March, 2018
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COIDA, Return of Earnings – CRS can help

Posted by on Mar 14, 2018 in Blog | 0 comments

South African employers will by now be cognisant of the fact that the Compensation for Occupational Injuries and Diseases (COID) Act replaces the Workmen’s Compensation Act, and they have to register with the Compensation Commissioner. The legislation covers compensation for disablement caused by occupational injuries, diseases sustained or contracted by employees in the course of their employment, and for death resulting from injuries and diseases. The benefits are paid from the Compensation Fund, which gets its money from compulsory contributions. As part of registering for COID an employer is required to submit the annual Return of Earnings (ROE) form whereupon the employer will pay and annual assessment fee. The annual assessment fee of an employer is based on their employee’s earnings and the risks associated with the type of work or profession. The RMA (Rand Mutual Assurance) COID ROE filing season deadline is 31 March 2018. The COIDA ROE filing season deadline has been extended to 31 May 2018. The online Compensation Fund (CF) filing system will be open for submission from 1 April 2018 to 31 May 2018. These are important dates to remember and like all HR and payroll related legislation, processes, checks and balances can be tricky to manage. We can assist you with the successful assessment and submission of your ROE. We have the expertise to assist you to better understand the legislation and the impact on your business, to advise you on the best practice process to comply, to submit your ROE to the Department of Labour or the RMA, as well as increase compliance with legislation and reduce the risk of non-compliance. Severe penalties can be imposed for non-compliance and criminal proceedings will be instituted for misrepresentation of facts. Email us today at info@crs.co.za to schedule a conversation and let us guide you through the...

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Budget speech 2018

Posted by on Mar 7, 2018 in Blog, SA Budget Speech | 0 comments

A glance over the most salient points raised in South Africa’s Minister of Finance Malusi Gigaba’s 2018/2019 budget speech and it is obvious that we should expect a tough fiscal year ahead. This year’s budget speech has made headlines because the VAT rate has been increased from 14% to 15%, with personal income tax expected to generate R505.8 billion, VAT R348 billion and company tax R231 billion in the 2018/2019 financial year. It is important to recognise that some relief will be provided for lower income individuals through an increase in the bottom three personal income tax brackets and the rebates. From an employer’s point of view, the budget has several implications for payroll administration. Primarily, tax rates governing individuals and special trusts from 1 March 2018 to 28 February 2019 have been adjusted. For example, those with a taxable income of 0 – 195 850 will pay 18% of taxable income. At the opposite end of the spectrum, those who earn 1,500 0001 and above will pay 532 041 + 45% of taxable income above 1500 000. There are also various changes to tax rebates and thresholds to consider. To highlight, a primary rebate is positioned at R14 067, while secondary (persons 65 and older) is R7 713, and tertiary (persons 75 and older) is R2 574. The tax threshold for those below the age of 65 is R78 150, those aged 65 to below 75 is R121 000, and for those aged 75 and over it is R135 300. CRS Technologies has released a tax pocket guide for 2018-2019 as a quick and easy tax reference to assist clients. But, as with most legislation that will influence business operations going forward, it is always best to engage with us directly. We have experts on hand to offer advice. Contact our legislation team at info@crs.co.za for more...

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