The big Budget Speech 2023 tax news was the introduction of tax incentives for investing in rooftop solar and renewable energy. The Budget also detailed tax relief in the form of adjusted tables for tax and rebates for individual taxpayers, adjusted tables for retirement tax and transfer duty, and the expected increases in ‘sin’ taxes. How will these changes affect you directly?

To better understand the impact of the Budget on you and your business, here is a selection of official SARS Tax Tables, then follow the link to Fin 24’s Budget Calculator to do your own calculation. 

If there is one thing the recent market and global economy has taught us, it’s that almost anything can happen and it’s wise to plan ahead. Whether it’s a sudden flood, a hacking incident, or a fire in your office, companies need a way to first survive any data loss and then come back from it. They need a Disaster Recovery Plan.

While many people think they will cross these emergency bridges when they come to them, in the case of data and important digital finances, that will be too late. But what do you need to consider in order to keep on operating and survive an emergency like this? Here are our five tips for creating a Disaster Recovery Plan.

Entrepreneurs have a lot to deal with on a daily basis. From managing customers to ordering stock, handling marketing and networking - the days aren’t short of obligations. As a result, it can be difficult to find time to draw up spreadsheets and analyse finances. The problem is that managing your books and keeping finances organised is critical to the success of a company, and failing to do so is a sure way to financial ruin.

The good news is that no one need become a bookkeeper overnight, and organising your finances is not as daunting as it seems. Here are five simple tips that will ensure you come to the end of the year with your finances intact and your stress levels in check.

Employers and their employees should take note of the increases from 1 March 2023 in both the National Minimum Wage (NMW) and the “Earnings Threshold” provided for in the Basic Conditions of Employment Act (BCEA). The threshold also impacts on employee protections in the Labour Relations Act (LRA) and in the Employment Equity Act (EEA).

We set out the increases and, for those employing domestic workers, point you to an online “living wage” calculator to help you check that you are in fact paying your domestic worker enough to cover a household’s “minimum need”.

We also summarise the employee protections that will no longer be available to those employees now earning above the adjusted earnings threshold. 

• 7 March - Monthly Pay-As-You-Earn (PAYE) submissions and payments
  
  
•  30 March - Excise Duty payments
  
  
•  31 March – End of the 2022/23 Financial Year
  
  
•  31 March - Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable.