Tax on Foreign Employment Income
As a South African tax resident working abroad, you may be eligible for a tax exemption on your foreign employment income, provided certain conditions are met.
This exemption can offer significant relief, as it allows for up to R1.25 million of foreign income to be excluded from tax.
Workplace Wellbeing
Several factors contribute to stress, ranging from relationship issues and financial concerns to simply not getting a good night’s rest. However, workplace stress is often a primary source of pressure for many adults. Tight deadlines, heavy workloads, and interpersonal conflicts can all contribute to feelings of anxiety and burnout. Recognising when a colleague or employee is struggling and offering support is a critical part in helping them manage stress.
Here are a few steps to aid in this:
Why Maintaining a Positive Attitude at Work Matters
With the nature of work today where challenges flourishes with a great demand, a positive attitude is no longer just a personal characteristic but rather a key element in one’s profession. Such advantages include work engagement, personal productivity, and team collaboration that can all be attributed to a positive attitude which makes it useful for employees and even organizations.
Tax Implications of Two Pot System
On the 1st of September, the two-pot retirement system was implemented in South Africa by the National Treasury.
The main aim for the implementation of the two-pot system is to allow citizens of the republic partial withdrawal from their retirement fund for any emergencies that may occur, while still preserving a portion of the fund for life after retirement.
Business funding with Bridgement
Securing funding for your business does not have to be complicated or time-consuming. TLOK has partnered with Bridgement, who offer unsecured business funding as a straightforward alternative to traditional bank financing.
Tax-Free Investments Explained
Tax-free savings are designed to reduce South Africans’ tax liability while allowing them to save for their non-retirement goals.
It also provides flexibility as you do not have to commit to making future contributions and you can withdraw funds anytime you choose, but it’s not advisable to do so as this will have an impact on your lifetime tax-free savings limit.
Once an amount is withdrawn, that amount will be deducted from your lifetime contribution limit.
Tax Avoidance vs. Tax Evasion – the thin line between right and wrong
Defined in layman’s terms tax avoidance is defined as any legal methods used by a taxpayer to reduce their tax liability.
While on the other hand tax evasion is an illegal practice a taxpayer does to intentionally reduce their tax liability.
What Are The Requirements For An Individual To Be A Provisional Taxpayer
Any person who receives taxable income of more than R30 000 other than salary/remuneration (such as investment income, business profits, rental profit, etc.), would be considered as a provisional taxpayer.
Whose responsibility is it to maintain employee relations?
Is it management or the employees responsibility is it to maintain employee relations?
Each company requires a balance of both positions. However, being a leader involves more than simply guiding people. Just as the top of the company needs balance, so do the employees reporting to management. Employee relations refer to the company’s efforts to maintain positive relationships with its employees.
Preparing your business for Fiscal Year End
The financial year end of a company (also known as Fiscal Year End or FYE) is undoubtedly the busiest period of a business’s year.
Essentially, it is the wrapping up of the company’s accounts for the business year. This assists all key stakeholders assess the company’s profits, losses and overall financial performance for the year that was.
Handling your Debtors and Creditors in December
Proper planning of cash flow should be done to ensure that earlier release of monthly expense obligations or preloaded payments will be authorised before the office shutdown period, given that most administrative staff members will be on leave at month end in December. It is never pleasant to start the new year with overdue and unpaid accounts.
SAGE Accounting Software
Accounting software is most certainly a vital tool for proficient, precise, and effective Financial Management. Sage Accounting Software is widely recognised, of the many options available, for its accurate and comprehensive Financial Management Solutions. Sage is popular choice which meets the demands of both small startups and larges businesses.