Two retirement pots: Limited access, compulsory preservation
Is the proposed two-pot retirement system ‘stirring the pot’ in the retirement fund industry? The Draft tax legislation released by National Treasury on 29 July 2022 contains details of the much anticipated two-pot retirement system. The proposed changes are quite far-reaching—although there will also be criticism that the changes do not go far enough. The […]
Business continuity planning: Are you prepared for the next crisis?
While the possibility of a global pandemic was always at the back of our minds, its emergence still managed to catch us off-guard and wreaked havoc on every aspect of our lives, particularly the world of work. Therefore, it’s safe to say that Covid-19 has been a wake-up call for organisations to rethink their priorities […]
The perks of the virtual office
Let’s face it, in a post-pandemic world, the traditional office is in danger. Commuting hours to work just to go sit at a desk with, relatively speaking, a bunch of other strangers breathing the same air no longer sounds like a desirable thing to do (sorry extroverts). Especially with the digital age in which most of our work is done through files stored in the cloud and […]
Rental Deposits: Preparing for the unforeseen
Rental relationships can put individuals in precarious situations, something that has become all too clear amid the effects of the COVID-19 pandemic. Landlords are, however, aware of the possibility of unforeseen events turning a mutually beneficial arrangement on its head and thus prepare accordingly for these eventualities. This is why rental deposits are a staple of every rental agreement. One of the primary uses of rental deposits […]
Do I still have to pay my employees’ salaries?
Many employers were left in the dark after the President of the Republic of South Africa declared a national state of disaster in terms of the Disaster Management Act, 2002, and implemented a national lockdown thereafter, as a means of reducing the spread of COVID-19. Employers who did not provide “essential services” were in an extraordinary position and due to the uncertain future, a lot of […]
Tax relief measures for small business from the effects of COVID-19
The last few months have been extremely tough for small business owners as a result of the global COVID-19 pandemic, and various lockdown measures that have created a challenging trading environment. The South African Revenue Service (“SARS”) has identified this hardship, and as a result, the National Treasury recently tabled the Disaster Management Tax Relief Administration Bill, which would assist micro, small and […]
Timeframe for the export of goods during the Covid-19 pandemic
Interpretation Note 30 (“IN 30”) by the South African Revenue Service (“SARS”) explains the requirements that need to be adhered to and prescribes the documentary proof, acceptable to the Commissioner, that must be obtained and retained by a vendor in order to levy value-added tax (“VAT”) at zero rate on a supply of movable goods, […]
Practical considerations in claiming SARS COVID-19 relief
While South Africa is currently in a state of lockdown during which a significant number of businesses have had to cease operations, some relief from a tax perspective has been announced by the government. Tax-compliant businesses with a turnover of less than R50 million will be allowed to defer (importantly, not have waived) 20% of their pay-as-you-earn liabilities over […]
Am I still contractually bound during the pandemic?
The novel Coronavirus, also known as COVID-19, has caused major disruptions worldwide since its outbreak in December 2019 in Wuhan, China. The virus has also recently spread to South Africa and our government has reacted swiftly by introducing a state of emergency and promulgating certain regulations. Restrictions initially only limited the number of people who […]
What happens when my employer goes bankrupt?
In the light of the grave impact that the Coronavirus (COVID-19) has on the global economy and the brutal reality that businesses and companies might not survive this pandemic that the world is confronted with, it may be wise to know your rights if your employment becomes at risk. What happens when the company or […]