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Huysamen Westraad Incorporated March 2022
 
 
 
Budget 2022: Your Share of Billions in Tax Relief and Business Support
 

Calling it a “good story to tell”, Finance Minister Enoch Godongwana announced, in his first Budget Speech, welcome respite from tax increases, tax relief of R5.2 billion for individuals and businesses, as well as further measures to support businesses in their economic recovery.   

These include no increase in the fuel levy, and adjusted tax brackets and rebates for individual taxpayers. For companies, there is a reduction in the tax rate, support in the form of an increase in the Employment Tax Incentive, and a revised support scheme for businesses in distress due to Covid-19.

In this article, we provide a helpful overview of the important tax announcements made, as well as highlight a few issues mentioned in the Budget Speech to be taken note of.

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Budget 2022: Your Tax Tables and Tax Calculator  
 
 
SARS Makes SMME Tax Compliance Easier  
 
 
Multiple Income Streams? The PAYE Dangers and a New Option for Pensioners  
 
 
 
 
 
 
 
 
 
 
 

Individuals, special trusts, companies and small business corporations will see some relief from the Budget 2022 proposals, and to help you quantify that, and as a convenient reminder of the various other taxes that remain unchanged, we share both the official SARS Tax Tables and a link to Fin 24’s Budget Calculator (just follow the four-step process to do your own calculation).

The Tax Tables cover Individuals, Special Trusts and Trusts, Companies, Small Business Corporations, Turnover Tax for Micro Businesses and Transfer Duty.

Click on the links below each Table for the full SARS “Budget Tax Guide 2022”.
 
 
 

Tax compliance among Small, Medium and Micro Enterprises (SMMEs) has been forced into the spotlight by The South African Revenue Service (SARS) who in January launched a new monthly newsletter dedicated to the sector. The January issue covered the matter of tax compliance and revealed a number of new initiatives by SARS to streamline services and encourage smaller businesses to meet their tax obligations.

While SARS indicated that the aim of the new newsletter is to generally “share relevant information pertaining to your SMME’s tax affairs and interaction with SARS [and help] you better understand how to meet your compliance obligations” it's clear that by so comprehensively dealing with compliance in the first issue SARS has earmarked the area as being of major concern and a focus going forward. 

 
 
 

A nightmare situation for many South African taxpayers is discovering after their year-end tax assessment that the PAYE they paid on various income streams during the year was not enough. The result is a substantial tax debt, which can often not be settled in time to prevent hefty late payment penalties and interest.

To avoid this happening, taxpayers with multiple incomes can request PAYE to be deducted at a higher rate than the normal tax rate during the year. In fact, from 1 March, SARS will do this automatically for pensioners with multiple incomes.

In this article we discover why there is often a tax shortfall even when PAYE is deducted from multiple income streams, and how to avoid this in future.

 
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Your Tax Deadlines for March 2022
 

 

  • 7 March Monthly Pay-As-You-Earn (PAYE) submissions and payments

  • 25 March Value-Added Tax (VAT) manual submissions and payments

  • 30 March Excise Duty payments
  • 31 March End of the 2021/22 Financial year
  • 31 March Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable

 

 
 
 
  Physical Address:

Manor House, Farm 3
Vineyards Office Estate 
99 Jip de Jager Drive 
Bellville, 7530 
Postal Address:

P.O. Box 1950 Bellville



Contact Details:

Tel: 021 945 1009
Fax: 021 946 4086
Email: admin@dhw.co.za

 

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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