Payroll Taxes and Legislative Update

At these upcoming seminars Rob will be reviewing payroll related changes required as a result of the 2024 Budget Speech, and any significant changes envisaged since the settling of the elections dust. Specific emphasis on:

• implications for payroll systems in general;
• impact on day to day payroll practices and what’s needed to ensure employers remain compliant;
• how employees will be affected from a tax, “take home” pay and retirement savings perspective.

More importantly he will demonstrate practically how these legislative changes will impact employers, and what needs to be done to keep in step with what SARS requires, as falling foul of this could result in expensive penalties.

Rob will also be dealing with some common payroll challenges that have faced the payroll profession during the past year and how to deal with them, as getting it wrong can have some costly consequences for both employers and employees.

Rob will highlight several important amendments that were made during the past year and also the potential tax and legislative challenges that lay ahead. Additional topics on our agenda, include:

• The Two Pot Retirement system planned for implementation from September 2024 – implications for employees, employers and payroll systems. More importantly – calm or chaos. The status since going live.
• NHI was sneaked in just ahead of the elections. The question is still around the financing of this initiative, and no matter how one looks at this, the money will have to come from taxpayers pockets, either through new levies or taxes that will need to be collected via the payroll.
• The latest update on the monthly submission of employee information to SARS, due for implementation in March 2026. The impact of business processes and payroll system implications will be unpacked. SARS still seem eager to get this project moving and once the dust of the elections has settled, there should be more clarity on this.
• Other recent legislative headaches:

• • • COIDA audits and levy calculations
    • UIF update
    • National Minimum Wage – the ongoing confusion re what’s included in the wage calculation and what’s not and where it differs to the BCEA.