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.
Entries by Remunerationconsultants
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.
With the first provisional tax payment being due on 31 August 2020, there is some confusion regarding whether expatriates are deemed to be provisional taxpayers by the South African Revenue Service (SARS) or not.
Many companies have relied on the latest salary survey data to benchmark their internal salaries against market related salaries.
South Africans are acutely aware of the plight of their fellow citizens during the current Covid-19 pandemic.
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In the News
- NEWS | RETIREMENT AND RISK BENEFITS: MOST COSTLY MISTAKES06/29/2020 - 12:38
- NEWS | COVID-19 & TRAVEL ALLOWANCES – A TICKING TAX BOMB SURPRISE IN THE MAKING?06/12/2020 - 09:47
- NEWS | ENSURE YOUR PAYROLL SYSTEM DOES NOT CAUSE CONFUSION OR DISCREPANCIES06/08/2020 - 10:40
- NEWS | SARS NEW AUTO-ASSESSMENTS – WHY SOUTH AFRICAN EXPATRIATES MUST BE FULLY COMPLIANT06/01/2020 - 10:52
- NEWS | FEW WILL BE ABLE TO CLAIM ‘HOME OFFICE’ EXPENSES, AT THIS STAGE05/26/2020 - 11:59
- Can we use standard pay scales in the form of a regressed market for remuneration management?06/27/2016 - 12:07
- What are the key considerations when attempting to comply with “Equal Pay for work of equal value”?06/27/2016 - 12:06
- How do I optimally structure travel allowances for employees?06/27/2016 - 12:04
- How does a Total Reward Statement (TRS) enhance my company’s Employee Value Proposition (EVP)?06/27/2016 - 12:03
- What advantages does CTC with flexible benefits have for my staff and company?06/27/2016 - 12:02