Newsflash courtesy ofSAPA
The Minister of Finance, Pravin Gordhan, presented his mid-year budget review on Wednesday 26th October. Proposed changes that immediately impact payroll include the extension of the Employment Tax Incentive. This was to have ended on 31st December 2016, and it is proposed that this date has been extended for another 2 years to end February 2019, which means that organisations are encouraged to recruit and employ people between the ages of 18 to 30, to introduce them to the work environment.
Towards the end of September, National Treasury published a second batch of draft amendments to the Taxation Laws Amendment Bill (TLAB) for public comment. Included in the proposed changes are extensions to the Employment Tax Incentive (ETI) and the Learnership Tax Incentive, which are due to expire on the 31st December and 30th September 2016 respectively.
Would you like to study for a BCom, specialising in Payroll Management? Da Vinci Institute is taking registrations for the next group of students to start this 3 year program. For more information, please contact BComPayroll@accsys.co.za.
Are you keen to get your degree in Payroll? The first group of students are well on their way through year one. The Da Vinci institute is keen to start another group of students in September. To find out more, contact BComPayroll@accsys.co.za.
Voting day, Wednesday 3rd August, has been officially declared a public holiday, as per a notice published by the Presidency on 24th June, 2016 (see here). Please remember to update your systems to reflect this!
Good news! The first group of students have embarked on the BCom studies, and Da Vinci have let us know that they are keen to start a second group of learners in July 2016! If you are interested, please contact BComPayroll@accsys.co.za for more information.
Two important deadlines which need to be met are on Tuesday next week, 31st May.
a. 2016 Tax Year Submissions to SARS
The deadline for submission of EMP501 and Employee Tax Certificates, is the 31st May, Tuesday next week. Have you finished your submission to SARS yet? The SA Revenue website has this advice for employers:
The Department of Labour announced on 10th May that they have extended the deadline for submission of the Return of Earnings to 31st May, 2016. This may be somewhat confusing to you, as we had understood that this was the deadline for submission, and had documented this deadline in previous newsflashes.
31st May is also the deadline for the SARS Annual Reconciliation.
The official period for the 2016 Employer Reconciliation opened on 18th April, and will close on 31st May. SARS have updated their website help on this topic, including tips on the version of e@syFile which should be used.