The South African Revenue Service is gearing up to implement crucial enhancements to the Tax Directives system this September. From changes in retirement annuity fund transfers to deemed retirement adjustments and Recognition of Transfer (ROT) procedures, these updates could reshape your tax strategies and retirement plans. Read the full notice below:
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South African business owners and payroll departments, take note! The Department of Labour has amended the Compensation for Occupational Injuries and Diseases Act (COIDA) threshold or ceiling for the purposes of calculating assessments. Government Gazette 48065 was published on 17 February 2023 and states that from 1 March 2022 to 28 February 2023 the threshold
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On 26 January 2023, the South African Reserve Bank (SARB) announced the first repo rate change for 2023. This affects you in more ways than one as it is ultimately tied to how much interest you pay on loans and credit cards, among other things. An important payroll-related aspect is the impact on the SARS
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The South African Revenue Services (SARS) have recently released an updated Service Charter. The new Service Charter comes into effect from 1 April 2022 and details their service commitment for Tax, Customs & Excise. According to SARS, the new and updated Service Charter is the outcome of several engagements, including external inputs received and audit
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During the 2022 / 2023 Budget Speech, the Minister of Finance announced an increase in the ETI values which took effect from 1 March 2022. In addition, and to specifically assist in curbing the abuse happening within the ETI system, some significant changes were proposed in the recent Taxation Laws Amendment Act, which was ultimately
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The South African Reserve Bank (SARB) governor Lesetja Kganyago has announced a 25 basis points increase in the repo rate on Thursday, 27 January 2022. This takes the key rate at which it lends to commercial banks, to 4%. For homeowners with bonds, the interest rate hike means paying more on monthly bond repayments but there
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It’s that time when companies plan if, and what type of schemes, they will implement to attract, upskill and retain future potential. Of course, with every scheme, there are costs and rebates which need to be carefully weighed up to identify which type of scheme will best suit the organization from a return on investment
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Employer Interim Reconciliation Declaration (EMP501) submission period, or as some refer to it, the Bi-Annual Submissions period closes on 31 October 2021. During this period, employers are required to reconcile the payroll tax liabilities (PAYE, SDL and UIF) declared on their monthly Employer Declarations (EMP201) for the first six months of a reconciliation year (1
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If you have received a donation or have made a donation during the 2020/2021 tax year, there may be tax implications and there are many factors to consider. This article highlights the A to Z on donations. Donations made and received A reminder – donations are permissible as follows: A donation, to be deemed as
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Regulations regarding the taxation of foreign earnings and the new regulations regarding retirement payouts on emigration are now in full swing. Make sure you get this right as it could cost you dearly!! From March 2020 the taxation rules regarding employees working in foreign countries changed, in that remuneration earned is no longer exempt from
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