- The South African 2023 tax year-end submission is fast approaching, so make sure all your HR, payroll and tax departments are in order and meeting the requirements for this frantic period. We are always available to assist with any compliancy queries – view our tax year-end submission checklist here that we send out to our payroll clients, which includes all statutory requirement reminders.
- Skills development levy (SDL) is upon us – a reminder that submissions are to be done by April. We have a great article written by our head of HR, Nicky Hardwick, which takes you through frequently asked SDL questions. Alternatively, view our SDL services here or contact our HR department for more information.
- The Return of Earnings (ROE) submission to the Department of Labour has now been extended from the 1st April 2023 to the 31st May 2023. Employers are encouraged to meet this deadline in order to avoid penalties. View our COIDA fact sheet together with our pricing here.
- Reserve Bank raised the repo rate by 50 basis points with effect from the 30th March 2023. This increase of 0.50% will now bring the repo rate to 7.75%. The prime lending rate of commercial banks will increase to 11.25%.
The SARS “official rate of interest” is defined in section 1(1) of the Income Tax Act 58 of 1962 (the Act). Where a loan is obtained by an employee from his or her employer in terms of which no interest is payable or where the interest payable is less than the ‘official rate of interest’, the difference between the amount which would have been payable if the loan was granted at the official rate and the amount actually paid by the employee, is taxed as a fringe benefit. This ‘official rate of interest’ is the rate of interest that is equal to the repo rate, plus 100 basis points (1%). This rate will therefore be adjusted to 8.75% as of the 1st April 2023.
- HRTorQue hosts weekly, online, HR-focused mini workshops, covering a variety of topics to assist and guide your managers to perform more optimally in their positions. View the list of trainings available or email us for more information.