Since the inception of the retirement reform on the 1 March 2016, many employers maintained their payroll configuration appertaining to retirement and risk benefits and the tax treatment thereof or minor modifications thereof.
The far reaching effects of COVID-19 has not only impacted your freedom of movement in the past couple of months, but unknowingly to many may be silently increasing your tax liability that will be due to the South African Revenue Services (“SARS”) for the 2021 Year of Assessment.
Oops payroll – what happened to my net take home pay? Starting a new job in an employee’s career is usually an exciting event with the additional prospect of increasing their earning potential in most cases.
With the effects of COVID-19 hitting the National Treasury where it hurts the most, in the pocket; SARS has introduced auto-assessments.
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