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PRIMORIAL Solutions (Pty) Ltd March 2021
Budget 2021: What It Means to You
Faced with apprehension, the first Budget Speech of the “new normal’ was generally well-received, with the Rand holding steady, markets reacting positively, and South Africans breathing a collective sigh of short-term relief. 

A surprisingly optimistic 2021 Budget provided funding for COVID-19 responses without hiking direct taxes, and previously announced tax increase proposals were withdrawn. 

As Finance Minister Tito Mboweni called it, the 2021 Budget fiscal framework is “a sound platform for sustainable growth that creates several reasons for hope”. Find out here what has changed and what it all means for South Africans and small and medium businesses now and in the future. 
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Budget 2021: Your Tax Tables and Tax Calculator  
3 Survival Tips for Your Small Business In 2021: Little Things with A High Impact  
The Department of Small Business Development’s Lifelines to Suffocating SMMEs  
Individuals and Special Trusts will see some relief from the Budget 2021 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 2021”.
Given the past year's pandemic and economic chaos it's relatively safe to call the present a “hostile economic environment”. 

Small businesses are struggling across the board as imports are hard to come by, exports near impossible to make, and clients are stripped of their expendable income. In these circumstances it's wise for the small business owner to do everything they can to not only survive in these harsh conditions, but to keep staff on board, and position themselves for better times.

This is a list of three easy things every small business should be doing to maximise profit in 2021.
SMMEs have had some unusual hurdles to jump over in order to keep their doors open in recent times. 

Some relief from the impact of the COVID-19 pandemic and subsequent lockdowns, which have had such a destructive domino effect on businesses, is available as the government has put in place resources to help small businesses with problems across the board. These resources aim to help correct imbalances across gender lines in directorship, business performance, COVID-19 constraints, business stagnation and other growth stunters.

Here are some of the government resources available to SMMEs to keep them afloat.
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New National Minimum Wage and Earnings Thresholds From 1 March 2021
1 March 2021 sees a new National Minimum Wage in place, plus an increase in the “earnings threshold” provided for in the Basic Conditions of Employment Act (BCEA).

Quoting from the Employment and Labour Minister’s formal announcement of the changes, we set out the increases for employees generally, as well as those for each of the main employment sectors (domestic workers, farm workers, contract cleaners, wholesale/retail sector), with notes on the percentage increases in each. For employers of domestic workers we also provide a link to a useful “living wage” calculator.

We also summarise the BCEA protections that will no longer be available to those newly earning above the adjusted earnings threshold. 
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Your Tax Deadlines for March 2021
  • 5 March – Monthly PAYE submissions and payments

  • 25 March - VAT manual submissions and payments

  • 30 March - Excise Duty payments

  • 31 March - VAT electronic submissions and payments

  • 31 March – Corporate Income Tax Provisional Tax payments where applicable.

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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