SARS has improved eFiling and the MobiApp with several exciting innovations for Tax Season 2019 to make it simpler and more convenient for taxpayers to file an income tax return. To see an example of the new ITR12, click here. This year taxpayers who meet ALL of the following criteria need NOT submit a tax return:
- Their total employment income for the year before tax is not more than R500 000
- They only receive employment income from ONE EMPLOYER for the full tax year
- They have no other form of INCOME (e.g. car allowance, business income, and rental income, taxable interest or income from another job)
SARS is upgrading their IT systems and is migrating to a
new platform between Friday 12 April 2019, 17:00 and Tuesday, 16 April 2019,
6:00. Impacted services are eFiling, e@syFile™ and the SARS website.
Tax season for individuals opens again on the 1st July 2019.
The Employment Tax Incentive (ETI) is a tax incentive aimed at encouraging employers to hire young work seekers, the aim of which is two-fold. Firstly, it is a means of cost-sharing between Employers and Government to help motivate employers to employ young people in their work places. South Africa has a particularly high rate of youth unemployment due to the large gap in skills between what the learners are taught in schools and tertiary education arenas and the actual needs required to work effectively within the workplace. As a result employers are hesitant to employ a young person with little or no actual work experience which in term means that young people are not gaining the skills or experience needed to drive the economy forward. This lack of skills can have long-term adverse effects on the economy.
The Employer Annual Reconciliation filing season for 2018 is now open! Employers have until 31 May 2018 to submit their Annual Reconciliation Declaration (EMP501) for their Employees, for the period from 1 March 2017 to 28 February 2018.
A statement like this can get a person’s heart racing if they are in a situation where they ma be unprepared or lack the expertise to submit their declarations themselves. And in many cases, Employers, particularly smaller business, may not have access to the correct help with their own organisations. This is where Pay Solutions can be most beneficial for smaller companies!
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
Have you experienced ETI Validation Rule Errors?
The Pay-As-You-Earn (PAYE) interim reconciliation closed on 31 October 2016. Some employers may have experienced Employment Tax Incentive (ETI) validation errors when submitting their Employer Reconciliation Declaration (EMP501) to SARS. We have provided guidance further down on how to resolve the recently encountered validation errors.
Were your ETI certificates rejected?
A number of employers were previously advised when submitting their Interim Employer Reconciliation Declaration (EMP501) for the reconciliation period 201608 that they had failed ETI validations and were requested to amend and resubmit the reconciliations.