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SARS and the SMALL Business


2013-11-02

SARSBUSINESS

The South African Revenue Service’s spotlight on employees’ tax comes as no surprise: at roughly 34% of SA’s total tax revenue, personal income tax comprises the single biggest component of the tax base. Of that, employees’ tax represents by far the biggest component. 

SARS’s emphasis on broadening the tax base by widening this payer net is therefore expected. The small business sector is specifically targeted since tax compliance within this sector is estimated to be less than 10%. Targets set for the 2015 and 2016 budget seem to serve as further motivation and point towards a tax base expansion objective of 20% to 40% through increased enforcement. 

SARS is making this intention clear. In processing company audits PAYE has become a primary focus and results of an initial payroll audit are used to determine further auditing requirements. SARS now also require more personal details from both employees and employers in order to facilitate direct contact. 

Implementing and maintaining a professional payroll solution has become critically important to small and medium enterprises. Although regulatory compliance is the principle advantage, comprehensive payroll software offers various other benefits. These include tools to aid companies in achieving relevant taxable savings, as well as a platform that protects against risk associated with human resources, and peace of mind from having a secure record of employee and payroll data. 

As business owner, you and your employees deserve to enjoy peace of mind and the best possible tax savings. Abacus Payroll Software is your solution. For more information contact Roelof Oosthuizen on 0861 600 105 or email roelofo@abacuspayroll.co.za 

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