Contributions to a retirement fund remain an area that SARS allows as a taxable benefit or deduction against income earned. If an individual contributed to a retirement vehicle and did not receive the tax benefit during the year, the individual is within his/her rights to claim the deduction when doing their tax return. Here’s a...
Employment and Labour Minister, TW Nxesi, has recently announced that the National Minimum Wage (NMW) for each ordinary hour worked has been increased from R21,69 to R23.19 for the year 2022. This comes into effect from 01 March 2022. This announcement is in terms of Section 6 (5) of the NMW Act, No 9 of 2018, to amend the...
Employment Equity reports were due on 15 January 2022 but that’s not the end of your Employment Equity demands for the year. According to BusinessTech, the Employment Equity landscape is seeing some new developments. Parliament’s National Assembly passed the Employment Equity Amendment Bill in November 2021 and has sent the draft law to the National...
Time certainly flies! With the 28th of February 2022 only 20 days away, it’s time to get all payroll affairs in order as this marks the end of the 2021/2022 tax year. Payroll systems need to be geared for the new tax year and if you run a weekly payroll this doesn’t leave a lot...
By now we’re pretty sure the December holidays are long forgotten and the mountain of work that awaited your return in January has seen a slight dent. As you settle back into the “now normal” with Employment Equity reporting deadlines already done and dealt with, we’d like to remind you that February means it’s Budget...
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...
Many employees receive an annual bonus payment as part of their remuneration package, and for most, this bonus is paid in December of each year. So, for many employees, this time of the year should be a happy time when they see the word “Bonus” appearing on their payslip. However, employees are often disappointed when...
Yes…having tea with a SARS official, in your home is not that uncommon as of late. Surprised? Don’t be…as anticipated there has been a massive increase in taxpayers claiming for home office expenses this past year, and as such SARS are doing a huge amount of home inspections. We have all experienced the “new norm”...
For those taxpayers who have not submitted their tax returns yet – there is some relief. Non-provisional taxpayers had to submit their returns by the 23rd of November 2021, failing which there was a possibility of penalties being imposed. The good news is that SARS has announced that the filing season deadline has been extended...
The South African Reserve Bank’s Monetary Policy Committee (MPC) has decided to raise the Repo Rate by 25 basis points with effect from the 19th of November 2021. We have been quite fortunate in that we haven’t had a rate increase for three years, so it was inevitable that an increase had to happen. This...
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