Viewing Blog #36

• 2017-03-24 10:33:59

Reminder :: Latest Tax Rates Released on our website

The Budget Speech thankfully did not produce any horrible surprises. There is a new super tax bracket and minor changes to medical tax credits and minor adjustments to age rebates.

Please use the SARS Tax Pocket Guide to view the new statutory rates and changes.

The latest tax rates and instructions on how to install them are available on the downloads section of our website - or send a mail to help@payslip.co.za and we will email them to you.

Remember to change the Medical Tax Credit’s as follows:
First Two beneficiaries increase by R 17 per month to R 303 per month each.
Beneficiaries thereafter, increase by R12 to R 204 per month

Notes from Help Desk:

1. Please remember to make external backups before closing the tax year. These backups can then be used to produce the SARS year end extract files for E@syfile later. A backup is only useful if it can be successfully restored.
2. Ensure that the year to date values have been cleared and your calendar dates for the new tax year are correct before doing the first run in the tax year.
3. Load the 2018 tax rates as soon as possible in the new tax year because the tax rates have increased and any shortfall will be backdated to 1 March 2017 if loaded later in the year that will cause a decrease in net pay and possibly very unhappy staff.
4. Remember that all Employer contributions to insurance and death/disability funds in addition to the normal retirement funds are fully taxable. Be careful of any hidden values included in the Employer contribution to Pension/Provident/RA that is not deemed to be a true fund value - these values are taxable but NOT included in the allowable tax deduction of 27.5% by employees. Please confirm with your fund administrator that the taxable values and corresponding allowable deductions are in fact correct. This is very important.

Should you require any assistance, please call our Solutions Centre or email help@payslip.co.za

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