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May and CompanyAccounting | Auditing | Tax Specialists

August 2018 NEWSLETTER
The New Travel Allowances: How Do They Affect You and Are They Working?
The 2018/2019 tax year sees important changes to how, as an employee, you can be reimbursed for your business travel expenses. Both employers and employees should know how they will affect you in practice.

We discuss the three types of travel allowance, the new changes, the reasons why SARS has made them, and the administrative burden and other considerations for employers.

That’s all important of course, but your bottom line question is always going to be “What’s best for me?” Two practical examples should help you decide.
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Good Staff Relationships Are Just As Important As Pay 
A happy, productive and stable workforce is the first prize for all businesses, and recent workplace research has revealed some of the more important issues in play.

For example as an employer wanting to boost your staff retention levels, the best place for you to start is to understand the reasons employees give for quitting their jobs. How important are pay levels? Hours worked? Relationships with management and colleagues? And what do workers want to see in their employer/employee relationships?

Read on for the insights we’ve gleaned for you from the survey results…
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Box Clever With Cash When You Retire 
Heavyweight Boxing Champions might not always spring to mind as a prime source of financial insight, but George Foreman certainly put his finger on it when he told the world “The question isn’t at what age I want to retire, it’s at what income.”

Whatever retirement income you ultimately decide will be enough for you, one of the many things you need to consider is just how much money you should cash in from your retirement savings. 

We take a look at what you should take into account when making that vital decision, at the tax implications and at what you should do with whatever cash you take out.
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SARS’ New Service Charter - A Positive Step 
In rebuilding SARS as a world class institution and in positively re-engaging with taxpayers, management has just released a new Service Charter to replace the old Client Charter.

We discuss the highlights of the new Charter, the undertakings now given to taxpayers, and what is expected of taxpayers in return.

Of particular interest perhaps are the various time limits that SARS will now “endeavour” to comply with for services such as new registrations, assessments, payment of refunds, providing reasons for queried assessments and considering objections. 
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Your Tax Deadlines for August and SARS’ World Map of International Tax Agreements 
If you are an individual provisional taxpayer your first 2019 provisional payment is due on 31 August. 

P.S. If South Africa’s various double taxation agreements, information exchange agreements and other international tax treaties are of interest to you, have a look at SARS’ inter-active world map of them on its “International Treaties & Agreements – Map” page here.


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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