Important date to remember! The employer filing season for EMP501 submission starts on 01 April 2014 and will run until 30 May 2014. SimplePay has done the updates to comply with the new [email protected] layout. Changes you need to know:
– The new SIC (standard industrial classification) codes have been implemented. You can now setup your company with your specific industry information.
How to do this setup:
In your payroll, go to settings and select the ‘Employer filing details’ option. You will be required to fill in the company information required by SARS, as well as the new industry classification codes. Important, your SIC code needs to be 5 digits! But don’t worry, SimplePay has already done most of the work, you just need to select the correct options!
If you would like more assistance in setting up your SIC codes, and also a help guide to do your annual reconciliation and submission, follow the below link to visit the help section.
The SimplePay team.
We are pleased to announce that all SimplePay clients can now see what the changes are that have been made to SimplePay for the 2014/2015 financial year. As from 01 March 2014, your payroll will automatically meet all the legislative requirements, as announced by Pravin Gordhan, the Finance Minister in South Africa.
Here are some of the most important changes that you will see in your new payroll:
– As expected, that tax tables have changed with inflation, and below you will see the tax table for the year ending 28 February 2015:
|Taxable Income (R)
||Rate of Tax (R)
||18% of taxable income
|174 551 – 272 700
||31 419 + 25% of taxable income above 174 550
|272 701 – 377 450
||55 957 + 30% of taxable income above 272 700
|377 451 – 528 000
||87 382 + 35% of taxable income above 377 450
|528 001 – 673 100
||140 074 + 38% of taxable income above 528 000
|673 101 and above
||195 212 + 40% of taxable income above 673 100
– The tax threshold has changed from R67 111-00 to R70 700-00.
– The medical aid tax credit has increased as follows:
* The tax credit for the main member plus first dependent has increased from R242-00 to R257-00 per month.
* For every additional dependent, the tax credit has increased from R162-00 to R172-00 per month.
It is important to note that employees 65 years and older will now also receive a tax credit on their medical aid. The medical tax credits amounts for employees who are 65 or older will be exactly the same as the tax credits for employees who are younger than 65.
– The ‘tax free’ portion for subsistence allowance has increased as follows:
* The allowance for incidental costs within South Africa has changed from R98-00 to R103-00.
* The allowance for meals and incidental costs within South Africa has changed from R319-00 to R335-00.
It is important to note that the subsistence allowance is only a guideline as provided by SARS, and is not enforced as per legislation.
– The OID limit has increased to R312 480-00 for the 2013/2014 year, and the 2014/2015 OID limit has been increased to R332 479-00.
If you have any questions to the changes that were made in legislation, you are welcome to contact SimplePay support to assist you with these queries.
The SimplePay Team