Thousands of employees have had to work from home since the lockdown began at the end of March. This story has been one of the success stories of Covid-19, as companies have reportedly found that productivity has increased, travel costs are right down, and the work is still being done. Employees stand to reap a [...]
At Outcor we provide high-level Strategic planning, Financial management and related services, Business coaching and General management for companies, especially in the SME market. We work closely with the owners to make sure they are getting the most from their company. We do this by: Improved budget and forecasting to provide the owner information to [...]
A South African economy under pressure forced decision-makers in the SMME market to review the total composition of their organisations. Naturally, salary bills had to be cut, to ensure the survival of the business remained top priority. Unfortunately, the financial departments were also affected and have often led to circumstances proving detrimental to the organisation. [...]
Stay financially stable and compliant during COVID-19 Lockdown South Africa also received the horrifying news of a national lockdown period like the rest of the world. It, unfortunately, is a condition found in the Macro Economy and unavoidable. It is, however, important to remain on top of your business requirements and tackle the challenges head-on. [...]
Expat tax What to know about double taxation, your tax status and SARS penalties Amendments to South Africa's tax law coming into effect from March 1, 2020, essentially mean that SA tax residents working abroad will only be exempt from paying tax on the first R1 million they earn abroad. Thereafter, they will be required [...]
What is 12J and how does it work? Section 12J is woven into South Africa’s Income Tax Act and enables investors to provide much-needed capital to Small-to-Medium Enterprises (SMEs). With Section 12J funds, investors have 100% of their investment value deducted from their taxable income in the year of assessment in which the investment is [...]
EMPLOYMENT TAX INCENTIVE (ETI) Why is there an ETI? Millions of young South Africans are excluded from participating in economic activity, and as a result suffer disproportionately from unemployment, discouragement and economic marginalisation. High youth unemployment means young people are not gaining the skills or experience needed to drive the economy forward. This lack of [...]
Many people are asking this question around this concept, and there is an ongoing misconception that the R500k threshold means that if you earn less than R 500 000.00 per annum, there is no obligation to pay tax. This is off course NOT true. What the R500k threshold refers to is whether or not there [...]
Subsistence Allowance – Local A subsistence allowance is paid by the employer whenever the employee travels for business purposes and need to spend at least one night away from his/her usual place of residence. This allowance is given to cover meals, accommodation or incidentals costs. This allowance is given to you for the trip and [...]
Special rules apply with regard to the VAT treatment of rental pool schemes. For convenience and simplicity, in this Chapter – the words “owner” or “owners” are used to see owners and shareholders in sectional title schemes, time-sharing schemes and share block companies which participate in a rental pool scheme; the words “unit” or “units” [...]
