30 June 2017 – Enhancements to Tax Directives
Tax Directive enhancements have been implemented as a result of legislative changes. The enhancements to the directive application forms will enable Fund Administrators and Insurers to comply with the legal requirements. The IRP3(s) application is a new form addressing section 8A gains and section 8C amounts. The Recognition of Transfer and the Recognition of Purchase of an Annuity forms (ROT) can now be electronically submitted by the receiving fund.
The enhancements include:
Health & Safety – Hazardous Chemical Substances Undiluted
Budget 2017 Tax Guide
This SARS pocket tax guide has been developed to provide a synopsis of the most important tax, duty and levy-related information for 2017/18
Who is a Provincial Tax Payer?
Retirement fund lump sum benefits consist of lump sums
from a pension, pension preservation, provident, provident
preservation or retirement annuity fund on death, retirement
or termination of employment due to attaining the age of
55 years, sickness, accident, injury, incapacity, redundancy or
termination of the employer’s trade.
Click here for the full Budget 2017 Tax Guide
Companies participating in Skills Development initiatives are required to submit their Workplace Skills Plan (WSP) and Annual Training Reports (ATR) by 28 April 2017.
Points can also be earned under the new BBBEE Codes for the Skills Development priority element pending successful submission of Workplace Skills Plan Annual Training Reports 2017
The value of developing meaningful WSPs & ATRs is multi-faceted. Apart from achieving compliance and earning financial rebates, these plans and reports can also add strategic value to a business. Companies can identify their true development requirements so that they can address skills gaps and shortages and earmark the right talent for growth in order to reach their strategic objectives.
Wholesale and Retail Wage Increase is effective from the 1st February 2017, read below on who this applies to.
Sectoral Determination 9: Wholesale and Retail Sector
The employment of all wholesale and retail workers are governed by this legislation.
- minimum wages
- working hours
- number of leave days
- termination rules
- warehousing, or
- distribution operations.
- another sectoral determination, or
Audio Recordings in the Workplace
Examining what the law says about audio recording of meetings, conversations etc.
With ever changing and advancing technological developments that have been made readily available to the public, employers are increasingly confronted with secret audio recordings being submitted as evidence. Technology has made it easy to capture audio recordings with small and easily concealable devices, an iPod or smartphone can record lengthy discussions without detection.
This trend of behaviour can be expected given South Africa’s current socio-economic climate, which has heightened the importance of job security for many South Africans. Employers, it would seem, aren’t catching onto this trend and would not ordinarily record their employee meetings or disciplinary proceedings.