Take the stress out of payroll with our trusted software and expert HR support.
In 2017 South Africans earning over R1.5 million a year will be added to an additional tax bracket that will add an extra R16.5 billion to the tax revenue. The new bracket will increase from 41% in 2016 to 45% in 2017.
This is expected to cover most of the the R28 billion shortfall. The rest will come from other sources says finance minister Pravin Gordhan. These sources are:
Economists say there are no adjustments being made to VAT in the foreseeable future. Tax revenues have notably fallen much faster than expected according to Gordhan and has reduced its tax-revenue estimate from R1.175 trillion to R1.144 trillion. This has been described as the largest tax revenue shortfall relative to estimates since the 2009/10 recession.
While South Africa is “once again at a crossroads” and “tough choices have to be made to achieve development outcomes”, Gordhan nevertheless tried to stress the need for growth. Treasury estimated that the economy expanded by 0.5% in 2016 and forecast that it would grow by 1.3% in 2017 and 2% in 2018. It may not be a lot but its a start. With the prediction for Tax incentives to encourage corporates to invest in new infrastructure developments its a win-win situation for everyone involved. This means means that jobs will be created and help the economy grow.
To View “ Tax Implications from Budget speech” click here
The new tax rates for all Payslip Software will be posted on the Downloads page on 1 March
Every year on 16 June, South Africa pauses to remember the students of Soweto who marched in 1976. Young people who demanded better. Young people who paid an enormous price for it. It feels right, on that day, to ask what we’re actually doing for young South Africans today. The...
There are a lot of companies using the word “payslip” out there right now. Some of them have websites that look professional. Some sell software, templates, or outsourcing services. And some of them, when you look a little closer, have almost no information about who they actually are. No company...
If you are struggling with submissions or your Emp501 does not balance back to your payroll records, contact us to arrange a consultation. SARS submissions should be quick, easy and stress free. (at least, from the payroll side). If not, consider changing to PayX payroll software. Remember to leave enough...
Are you an employee or an employer?
Employee
Looking for your payslip?
If you are an employee looking for your payslip, then click here
Employer
Payroll resources.
If you are looking for Payroll/HR solutions or services, click here
