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Sage Pastel Payroll & HR 2015/2016 Budget Commentary February 25, 2015South African employers must act fast to prepare their payroll systems and processes for the new tax brackets and calculations announced in Finance Minister Nhlanhla Nene’s maiden budget speech. Companies have less time than usual to get ready for their first post-budget wage runs. Given that this is the first year since 1995 that government …

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Budget 2015 – crunch time for new Finance Minister February 19, 2015By Madelein van der Watt, Development Manager at Sage Pastel Payroll & HR. South Africa’s new Minister of Finance faces a baptism of fire when he presents his inaugural budget in less than a week from now (25 February, 2pm). He takes over responsibility for the budget at a time when government is under enormous …

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Nene wants your help before the 2015 Budget Speech February 12, 2015The 2015 Budget Speech is just around the corner and on 19 January 2015, Finance Minister Nhlanhla Nene requested that South Africans submit their tips for the budget – to feel free to share their ideas on promoting the country’s economic growth. This announcement is packaged as the Budget Tips 2015 Campaign. The end of …

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Before the budget speech: National budget and how it works February 12, 2015We cannot talk about the Budget Speech without understanding the underlying process of how the budget is considered, tabled, and approved. The national budget – government earnings and expenditure – is a public issue, so the public have the right to know how the Finance Ministry plans to table the nation’s budget. The annual Budget …

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Predict how Minister Nene will slice the budget and win R10 000 February 12, 2015Competition closes at 14:00 on 25 February 2015 The upcoming budget announcement will affect us all, but an extra R10, 000 in our pockets would be great. Sage Pastel Payroll & HR is, therefore, offering a R10, 000 prize for predicting how Finance Minister Nhlanhla Nene will allocate tax money to various government priorities in this year’s …

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2015 Annual Payroll Tax Update Seminar February 4, 2015The final changes to the laws that have an impact on payrolls and payroll administrators have just been promulgated and take effect from March 2015. The Annual Payroll Tax Update seminar, presented by Rob Cooper, will bring you up to date with all of the changes in their final form, including the fringe benefit for …

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Then and Now: How Tax Rates in SA have Changed February 2, 2015With South Africa’s 2015 Budget Speech fast approaching, and with last year recognised as the centenary of tax collection in South Africa (1914 – 2014), it’s worthwhile to take a few steps back into the history books and to explore the evolution of tax collection in South Africa. The early 20th century Before South Africa …

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South Africa’s new Minister of Finance: Who is Nhlanhla Nene? February 2, 2015On 25 May 2014, President Jacob Zuma committed to a reshuffle in the parliamentary executive, which saw Deputy Finance Minister, Nhlanhla Nene, rise to the position of Minister of Finance. Succeeding Pravin Gordhan, who held the Finance Minister title from 2009 to 2014, Nhlanhla Nene’s first major task would be to steer what President Zuma …

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The Budget Speech 2014 Review January 28, 2015The 2014 Budget Speech was delivered on 26 February 2014 by the former Minister of Finance, Pravin Gordhan, and focused primarily on how the government was executing on the National Development Plan, with a strong prioritisation of capital investment and infrastructure growth. He reiterated the treasury’s emphasis on “the transformation imperatives that will accelerate growth, …

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What are the Tax Rates in South Africa? January 28, 2015Finance Minister Nhlanhla Nene has stated his intention to raise R44 billion over the next three years in order to stabilise the national budget and avoid a downgrade in the country’s ratings. One of the sources of these additional funds is likely to be direct taxes in the form of personal and company tax. He …

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Sage Pastel Payroll and HR Budget 2014/15 commentary February 26, 2014Let Sage Pastel Payroll & HR keep you up to date with the 2015/2016 Budget speech. Click here to see all the updates and to access free online tax tools. Some tax relief for tax payers in the 2014/15 Budget Speech announcement Finance Minister Pravin Gordhan delivered no surprises in his Budget Speech on 26 …

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SARS 8-point Interim PAYE Reconciliation Checklist September 1, 2012SARS has compiled a handy checklist that will make it easy for you to submit your declaration accurately and on time. Click here to view the 8-point checklist issued by SARS. During the PAYE Interim Reconciliation you are required to submit your Employer Reconciliation Declaration (EMP501) and Employee Income Tax Certificates (IRP5/IT3(a)s) for the six …

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Unemployment Insurance Fund Contributions – Remuneration Limit Increase April 2, 2012Effective 01 October 2012, employers must adjust their UIF contribution calculations to apply the new remuneration limit published by the Minister of Finance on 26 September 2012 (refer Government Gazette no 35715, dated 26 September 2012). When calculating the 1% contribution deducted from employees and the 1% contributed by employers, a new annual remuneration limit …

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Industrial Council Updates February 28, 2012Metal and Engineering Industries Bargaining Council (MEIBC) Effective 01 July 2012, wage rates for all workers employed in the Metal and Engineering Industries will increase by 7 to 8%. This increase is in accordance with the Industry Settlement Agreement published in September 2011. Visit www.meibc.co.za to view the new wage tables. Metal Industries Benefit Fund Administrators …

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