During Finance Minister Enoch Godongwana’s 2022 Budget Speech, a substantial 50% increase in the limits for the Employment Tax Incentive (ETI) was announced, effective from 1 March 2022. This will increase the amount of tax relief employers can claim when employing young people. ETI fast facts An incentive encouraging employers to hire young work seekers […]
Stimulating the SME sector is considered as one of the quicker ways to rejuvenating the economy. According to a 2020 survey by McKinsey & Company, SMEs make up over 98% of South African businesses, and employ between 50% and 60% of the workforce. However, it takes money to run a business and there is a […]
Launching a business requires the small business owner to wear many hats. From marketing, to accounting and HR the small business owner needs to learn any number of skills to get their venture off the ground. Eventually though there comes a point where doing everything yourself as owner is hurting the company more than helping […]
7 March Monthly Pay-As-You-Earn (PAYE) submissions and payments 25 March Value-Added Tax (VAT) manual submissions and payments 30 March Excise Duty payments 31 March End of the 2021/22 Financial year 31 March Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable
The 2022 Budget Speech brought some good news and welcome tax relief to personal and business taxpayers, This is possible thanks to tax revenue collection estimates that exceed the 2021 Budget estimate by R182 billion. Given the improvement in revenue collections, government proposes R5.2 billion tax relief to help support the economic recovery, provide some respite […]
How much will you be paying in income tax, petrol and sin taxes? Use Fin 24’s four-step Budget Calculator here to find out. Have a look at the tax tables below for the new Individual and Special Trust income tax brackets, and for a convenient reminder of the various other taxes that remain unchanged –
An unfortunate reality for many non-provisional taxpayers with multiple income streams is a large and unexpected tax liability following a year-end tax assessment – even though PAYE was paid each month on their income streams. Taxable income streams include salaries and wages, allowances, pensions and retirement annuities, rental income and investment income. Many taxpayers have […]
NOTE: Bear in mind that although many of the resources mentioned below are addressed by SARS to you as a private taxpayer, there is just no substitute for professional advice and assistance when it comes to matters of tax. “SMME Connect # 1”, the January issue of a new SARS newsletter for SMMEs available here, has […]
In his 2022 budget speech, Finance Minister Enoch Godongwana revealed a more positive picture for government’s finances. The South African Revenue Service took in R182 billion more than expected in the past year. These stronger revenues allowed the Minister to announce a number of tax relief measures. “Now is not the time to increase taxes […]
