“There’s only one remuneration model employers should be considering during COVID-19,” says Tanya Tosen, Tax and Remuneration Specialist at Tax Consulting South Africa.
Entries by Remunerationconsultants
The draft Taxation Laws Amendment Bill (“TLAB”) was published on 31 July 2020. As announced in the Budget Speech, any South African leaving in future will be subject to a much stricter process from 1 March 2021 onwards. But there was also a surprise 3-year lockup announcement for anyone with a South African pension fund, […]
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.
Many South Africans who had to start working from home due to the national coronavirus lockdown imposed on businesses will not yet be able to claim “home office expenses”.
Following SARS’ media statement on 5 May 2020, it is clear that revenue collection is under immense pressure with an expected collection shortfall of between 15% – 20%.
Many companies are considering or are in the process of retrenching workers due to the economic woes of the country that is being exacerbated by the imposed lockdown to curb the spread of the Covid-19 disease.
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