Greylisting measures enacted Trusts to become 3rd party data providers to SARS

A lot has recently been said in the media about the possibility and impact of a Financial Action Task Force (FATF) greylisting for South Africa in February this year. We were greylisted on 24 February 2023, but new measures were already legislated in late December 2022 to strengthen South Africa’s anti-money laundering and terror financing

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Effective 1 March 2023: New Earnings Threshold and National Minimum Wage

Employers and their employees should take note of the increases from 1 March 2023 in both the National Minimum Wage (NMW) and the “Earnings Threshold” provided for in the Basic Conditions of Employment Act (BCEA). The threshold also impacts on employee protections in the Labour Relations Act (LRA) and in the Employment Equity Act (EEA).

We set out the increases and, for those employing domestic workers, point you to an online “living wage” calculator to help you check that you are in fact paying your domestic worker enough to cover a household’s “minimum need”.

We also summarise the employee protections that will no longer be available to those employees now earning above the adjusted earnings threshold.

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Five Essential Bookkeeping Tips for Small Businesses

Entrepreneurs have a lot to deal with on a daily basis. From managing customers to ordering stock, handling marketing and networking – the days aren’t short of obligations. As a result, it can be difficult to find time to draw up spreadsheets and analyse finances. The problem is that managing your books and keeping finances organised is critical to the success of a company, and failing to do so is a sure way to financial ruin.

The good news is that no one need become a bookkeeper overnight, and organising your finances is not as daunting as it seems. Here are five simple tips that will ensure you come to the end of the year with your finances intact and your stress levels in check.

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Budget 2023: Your Tax Tables and Tax Calculator

The big Budget Speech 2023 tax news was the introduction of tax incentives for investing in rooftop solar and renewable energy. The Budget also detailed tax relief in the form of adjusted tables for tax and rebates for individual taxpayers, adjusted tables for retirement tax and transfer duty, and the expected increases in ‘sin’ taxes. How will these changes affect you directly?
To better understand the impact of the Budget on you and your business, here is a selection of official SARS Tax Tables, then follow the link to Fin 24’s Budget Calculator to do your own calculation.

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Budget 2023: How It Affects You and Your Business

Budget 2023 focussed firmly on the energy State of Disaster. The most prominent announcement was that government would take over R254 billion of Eskom’s debt, while two tax relief measures totalling R9 billion were introduced to assist individuals and businesses to invest in solar and renewable alternatives.
As a result of this and an improvement in revenue, there were no major tax proposals in this Budget. The respite from tax increases and the tax relief from adjusted tax brackets and rebates for individual taxpayers was welcomed, while the increases in sin taxes were expected. Here is a brief overview of the most pertinent announcements for individuals and businesses, that serve to highlight the need for professional tax advice.

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Ignoring an Online Review Could be Catastrophic for Your Business

With so many choices available for almost every service, online reviews are starting to play an increasing role in every customer’s decision as to where they shop and what they buy. Sites like Yelp, Facebook and TripAdvisor, which allow customers to give feedback, have seen their popularity boom as people lean increasingly heavily on the advice of strangers. A recent report found that 93% of all customers check reviews before committing to buying anything, with 91% of all 18 to 34-year-olds saying they trust these online reviews as much as a recommendation from a friend. Positive Google Reviews are often critical when it comes to customers making buying decisions.

Why then does it appear as though so many companies simply neglect their online reviews? The truth is that ignoring these reviews could be catastrophically damaging to your business and how you deal with them could be the difference between success and failure. So, what should you do with an online review?

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