JackLime Administration

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The Earth Day Org 2024 theme, Planet vs. Plastics, calls to advocate for widespread awareness on the health risk of plastics, rapidly phase out all single use plastics, urgently push for a strong UN Treaty on Plastic Pollution, and demand a 60% reduction in the production of ALL plastics by 2040.

You can make a difference and help them build a plastic-free planet for generations to come!

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The annual SARS EMP501 reconciliation submission has opened (1 April) and closes on 31 May 2024.

The EMP501 reconciliation is a report of all employee earnings submitted to SARS. Employers are required to reconcile payroll liabilities (PAYE, SDL and UIF), which is declared monthly on the Employer EMP201 declarations.

The EMP501 reconciliations are due for the full tax year period from 1 March 2023 to 29 February 2024.

Companies that fail to submit on time will be liable for late submission penalties of up to 10% of the value of their payroll.

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⚠️ REMINDER!

If you receive a travel allowance from an employer or principal, and claim a deduction on assessment of your annual income tax return for the use of your private motor vehicle for business purposes, then don’t forget to record your motor vehicle’s odometer reading on 1 March, the first day of the new tax year.

The SARS Tax Pocket Guide provides a summary of the most important information relating to taxes, duties and levies for 2024/25.

Download your copy of the SARS Tax Pocket Guide here > https://bit.ly/3uLLi8c

Minister of Finance Enoch Godongwana delivered his third Budget speech of his term on 21 February 2024.

Read more here > https://bit.ly/3SMALlc

Employment and Labour Minister T.W Nxesi has announced the new National Minimum Wage with effect from 1 March 2024.

The minimum wage of R25,42 per hour will increase to R27,58 per hour (an increase of approximately 8,5%), and sets a new baseline across all sectors, with a few exceptions:

• Workers employed on Expanded Public Works: R15,16 per hour,
• Workers with learnership agreements in terms of the Skills Development Act.

Employers are reminded that the NMW excludes allowances that are paid to enable employees to work (such as transport and equipment), or payment in kind (such as board or accommodation), as well as bonuses, tips or food.

A copy of the Gazette can be downloaded here > https://bit.ly/485Ib8I

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By outsourcing your payroll you will minimise potential compliance errors, and be able to spend more time focusing on managing your day-to-day business operations.

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