The payslip – a formal confirmation which binds the employer and employee at the end of a pay period Section 33 of the basic conditions of employment act states that the employer must provide employees with the following information when…
On 17 June 2022, SARS published the updated version of the Guide on the Determination of Medical Tax Credits (Issue 14). The guide provides general guidelines regarding the medical scheme fees tax credit (MTC) and additional medical expenses tax credit…
Even when larger instalments are chosen to be paid to settle the liability earlier, the short-term portion disclosed in the financial statements should reflect the contractual obligation amount and not the estimated amount.
It is good practice to know what your company is worth, to enable you to be prepared in the event of the unexpected passing of a business partner/shareholder or a potential business opportunity arising which could yield significant returns from…
All companies and close corporations are required by law to submit their annual return with CIPC annually on the registration date (“birthday”) of the entity. An annual return is a statutory return in terms of the Companies- and Close Corporations Acts…
A Broader Scope of application SARS is required, in terms of section 210 of the Tax Administration Act, No 28 of 2011 (TAA), to impose fixed non-compliance penalties on taxpayers who fail to comply with any obligation that is imposed…
The Reserve Bank has increased the repo rate by 50 basis points, resulting in a repo rate of 4.75% and prime lending rate of 8.25%. The motive behind this significant increase is to combat South Africa’s annual inflation, which is…
When an event occurred after the date of the financial statements but before the issued date, and this event will have a financial impact in the future, the fact should be disclosed in the financial statements in a note. The…
SARS TIMELINES FOR SUBMISSIONS 2022/05/31 PAYE EMP501 - Reconciliation for the 2022 tax year 2022/06/07 PAYE EMP201 - Monthly return for May 2022 2022/07/07 PAYE EMP201 - Monthly return for June 2022 2022/08/05 PAYE EMP201 - Monthly return for July…
Monthly remuneration – When calculating the remuneration amount to be used for the ETI calculation, if the qualifying employee has been employed for: 160 hours in the month, the actual remuneration amount paid must be used Less than 160 hours…