According to South African government statistics, South Africans are now borrowing more than they are saving. To encourage people to plan and save for their retirement, the National Treasury is forfeiting short term tax revenues to relieve fiscal pressure in the future. Monique Sharland, CEO of Business Accounting Network, discusses the new retirement fund tax reforms and the changes employers need to prepare for that come into effect on 1 March 2016 in our March 2016 issue of the BAN Bulletin.
Most payroll software systems should now all be aligned to the new retirement tax regulations. Clients administering and processing their own payrolls in-house are advised to ensure that their payroll systems are updated before running their March payroll.
Click here to read the full article – Revised Tax Incentives for Retirement Savings