As May comes to a close, we find ourselves on the brink of significant moments in South Africa. The elections are upon us, winter is making its presence known, and despite our challenges, there are positive strides to acknowledge. According to Stats SA, employment increased by 0.8% in the first quarter. Load shedding has been temporarily halted, and our economy is back to pre-COVID levels. The Springboks continue to hold their title as World Champions. While South Africa faces many issues, we have much to be thankful for.
Currently, many companies are busy with Provisional Tax Payments (IRP6) submissions and Annual Income Tax Returns (ITR14). As the saying goes, death and taxes are our only guarantees.
B-BBEE compliance continues to be a priority, yet it is surprising how, even after 30 years of legislation, many companies still struggle with understanding and the implementation. Instead of strategic integration, some businesses resort to merely writing checks and buying points. It’s essential to understand and leverage the benefits of B-BBEE meaningfully.
The Employment Tax Incentive (ETI) for employees aged 18 to 29 is a crucial claim that companies should not overlook. Additionally, claiming Seta allowances is vital for those with learnerships, as it provides a boost to cash flow without extra cost. We cannot emphasize enough the importance of having a B-BBEE structure that works for your company, not the other way around. If ownership and investors are not stepping forward, consider alternatives such as Educational Trusts, Staff Trusts, Key Person Trusts, or Share Options with a put clause. These can be effectively implemented to benefit your company.
Let us handle your compliance needs while you focus on growing your business.
Sincerely
Hilton Johnson
CEO – Compliance Hub
Opmerkingen