Because of digital advances, in part fuelled by worldwide lockdowns and social distancing, there are many professions that no longer require staff to be permanently office-bound.
Adding to the challenges of 2020, the South African Revenue Services (SARS) announced that it did not make its annual budget.
We look at how travel allowances work, which method of calculation is best, and also provide a heads-up of how to manage the unforeseen consequences of the COVID-19 pandemic.
“When it comes to employee tax, a little training goes a long way towards restoring productivity,” says Tanya Tosen, Tax and Remuneration Specialist at Remuneration Consultants.
“As COVID-19 continues to impact the economy, organisations are asking how they can structure employee remuneration packages optimally and more tax efficiently,” says Tanya Tosen, Tax and Remuneration Specialist at Remuneration Consultants.
In a COVID-stricken economy, employee motivation and productivity are being hampered by salary cuts and reduced working hours.
Taxpayers received a welcome message of support from Finance Minister, Tito Mboweni, in delivering his 2021 Budget Speech. In adopting a focus on economic recovery, following an unprecedented year of job losses, the Minister has for a second consecutive year afforded some relief to taxpayers with an above-inflation increase in the personal income tax brackets […]
In our recent newsletter, Tax compliance or jail, we warned that your clients could face penalties or prison sentences for negligent non-compliance with South Africa’s tax legislation.
The financial emigration law amendment that comes into effect on 1 March could cause a mass exodus of South Africa’s tax base, says Professor Jannie Rossouw, head of Wits Business School.
With COVID-19 burdening the economy and SARS seeking to increase its revenues however it can, organisations with misconceptions about how certain payroll elements should be taxed may unknowingly be exposing themselves financially.
