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2017 RETURN OF EARNINGS DECLARATION

The Department of Labour and/or Rand Mutual Assurance (RMA), in accordance with the Compensation for Occupational Injuries and Diseases Act (COIDA) requires employers to submit a declaration by either 31 March 2018 (RMA), or 31 May 2018 (Department of Labour extended deadline date) which declares the number of employees (including directors) and their annual earnings, per month, for the period 1 March 2017 – 28 February 2018.

A percentage is determined, depending on the industry applicable to the employer, which is used to determine the fee payable to the Compensation Fund (CF).

If the declaration and payment is not made by 31 May 2018, a penalty not exceeding 10% of the assessment will be charged.


2018 EMPLOYER ANNUAL RECONCILIATION

Employers are required to submit their Pay-As-You-Earn Employer Annual Reconciliation (EMP501) from mid-April to 31 May 2018 and involves a reconciliation between the monthly EMP201 declarations submitted to SARS, monthly payments made to SARS and income tax certificates (IRP5) for the 2017/2018 tax year. Employers are also required to supply employees with a copy of their income tax certificates (IRP5).

It is of utmost importance to ensure that each employee’s personal details are up to date and accurate, as the information will reflect on the employee’s 2018 income tax certificate (IRP5).

SARS has developed a free software programme to assist employers with the reconciliation and submission process and is available for download on their website (www.sars.gov.za).

To avoid any penalties or interest charged, ensure that your reconciliation is submitted by 31 May 2018.

SDK Chartered Accountants (SA) will be contacting our payroll clients to request up to date information to ensure the accuracy of submissions.


AMENDMENT TO UIF EXEMPTIONS

The following UIF exemptions are no longer applicable and these employees must contribute towards UIF:
  • Learners (learners employed according to Section 18(2) of the Skills Development Act), and
  • persons who will be repatriated at the end of the period or service.
From 1 March 2018, only the following employees are exempt from contributing towards the unemployment insurance fund (UIF):
  • employee employed by an employer for less than 24 hours a month;
  • employees in the national and provincial spheres of government;
  • the President, Deputy President, a Minister, Deputy Minister, a member of the National Assembly, a permanent delegate to the National Council of Provinces, a Premier;
  • a member of an Executive Council or a member of a provincial legislature;
  • any member of a municipal council, a traditional leader, a member of a provincial House of Traditional Leaders and a member of the Council of Traditional Leaders. 

OFFICE NEWS

Congratulations to Lize-Marie Kotzé and Carle Furstenberg with passing Board 1 exams. We are very proud.

Congratulations to Charles Stassen (Associate) with his marriage to Shirleen on the 31st of March 2018. We wish them all of the best for their future together.
 
 
     

 














April 2018 NEWSLETTER
Directors: The Steinhoff Debacle Highlights Your Exposure to Personal Liability
If you are a company director, whether executive or non-executive, you should be constantly aware of your duties in terms of the Companies Act and of the consequences of failing to live up to your statutory responsibilities. 

The Steinhoff debacle has of course sent shockwaves through South Africa generally, but it also highlights a particular danger that faces directors daily – the risk of personal liability. Let’s have a look at how Steinhoff could set a precedent on that…
read more














How to Grow Your Small Business Rapidly with Digitalisation
ArticleImage Consider this scenario – you are a small business showing steady growth but unable to afford your next step on the road to reaching critical mass. You need to appoint more support staff to handle an increased workload, but you don’t have the cash flow to do so. What can you do?

A local case study around just such a situation highlights a powerful solution – embracing technology and digitalisation to boost your capacity without the usual cash flow challenges and working capital problems. Read on for the details…
   
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South Africa’s Importance to the World
ArticleImage We tend to think of South Africa as a small player on the world stage, but that could be set to change. And if it does, our sophisticated economy and brightening economic outlook will be significant factors in providing a model for Africa as a whole. 

It’s important to understand how that line of progression will benefit us all, so we’ll discuss the latest trends in Africa generally, and where we fit in - both in the continent and in the world.
   
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Minimum Wage Starts Soon: Make Sure You Are Ready
ArticleImage A very significant day for all of us will be the launch of the new minimum wage provisions, due to start on 1 May but now reportedly facing delay due to the high number of submissions received from the public.

For those many employers and employees directly affected we’ll start off with details of the minimum wage, the rationale behind the Bill, the possibility of applying for exemption, and the concessions made in specific sectors. Then we’ll discuss the likely effect on our economy of this new initiative – it could be significant.
   
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Your Tax Deadlines and Other Tax Snippets for April
ArticleImage There are no major deadlines for April but don’t forget that your EMP501  Employer Annual Reconciliation Declaration is due by 31 May. Make sure you are prepared for this lengthy exercise.

The Special Voluntary Disclosure Program or SDVP was released in response to the worldwide sharing of information by tax authorities. If you are wondering how it turned out, SARS will collect R3.3 billion from this in the 2017/18 tax year.
   







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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