TVS Cloud Accountants & Business Advisors

Calls for major VAT change in South Africa Lenders have called for National Treasury to increase the VAT registration threshold in South Africa, which has been stuck at the same number for 16 years.

https://www.news24.com/business/economy/sars-apologises-as-taxpayer-scramble-crashes-efiling-site-20250707-0892?lid=vkd9iwc6wrxu

Spreading the Tax on a Bonus Over the Year with Simplepay

1 minute read

We’re excited to introduce a new feature that makes payroll even more flexible: Provision for Tax on Annual Bonus. This system item allows you to evenly distribute the tax deductions for a future-dated bonus over multiple pay periods, instead of deducting the tax all at once when the bonus is paid.

Why This Matters

Receiving a bonus is great, but it can often result in a high tax deduction in a single pay period. With this new item, payroll admins can spread the tax on the bonus over several pay periods: until the bonus is paid out, or until the end of the tax year. This ensures that employees have a smoother, more predictable take-home pay while still staying compliant with tax regulations.

Previously, saving for the tax on a future bonus required manual calculations and the use of a custom savings item, but with this new item, all of the work is done for you. We also cater for the event that the bonus or salary amount changes, or the provisioned amount needs to be paid out ahead of time.

Contact us if you want to use the functionality in your business

Regards,
Team TVS

Send a message to learn more

Return of Earnings Annual Limit Increase

On 4 April 2025, the Minister of Employment and Labour announced an increase in the Occupational Injury and Disease (OID) earnings threshold for 2024/2025 and 2025/2026. Due to communication delays from the Compensation Fund, the update was confirmed only after the OID filing period began on 1 April 2025. However, the change applies retroactively from 1 March 2025.

The OID earnings threshold determines the maximum earnings on which an employer’s assessment is calculated. The two new thresholds are:

R597,328 for the actual period of 1 March 2024 to 28 February 2025; and

R633,168 for the forecast period of 1 March 2025 to 28 February 2026.

Send a message to learn more

https://www.iol.co.za/personal-finance/financial-planning/tax-compliance-in-south-africa-sarss-authority-to-limit-travel-82c8a5ef-0be3-4707-a53f-eb44207f5b26

Tax compliance in South Africa: SARS's authority to limit travel Sars has the legal authority to impose travel restrictions on non-compliant taxpayers, as confirmed by a recent High Court ruling. This article explores the implications of the Tax Administration Act for South African taxpayers and foreigners conducting business in the country.

https://dailyinvestor.com/business/84827/the-taxman-has-a-new-target/

The taxman has a new target SARS is cracking down on Employment Tax Incentive abuse, and experts warn that even businesses that have claimed this deduction in good faith should be careful.

Finance Minister Enoch Godongwana delivered the 2025 National Budget Speech on Wednesday (12 March).

The budget addressed several key points, including the country’s current economic status, growth projections, substantial debt servicing costs, proposed increases in VAT and sin taxes, and the continuation of the social relief grant.

Should you require a tailor-made business and tax solution or further details or guidance on how these changes might affect you, please feel free to reach out to us.

https://businesstech.co.za/news/budget-speech/816538/south-africas-2025-budget-in-a-nutshell/

https://www.investec.com/en_za/focus/sona-and-budget-speech-south-africa.html

https://myciba.org/blogs?p=2025-budget-higher-taxes-more-debt-but-still-no-real-reform

Although Godongwana did not deliver his 2025 Budget, a 2025 Budget Tax Guide published on the SARS website revealed what was planned.

https://dailyinvestor.com/finance/78758/sars-document-reveals-planned-2025-tax-changes-in-south-africa/

SARS document reveals planned 2025 tax changes in South Africa The 2025 Budget Tax Guide, published on the South African Revenue Service (SARS) website, revealed the planned tax changes for this year.

What having no national budget means for SA and tax collections.

https://www.moneyweb.co.za/in-depth/budget/what-having-no-national-budget-means-for-sa-and-tax-collections/?sfnsn=scwspwa

What having no national budget means for SA and tax collections New income tax brackets for individuals generally become effective on 1 March .