Things to take note of this June 2023

Things to take note of this June 2023

Business, Human Resources, Legislation
  1. Upcoming tax year end for our payroll clients in the following African tax authorities:
    1. Botswana – June
    2. Malawi – June
    3. Swaziland – June
    4. Uganda – June


  1. Personal tax filing season starts on the 1st July 2023. For assistance send an email to [email protected]


  1. Income tax number: We can assist you with the registration of your employees for income tax purposes, managing the process from start to finish. Our consultants will obtain the employee’s personal information from your payroll administrator and complete the necessary applications. The turnaround time for this process is 24 hours and the cost per application is R 150 plus VAT. A volume discount will be negotiated in cases where there are more than 20 applications at a time. Should you need assistance please do not hesitate to contact Dave Beattie on 031 582 7410 or [email protected] .


  1. Repo rate increase: The SA Reserve Bank’s Monetary Policy Committee (MPC) has decided to raise the repo rate by 50 basis points with effect from the 26th May 2023. This increase of 0.50% will now bring the repo rate to 8.25%. The prime lending rate of commercial banks will increase to 11.75%. 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 was therefore adjusted to 9.25% on the 1st June 2023. If you require any additional information, please contact your payroll administrator or send an email to [email protected] .


  1. Extension of the 2022 ROE season: The Department of Employment and Labour has published a notice to all employers, informing them that the date for the submission of the 2022 Return of Earnings (ROE) has been extended to the 30th June 2023. If you have not requested this service from us in the past and require us to complete and submit this return on your behalf before the deadline, please contact us on [email protected].


  1. HRTorQue hosts a variety of weekly, online, HR-focused mini workshops, covering various topics to assist and guide your managers to perform more optimally. View our list of trainings available or email us for more.


  1. For our latest recordings from our free Wednesday webinars check out our YouTube channel filled with informative HR, payroll and legislation webinars. If you are not receiving our weekly invites you can subscribe to our Reporter list