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Not everything you hear about tax is true. There are many myths and misconceptions about payroll tax in South Africa that simply won’t go away. Let’s look at a few of them and what the tax and labour laws actually say. No matter whether your employer calls what it pays you a salary, overtime or commission, it is taxed at the same rate on the payroll according to the standard PAYE tax tables.
How companies treat their people during the COVID-19 pandemic will define the type of employer they are. And how they adjust their human capital management strategies in response to the pandemic will impact employee loyalty, motivation, and satisfaction, which in turn impacts customer satisfaction.
Almost a year into the global COVID-19 pandemic, most organisations have settled into new, more digital ways of working and collaborating. Even though the crisis is not yet behind us, businesses should seize this chance to evaluate their performance through a new lens – and to reshape themselves into more resilient, flexible and productive organisations.
With many people still working from home, prioritising a heavy workload has become more of a challenge for employees and managers than it was before COVID-19. Our new remote working reality means many people are juggling large work volumes with new challenges such as disrupted school schedules, the need to self-quarantine, or colleagues taking time off due to illness.
Up until a few years ago, digital transformation was not high on the agenda for most finance chiefs. Though they recognised that IT was important, most CFOs thought of digital as a technology play, a channel strategy or a customer experience concern.
Young entrepreneurs can uncover opportunities to build and grow their businesses. As President Ramaphosa noted in a recent newsletter to the nation, young entrepreneurs are finding the 'silver lining to the dark COVID-19 cloud'.
During August, many South Africans received auto-assessments for their 2019/20 personal income tax returns from SARS. The admin for the tax year is behind the taxpayers that accepted, or amended and submitted, this assessment and settled any tax still owing to SARS.
You may owe SARS money next year if you receive a travel allowance and aren’t travelling for business because of COVID-19. Most employees have travelled less for business this year than they would in the pre-COVID-19 world.
At a time when many small businesses in South Africa are already struggling as a result of the recession, the global COVID-19 crisis is a bolt out of the blue. It is an event that has caught even the best prepared businesses by surprise, and it is a genuine existential threat for many of the small businesses we deal with in our daily lives.
Automation can help businesses decrease the R7.2 billion lost to admin. We’re racing towards the end of another tax year and we have heard about the Finance Minister’s proposed changes for the 2020/21 tax year. Not too long after Minister Tito Mboweni unveils changes to PAYE and other taxes during his budget speech on 26 February, the season for Employer Annual Reconciliations will open.