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Payroll and taxes

What is SARS’ new ruling on single registration?

The way you register for tax and customs, and update your existing details has changed from 12 May 2014. SARS will now have a 'single registration' of a taxpayer across all taxes they pay and legal entities they're associated with. Your employees will only have to register once as a new taxpayer – or you will need to register them - and add only the relevant details when they start paying. It will also now be easier for your employees to update their existing details.

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How does the new IRP5 tax directive affect your payroll?

A tax directive, which was released in December 2013, has created quite a stir in the payroll industry, with many payroll practitioners throwing their hands up in despair as they don't know how to interpret the document, says Sonika van Wyk: legislation business consultant at CRS Technologies. The 2015 Employers Guide has helped to clear up some of the confusion, especially around whether or not leave pay should be included on the directive application.

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Credit card fraud: is the threat inside your company?

Credit cards are part of everyday business transactions. However, they present just as serious a security risk as cash does. While criminals external to your business can steal these cards, very often credit card fraud is an inside job. How can you prevent this type of fraud from happening in your company?

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Budget 2014: How to treat employer-provided bursaries in your payroll

Minister Gordhan's budget speech in February this year changed the way you need to deal with employer-provided bursaries in your payroll. Sonika van Wyk: legislation business consultant at CRS Technologies says that previously, if an employee earned over R100 000, the first R10 000 was tax free. Now, the threshold for tax-free benefits has changed.

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How to treat employees’ personal insurance policies in payroll

In a recent seminar at CRS Technologies, presenter Sonika van Wyk: legislation business consultant at the company, said that the manner in which payroll administrators have to account for employees' personal insurance policies, such as income protection and key person policies, has changed, thanks to the budget 2014. "It used to work one of two ways," she said. "The employee would only be taxed when the proceeds were paid out or the employee would be taxed earlier and not when the proceeds were paid out."

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