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:
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
NEWS JUST IN from the South African Reserve Bank, Pay Solutions bring you ‘breaking news’ as it comes in to ensure that their clients are informed ahead of time. Please note changes with immediate effect
South African Reserve Bank
The South African Reserve Bank expectantly increased the repo rate by 25 basis points. The repo rate is 6.25 percent, effective November 2015. Therefore for employers that offer Low Interest or Interest Free Loans will have to make the necessary adjustment to the Fringe Benefit value of the Loan to 7.25%. This new rate is effective from 1 Dec.
Income Tax Act – Pay Solutions bring you the latest changes
INCOME TAX ACT – ANNUITY INCOME AND TEMPORARY DISABILITY – THE UNPREDICTED OUTCOME
Since March 2015, monthly annuity income from an income protection policy has changed from being taxable income, to non-taxable income. Before assessing all the facts, one would simply assume this is great news! However, once examining the facts more closely it becomes clear that the issue is much more complex.
An employee that is booked off work on temporary disability and only earns the income from the income protection policy, will still be “Employed” by the company, but not earn any “Remuneration” and will not be rendering any services to the company in terms of their employment contract.
Does this apply to you? company cars retail market value principal that came into effect on the 1st March 2015. Pay Solutions strive to always put our clients first by delivering the best payroll advice and service. An important part of the service offered is to keep up to date at ALL times on legislation changes.
company cars retail market value principal
SARS TAX CERTIFICATE SUBMISSIONS
The employer tax certificate season for February 2015 closed on 29 May 2015. As usual most employers managed to submit without any hick-ups, whilst others faced a few perplexing issues. Overall e@syfile performed well and the majority of employers submitted well within the allocated time frame.
The Individual Filing Season has now kicked off and employees should start submitting their tax returns now – particularly if a refund is due!!
Remember that the Individual Tax Season runs from July to November every year. For provisional taxpayers who submit via eFiling, it runs until January of the next year.