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MD’s Current News | April 2022
MD's 2022 News | January - April 2022 A lot has happened in the last few months! Please find the summary of our latest news below: Taxation Blog 2022/2023 Tax Card NB: EXCON changes in Budget NOTICE TO ALL EMPLOYERS - W.As8/ Return of Earnings 2021 (February 2022...
2022/2023 MD Tax Card is now available!!!
Click on the image below for MD’s current Tax Card for your easy referral (2022/2023): Prior years MD Tax Cards and MD Tax Guides here.
NB: EXCON changes in Budget
We have highlighted important changes for your easy referral: Tax-and-Exchange-Control-Alert-17-March-2022 Post shared courtesy of: Cliffe Dekker Hofmeyr
Don’t Accidentally Disqualify Your Chosen Heirs from Inheriting!
Article Provided by Spencer-Pitman Attorneys and Conveyancers ©LawDotNews Don’t Accidentally Disqualify Your Chosen Heirs from Inheriting! “Death is not the end. There remains the litigation over the estate.” (Ambrose Bierce) Your will (“Last Will and Testament”)...
Accounting and Auditing Department function
Last week Friday our Accounting and Auditing Departments got together and had an afternoon of games, pizzas, welcoming of new staff to their team, and hilarious questionnaires to get to know each other better. Fun was had by all, thank you to Tarryn-Leigh for...
NOTICE TO ALL EMPLOYERS – W.As8 /Return of Earnings 2021 (February 2022 period)
The 2021 Return of Earnings (ROE) for Compensation for Occupational Injuries and Diseases Act (COIDA) submission deadline has been extended to 31 May 2022 (the initial deadline was 31 March 2022). The Workmen’s Compensation website for online submission/transacting on...
SARS fixed tax rate on Retirement incomes – 2022/2023 tax year
With the change in legislation from 1 March 2022 onwards, taxpayers who have multiple sources of income and Retirement income will be contacted by the Retirement Funds. The Funds are now required to deduct a higher rate of PAYE in line with the taxpayer’s total income...
Newsflash | Mandatory vaccination: What has the new Code of Practice changed?
Post shared courtesy of: Lauren Salt Employment | Executive lsalt@ENSafrica.com Mandatory vaccination: What has the new Code of Practice changed? On 15 March 2022, the Department of Employment and Labour issued a Code of Practice on managing exposure to COVID-19 in...
Employees of the Year 2021!!
Congratulations to Cecelia and Junaid, who have both been awarded Employee of the Year for 2021! We are very proud of you both and all you each do for our MD Team! 😊 Well done and keep it up in 2022!! Accounting Department: Taxation Department: Our Staff...
Change in foreign investment allowance
During the 2022 budget review the Minister of Finance announced that the criteria for South African resident individuals investing abroad have been expanded. In addition to the annual R10 million foreign investment allowance, tax-compliant South African resident...
MD’s annual staff function and awards ceremony
A wonderful MD celebration was enjoyed by all at the stunning Buitenverwachting Wine Estate last week Friday. Thank you to Danie Haumann for a heartfelt, positive, and gratitude-filled speech. Congratulations to Junaid Van Der Schyff and Cecelia Smith, for their...
Con Court PPPFA Ruling and Minimum Wage Implications
On the 16th of February, after some 4 years of litigation, the South African Constitutional Court made a landmark ruling that will prevent BEE pre-qualification criteria from being applied by government and state-owned entities in their procurement of goods and...
MD Accountants & Auditors Inc. | Budget 2022
Budget Speech 2022 | How it affects you and your business
In his 2022 budget speech, Finance Minister Enoch Godongwana revealed a more positive picture for government’s finances. The South African Revenue Service took in R182 billion more than expected in the past year. These stronger revenues allowed the Minister to...
Employee share incentive schemes – Income tax implications
EMPLOYEE SHARE INCENTIVE SCHEMES – INCOME TAX IMPLICATIONS INTRODUCTION It is important for taxpayers who claim deductions in respect of contributions to share incentive arrangements for employees, particularly where trusts are involved, to consider the potential...
IoDSA Governance Guidance – King IV vs ISO 37000
As both standards are voluntary, it remains the choice of the organisation to determine which standard it wishes to apply. Regulatory requirements, disclosure requirements to allow stakeholders to view comparative information, and available guidance on the application...
Selling or leasing property? Take note of the new Property Practitioners Act
Selling or leasing property? Take note of the new Property Practitioners Act INTRODUCTION The Property Practitioners Act (“PPA”) has come into effect on 1 February 2022. The PPA aims to ensure a healthy property market, to regulate property practitioners and to...
Deceased Employee – responsibility of the Employer
Deceased Employee - the responsibility of the Employer: The Fourth Schedule to the Income Tax Act places various obligations on an employer in respect of the withholding of employees’ tax and the administrative requirements related thereto. What obligation rests on...
Employment Law Alert
From 01 March 2022, the annual earnings threshold determined by the Minister of Employment and Labour has been increased to R224,080.48. This represents an increase of R12,484.18 from the previous amount of R211,596.30, which has been in effect since 01 March 2021. -...
MD’s Top Tax Savings Tips ahead of the Budget on 23rd February 2022
With the upcoming Budget on 23rd February 2022 and the current economic climate (SARS will try to find every possible way to increase collections!), we are expecting a tough Budget and increased taxes. The following comprehensive year-end tax planning guidance and...
MD’s Top Tax Savings Tips ahead of the Budget on 23rd February 2022 | Maximise Your Remuneration Planning and Save Tax
With the upcoming Budget on 23rd February 2022 and the current economic climate (SARS will try to find every possible way to increase collections!), we are expecting a tough Budget and increased taxes. The following comprehensive year-end tax planning guidance and...
Newsflash | mandatory vaccinations in the workplace: SA’s CCMA hands down an important decision | 26 JAN 2022
Mandatory vaccinations in the workplace: SA’s CCMA hands down an important decision South Africa’s primary dispute resolution body, the Commission for Conciliation, Mediation and Arbitration (“CCMA”) has issued its first award in respect of an employee refusing...
A summary of rates/dates since 01.03.2021 to date
MD’s Top Tax Savings Tips ahead of the Budget on 23rd February 2022 | Maximise Your Wealth Planning and Save Tax
With the upcoming Budget on 23rd February 2022 and the current economic climate (SARS will try to find every possible way to increase collections!), we are expecting a tough Budget and increased taxes. The following comprehensive year-end tax planning guidance and...
2nd 2022 Provisional Tax Information Request
We are in the process of preparing the second provisional tax returns for the 2022 tax year, due for submission to SARS by 28 February 2022. We would, therefore, appreciate it if you could furnish us with either a copy of your latest payslip OR the total of your PAYE...