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If your company is deducting additional tax each month so that you get your annual bonus tax free, please consider an alternative.
Why pay additional tax to SARS in advance when that money can be invested in an interest bearing savings account where all staff members contributions can boost the interest earned by pooling their funds together?
Then when the bonuses are paid – simply apportion the accrued interest to the contributing members and pay the bonus tax in the month that it is paid.
SARS is happy and the staff are even happier because they earn interest.
It is not difficult to administer so please consider a SAVINGS SCHEME rather than a tax fund.
Contact us to setup a payroll calculation for this saving. Deduct it and pay it over to a savings account rather than SARS. Pay back the savings contributions when the bonus is paid to offset tax.
Let tax be tax and savings be savings.
Does SARS really deserve to use savings interest free?
Call us today for advice on how best to setup and administer tax on bonus that works for you.
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