A brief overview of what has changed since the announcement of POPI’s commencement and how this relates to SimplePay.
Posts with Category "Legislation"
As a result of the latest repo rate change, the official interest rate for employer loans will change effective 1 June 2020.
A change in the repo rate results in a change in the fringe benefit interest rate for low or interest free employer loans to employees.
As from 1 August 2018, the criteria for employees who qualify for ETI have been amended for those working in Special Economic Zones (SEZs).
As of 1 March 2018, travel allowances where employees are reimbursed per kilometre are now taxable on the payslip if it exceeds the prescribed rate.
Learners and employees who intend to repatriate must now contribute to UIF from 1 March 2018.
There has recently been an increase in the limit that must be used when UIF benefits are calculated. However, the limit for monthly contributions has not changed yet. The maximum monthly contributions are still R148.72 for employer and employee. As soon as a change to the contribution limit is announced, our system will be updated to keep you compliant.
The 1st of March 2016 brought with it a number of significant changes that will affect employees with pension, provident and retirement annuity funds. This legislation introduces a uniform tax treatment for all three of the above-mentioned funds (total taxable income deduction limited to 27.5% of income, with an annual cap of R350 000).
With the start of the new financial year looming ahead of us, lawmakers have been hard at work drafting legislative changes that will require Payroll administrators to keep their wits about them if they want to keep up.
With rumours circulating of an effective date towards the end of the year, there’s been a lot of fuss lately around the Protection of Personal Information Act, otherwise known as POPI. Luckily SimplePay has been keeping you compliant for ages already.
From 1 Oct. 20012, the annual limit for income subject to UIF contributions has increased from R149,736 to R178,464. That results in a new monthly limit of R14,872 and a weekly limit of R3,432.
Due to the recent drop in interest rates by the reserve bank, the fringe benefit interest rate on low or interest free loans will now be 6% instead of 6.5%.
We’re pleased to announce that our clients and their employees can now see how their payroll will change in the new tax year. Payslips that fall in the 2012 / 2013 tax year will automatically meet the new legal requirements, while your payslips for the current tax year will still be calculated according to the current tax year’s rules, as you’d expect.