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August 2015 NEWSLETTER
Your SME: When Should You Outsource?
SMEs (Small and Medium-sized Entities) go through many cycles, one of which is figuring out how to get their business to the next level. As your business grows you face an increasing need for specialised skills which are either unavailable due to skills shortages, or are too expensive.
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It’s That Time Of Year Again: Tax Season 2015 
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“I just filled out my income tax forms. Who says you can't get killed by a blank?”   (Milton Berle) 

The 2015 tax season opened with much fanfare on 1 July.  The fanfare was justified as more than 67,000 returns were submitted by the 2nd. 
 
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Undeclared Foreign Accounts: Time Is Running Out 
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Earlier this year the names of 100,000 HSBC account holders were leaked to the media. This became a scandal as HSBC had conspired with its customers to shield them from tax obligations.

South African individuals and companies were amongst the names revealed. Clearly, SARS has access to this information. In addition, SARS has been exchanging information with the Organisation for Economic Cooperation and Development (OECD) and has compiled lists of South African taxpayers with investments in OECD countries – these names are being matched to its South African tax database. 
 
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Employers: Take Note Of The Garnishee Judgment 
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Emolument attachment orders (EAOs), more widely known as garnishee orders, came under fire recently in the Western Cape High Court. Creditors have been getting garnishee orders issued by court clerks (and not magistrates) and they have often gone to courts hundreds of kilometres from where the debtors live. There is no requirement that the clerk of the court should review how the garnishee order would affect the economic circumstances of the debtor - in at least one instance, virtually the whole of an employee’s earnings were subject to deduction.
 
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The Greek Crisis: Lessons For South Africa 
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Greece is in an unenviable position – it can leave the Euro and face potential collapse or it can stay in the Eurozone and face years of financial hardship. Pensions are being cut, the retirement age is going up, youth unemployment is more than 50% and the banks are close to collapse.

Clearly, South Africa is nowhere near as bad but we can still learn some valuable lessons from Greece.
 
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Employers: No Change To The Remuneration Thresholds 
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The Minister of Labour has decided not to amend the remuneration an employee earns to fall under the protections of the Basic Conditions of Employment Act (BCEA).  The amount remains R205,433.30 per annum (R17,119.44 per month). 

This is welcome news for employers
 
Your Tax Deadlines For August 
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If you are a provisional taxpayer, your first payment for the 2016 tax year is due on 31 August.
 







Disclaimer

The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.

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