives of these audits are to assure management, the board, and regulators that the financial statements are accurate, and operations are done in accordance with applicable policies and regulations.
WILLS AND DECEASED ESTATES:
One can feel just as lost with the unwinding of an estate, as you feel with the loss of a loved one. We try to make this difficult and unfamiliar process as easy and stress-free as possible through our personal approach. Our services include:
- Drafting of last will and testament
- Administering of deceased estate
- Administering of Section 18(3) estates
- Administering of estates without a will (Intestate Succession)
- Drafting of liquidation and distribution accounts
- Assistance with estate duty and capital gains tax
- Assistance with estate disputes
- Assistance with valuation of assets
With us, the administering of a deceased estate is not a cold faceless process. We believe in an open-door policy, where any queries regarding the unwinding process are addressed by professional and competent people.
The completion and submission of the following tax returns:
- Annual tax returns for Individual, Companies, NPO’s and Trusts
- Provisional tax returns (IRP6)
- Dividend Withholding tax
- Donation tax
The registration for the following tax types:
- Income tax
- Value Added Tax (VAT)
- Employer tax (PAYE)
- Custom Codes (Import and Export)
- Estate duty
Assistance with specialised tax services:
- Application for Tax directives
- Application for letter of good standing
- Completion of supplementary tax declaration (IT14SD)
- HOA and NPO tax exemption applications
- Handling of tax disputes and objections
- Review of SARS assessments
Taxation in South Africa is regulated via complex and cumbersome legislation. This, combined with the difficult tax procedures makes it imperative that your tax practitioner is both innovative and professional. Experience and knowledge of both the tax legislation and procedures are vital to enable the structuring of your tax affairs in an efficient way.
Our trust division can assist you with any of the following:
- Drafting of trust deed
- Registration of inter vivos-, testametary- or special trusts
- Acting as independent trustee and advisor
- Amendments of trust deed
- Drafting of trust resolutions
- Utilisation of trust as estate planning tool
- Acting as independent trust accountants
- Deregistration of trusts
Trusts have been in the spotlight in recent years, and SARS is imposing more stringent laws on trusts. It is therefore important to ensure that trusts are set up for the right reasons and that they are properly administered by the trustees to ensure the consequences of mismanagement are avoided.
We believe that you should keep your financial structure as simplistic as possible, whilst still achieving maximum tax and estate benefits. You should ensure that synergy exists between your estate plan and your tax structure which can only be achieved by a well drafted trust deed.
CORPORATE SECRETARIAL SERVICES
Our range of corporate secretarial services include:
- Registration of private, public and non-profit companies
- Company name reservation
- Company deregistration
- Maintenance of company register
- Amendments of company name, directors, registered address, auditors etc.
- Amendments to Memorandum of Incorporation
- Increasing, converting, subdividing or consolidating share capital
- Share repurchasing by company
- Share allotments and transfers
- Notification of, attendance and recording of annual board or shareholder meetings
- Preparation of company resolutions
- Submission of CIPC annual returns
- Trademark registrations
- BEE certifications (turnover under R10 million)
Companies and close corporations must maintain statutory records in a manner as prescribed by the Companies Act. The policing of this process is performed by the Companies and Intellectual Properties Commissioner (CIPC). Due to the increase in fraud and corruption, corporate governance has become a major focus point over the past few years. Lumina, as a registered agent of CIPC, can assist you in ensuring that you abide by all the required legislation with regards to compliance to corporate secretarial issues.
Considering all the factors involved in estate planning can be a daunting task. At Lumina, we know that it is easy to overlook some of the considerations and therefore we believe that estate planning is a process and not a single quick stap shot of one’s affairs. Each person must be equipped with all the necessary tools to assist him or her to recognise events that would require a re-look at the estate plan.
Estate planning involves the structuring of assets in the most tax effective way to ensure protection and preservation of assets from one generation to the next. Various factors should be taken into account which include:
- Ensuring that your wish of distribution of assets are synchronized with your will
- Ensuring that the estate have enough cash (liquidity) to settle any debt and taxes
- Provision for minor children and special needs family members
- Appointment of heirs and legatees of choice
- Considering taxes payable during life and at death, including income tax, capital gains tax, and estate duty
- Nomination of an executor and ensuring that such executor is granted the powers necessary to fulfil the role properly
- Business succession planning
- Valuating assets at current values
Our accounting services include:
- Compilation of financial statements
- Drafting of management accounts
- Assistance with company business plans
- Cash flow forecasts
- Preparation of budgets
- Monthly processing of financial transactions
- Submission of VAT returns
- Bank reconciliations
- Reconciliation of debtors and creditors accounts
Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarising, analysing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarising a company’s operations, financial position, and cash flows.
Outsourcing your accounting function allows you to concentrate all your efforts on growing your business. It is often not cost effective for a SME to employ a fulltime accountant to oversee the accounting functions of the business.
Payroll administration functions include:
- Monthly salary calculation
- Monthly or weekly wages calculation
- Issuing of payslips
- Calculation of PAYE, UIF and SDL deductions
- Submission of monthly employer tax returns (EMP201)
- Submission of monthly UIF return to Department of Labour
- Annual Compensation for Occupational Injuries and Diseases return (COID)
- Application for letter of good standing (COID)
- Annual employer tax reconciliation (EMP501)
- Issuing of IRP5 certificates
The term “payroll” refers to the list of employees that receive compensation from a company. However, most companies generally use the term to refer to the money that is paid to the employees or the records that detail how much each employee has made. Payroll may also refer to the company, department, or software that is used to process paychecks and taxes or to the process of calculating and distributing employee paychecks.
Payroll administration is a technical process that changes frequently due to legislation. To avoid legal action your payroll system and administrator must be up to date with the latest legislation. It makes business sense for a company to outsource this function to professionals.
Lumina is a well-established auditing and accounting firm, situated in Pretoria East and has been in existence since 2004.
Our team includes qualified professional accountants, registered auditors, executors and financial advisors.
It is our aim to provide our clients with a one-stop service at a competitive fee, ensuring that our clients receive the attention and service they deserve.
Our team includes qualified professional accountants, registered auditors and financial advisors. We are registered at The South African Institute of Chartered Accountants (SAICA), Independent Regulatory Board for Auditors (IRBA), The South African Institute of Tax Professionals (SAIT) and The Financial Sector Conduct Authority (FSCA) previously known as the FSB.