FT-IN-New-Tax-Bills

NEWS | NEW TAX BILLS – A STEP CLOSER TO RETIREMENT REFORM IN SA AND IMMEDIATE 3-YEAR LOCKUP

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, […]

Retirement and Risk Benefits, Most Costly Mistakes

NEWS | RETIREMENT AND RISK BENEFITS: MOST COSTLY MISTAKES

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.

COVID-19 and Travel Allowances

NEWS | COVID-19 & TRAVEL ALLOWANCES – A TICKING TAX BOMB SURPRISE IN THE MAKING?

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.

Payroll Concerns, What Happened To My Net Pay?

NEWS | ENSURE YOUR PAYROLL SYSTEM DOES NOT CAUSE CONFUSION OR DISCREPANCIES

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.

SARS Auto Assessments-Why SA Expats Must Be Fully Compliant

NEWS | SARS NEW AUTO-ASSESSMENTS – WHY SOUTH AFRICAN EXPATRIATES MUST BE FULLY COMPLIANT

With the effects of COVID-19 hitting the National Treasury where it hurts the most, in the pocket; SARS has introduced auto-assessments.

Selected Few Are Eligible To Claim Home Office Expenses

NEWS | FEW WILL BE ABLE TO CLAIM ‘HOME OFFICE’ EXPENSES, AT THIS STAGE

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”.

South African Expats Beware Of SARS Using Third Party Information

NEWS | SA EXPATS BEWARE: SARS EYES OFFSHORE ASSETS, FOREIGN INCOME AND BANK ACCOUNTS

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%.

Understand The Tax Consequence On Severance Package

NEWS | UNDERSTAND THE TAX CONSEQUENCE ON SEVERANCE PACKAGE

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.