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The Budget Speech proposed a number of changes, and although not legislated yet, it is a good idea to implement the changes early as the implementation date will be backdated to 1 March:
1.Rates of Tax for 2011/2012. Please download the latest tax tables and instructions from the Payslip Website (www.payslip.co.za) via the Login Form and run the self install program.
2.Personal Service Providers are to be taxed at a rate of 33%.
3.Trusts are to be taxed at 40%.
4.Medical Aid Capped Amounts have increased from R 670 to R 720 for a single member, from R 1340 to R 1 440 for a member +1 and from R 410 to R 440 for additional dependents. Please adjust your system using the Medical Aid support note. (If you are using PayLite, PayMini or PayPower, these amounts are automatically adjusted with the new tax tables.)
5.Motor Vehicle Fringe Benefits increase to 3.5% of the determined value. (3.25% for vehicles with maintenance plans).
6.Travel Allowances remain 80% taxable, but employers can change this to 20% if the employee can prove that at least 80% of travel is for business purposes.
7.The official Rate of Interest changes to 6.5% for calculating Fringe Benefits for low or interest free loans.
8.Other Changes. There are also proposed changes to Employer provided indemnity, retrenchments and Employer provided indemnity Insurance. Please read the SARS letter to Employers for more reference. Call for a copy to be sent to you
We are here to help you. If you have any questions, need assistance or more information, please contact us.
Call 0861 PAYSLIP (0861 729 7547) or e-mail help@payslip.co.za or Skype help.payslip
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