What would happen if your employer were to make an incorrect declaration of your earnings, be it accidentally or on purpose? Employers are dependent on the accurate and timely processing of their remuneration packages on a monthly basis. Employers who are unable to meet these expectations are likely to be branded as “bad” employers and will not only have unhappy staff, but result in compliance issues emanating from The South African Revenue Service (SARS).
Employees are required to submit their income tax returns on an annual basis. This year, those who are required to submit income tax returns are those who meet the below, new criteria, which were announced on the 1st of July 2019, when the Tax season was launched:
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
What to do if you find out there may be Tax or Custom Crime happening in your workplace –
REPORT A TAX OR CUSTOMS CRIME
SARS wants to make reporting a tax or customs crime easy for you. If you want to see what they consider a suspicious activity click here. They have even created an online form for you to complete.
SARS – TAX CRIME AND CUSTOMS CRIME
What do you need to get together before you start?
- It’s useful if you have an ID number; Tax Reference number of the person you are reporting. But it’s not essential. Even a car registration number will help
DO I NEED TO PAY INCOME TAX?
BUDGET SPEECH 2016 CHANGES have come into effect with the recent budget speech that Finance Minister PRAVIN GORDHAN delivered 24th February 2016.
The South African government have plans in the forthcoming year to:
Manage finances in a prudent and sustainable way
Re-ignite confidence and mobilise the resources of all social partners
Collectively invest more in infrastructure to increase potential growth
Give hope to our youth through training and economic opportunities
Protect South Africans from the effects of the drought
Continuously improve our education and health systems
Accelerate transformation towards an inclusive economy and participation by all