1 South African Reward Association Budget Update 2014/15 Tax Law Changes 01 March 2013 Jerry Botha
2 Overview 1. Budget 2014/15 & new from SARS 2. Tax Amendments Retirement reform and reward considerations
3 Budget 2014/15 Announcements
4 Income Tax: Individuals
5 Income Tax: Individual Rebates 2013/14 & 2014/15
6 Direct Taxes: Individuals Medical Tax Credits Monthly medical scheme contribution tax contribution tax credits will be increased from R242 to R257 per month for the first two beneficiaries, and from R162 to R172 per month for each additional beneficiary, with effect from 1 March 2014.
7 Income Tax: Comparison
8 Income Tax: Calculation Posted
9 Direct Taxes: Individuals Estimate of Individual Tax Payers and Taxable Income 2014/15
10 Direct Taxes: Individuals Personal Income Tax and Benefits
11 Income Tax: Travel Allowance Value of the vehicle (including VAT) (R) Fixed cost (R p.a.) Fuel cost (c/km) Exceeding Maintenance cost (c/km)
12 Income Tax: Exempt Reimbursement Code 3703 Alternatively: Where the distance travelled for business purposes does not exceed kilometres per annum, no tax is payable on an allowance paid by an employer to an employee up to the rate of 330 cents per kilometre, regardless of the value of the vehicle.
13 Income Tax: Travel Allowance To Remember: SARS Guide 01 March 2014 The following two situations are envisaged, namely a. a travel allowance given to an employee to finance transport (for example, a set rate or amount per pay period). b. a reimbursement given to an employee based on actual business travel.
14 Income Tax: Travel Allowance To Remember: SARS Guide 01 March 2014 based on actual business travel.
15 Income Tax: Travel Allowance To Remember: SARS Guide 01 March 2014 An allowance or advance which is based on the actual distance travelled for business purposes (reimbursive travel) is not subject to employees' tax but the full amount must be reflected on the IRP5 certificate a. under code 3703 where the reimbursive allowance does not exceed kilometres AND the prescribed rate per kilometre AND no other compensation is paid to the employee. b. under code 3702 where the reimbursive allowance exceeds kilometres OR the prescribed rate per kilometre OR any other compensation is paid to the employee.
16 Income Tax: Travel Allowance
17 Employee Travel: Calculation Posted
18 Income Tax: Employees Subsistence Allowances Where the recipient is obliged to spend at least one night away from his or her usual place of residence on business and the accommodation to which that allowance or advance relates is in the Republic and the allowance or advance is granted to pay for meals and incidental costs, an amount of R335 per day is deemed to have been expended incidental costs only, an amount of R103 for each day which falls within the period is deemed to have been expended
19 Income Tax: Subsistence Allowance To Remember: SARS Guide 01 March Compensation or an allowance paid to employees who reside far away from their normal place of employment or who do not spend the night away from home is not regarded as a subsistence allowance and is subject to Employees' Tax. This also applies in the case of a labour broker. 2. The amounts laid down in respect of travelling abroad will only apply to employees who are ordinarily resident in the Republic in respect of continuous periods spent outside the Republic. 3. The amounts that shall be deemed to be expended do not apply to the extent that the employer has borne the expenses (otherwise than by way of payment or granting of an allowance or advance) in respect of which the allowance was paid for each day or part of a day.
20 Income Tax: Subsistence Allowance To Remember: SARS Guide 01 March A subsistence allowance is intended for abnormal circumstances and therefore an allowance of this nature cannot form part of the remuneration package of an employee. It is an amount paid by an employer to the employee IN ADDITION to the employee s normal remuneration.
21 Direct Taxes: Individuals Tax-preferred Savings Accounts Tax-preferred savings accounts, first mooted in the 2012 Budget Review as a measure to encourage household savings, will proceed. As previously announced, these accounts will have an initial annual contribution limit of R30 000, to be increased regularly in line with inflation, and a lifetime contribution limit of R The tax-free interest exemption remain, now R23,800 per annum
22 Benefit Guide: Company Vehicles SARS Benefit Guide dated 01 March 2014 Also Posted
23 Direct Taxes: Individuals Retirement Savings Reforms Reforms over the past two years have aimed to encourage more people to save for retirement and to preserve their savings throughout their working lives. A document that briefly describes the changes up to this point and sets out anticipated future reforms will soon be released. The proposals below support the broader package of retirement reforms, and are intended to make the system simpler and fairer. Refers to Compulsory Preservation on withdrawal pre-retirement.
24 Direct Taxes: Individuals Pre-retirement lump-sum taxation 2013/ /15
26 Company Vehicle Car Manufacturers and Importers Use of a company car by an employee is a taxable fringe benefit based on the market value of the vehicle. However, car manufacturers that import vehicles calculate the fringe benefit at cost. To align the treatment of company car fringe benefits for all employees (whether or not they work for a vehicle manufacturer), government proposes that actual retail market value be used in all cases. This reform will be phased in over four years. Adjustments are also proposed to treat employees who bear the costs relating to fuel and the upkeep (maintenance, insurance and licence) of their company car in a more equitable manner.
27 Direct Taxes: Individuals Employer Provided Residential Accommodation Proposed that where employer rents from unconnected third party, the cost to the employer should be used. The formula thus only applies to employer owned and connected rental agreements. Still good business case to apply for SARS tax directives on owned accommodation (market value less than formula). Proposed implementation date uncertain.
28 Direct Taxes: Individuals International Pensions South African residents working abroad and foreign residents working in South Africa regularly contribute to local and foreign pension funds. With overall retirement reform now in effect, cross-border pension issues need to be reconsidered. Given the complexity of the issues involved, it is proposed that the review take place over two years, with extensive consultation.
29 Direct Taxes: Individuals Unemployment Insurance The Unemployment Insurance Amendment Bill (2013) proposes that the Unemployment Insurance Act be amended to extend unemployment insurance benefits to learners in learnership training, civil servants and foreign workers in South Africa. It is proposed that the Unemployment Insurance Contributions Act be aligned with the amended legislation where required. It is not envisaged that civil servants will contribute towards the Unemployment Insurance Fund. However, the fiscus will make funds available to the Unemployment Insurance Fund to cover the cost of government workers that become eligible to claim from the fund.
30 Tax Amendments Amendment Acts
31 Heading New Definition of Remuneration Proxy Remuneration derived by employee the year immediately preceding the year of assessment. For this purpose, remuneration includes fringe benefits, bonuses, over-time, etc. Where portion not employed, must be annualised. Where not employed, first month in new year must be annualised.
32 Income Tax: Individuals, Savings and Employment Bursaries or Scholarships to Employee Relatives Effective 01 March Exemption for relatives where below remuneration proxy of R250,000 for the employee R10,000 cost limit to grade 12 R30,000 per annum on further studies
33 Income Tax: Individuals, Savings and Employment Employer Provided Accommodation Low-cost Housing Effective 01 March 2014 (acquisition must be after this date) Employees falling within this incentive must not earn more than remuneration proxy of R during the year of assessment immediately preceding the year of assessment in which the acquisition took place. Remuneration includes fringe benefits, bonuses, over-time, etc. The market value of the immovable property that is acquired by the employee, may not exceed R The R applies irrespective of whether the employer acquired the property or developed the property.
34 Income Tax: Individuals, Savings and Employment Alignment of the Tax Treatment of Individual Based Insurance Policies Effective 01 March No longer tax deduction on income disability policies Pay out tax-free, even where previously tax deductible Direct impact on take-home pay
35 Income Tax: Personal Deductible Donations Effective 01 March Tax deductible donations limited to 10% of taxable income of donor for year of assessment. Currently excess lost Excess rolled over and allowed as deductible in subsequent year of assessment
36 Employment Tax Incentive
37 xxx Employment Tax Incentive
38 Employment Tax Incentive Some More Complex Items Test applied per month (claim period) Employer bound by (a) collective agreement (b) sectoral determination (c) binding bargaining counsel agreement, disqualified from receiving incentive where employer does not pay relevant minimum wages. Employers that are not bound by sector determination/bargaining counsel agreement must pay relevant employees at least R2 000 per month to qualify for incentive. Where less than month work then pro rata.
39 Employment Tax Incentive Some More Complex Items Incentive commenced on 1 January 2014 Employers able to claim incentive for employment that commences after 1 October 2013 Not connected party before (same group) Seasonal workers, fixed term employments renewed, temporary employees regularly used
40 Employment Tax Incentive Disqualified where taxes not up to date Even though incentive amount may be available to employer in particular month, employer may not reduce employees tax payable with incentive amount if employer has failed to submit any tax return/owes SARS tax debt on last day of that month (excluding cases where employer has entered into an agreement with SARS)
41 Employment Tax Incentive Qualifying Employees Has an identity card in terms of section 14 of Identification Act, 1997, issued to employee Is in possession of asylum seeker permit, issued in terms of section 22(1) of Refugees Act, 1998 Thus not permanent residents, even though Explanatory Memorandum makes reference
42 Employment Tax Incentive Penalties Claimed where do not qualify, the employer must pay a penalty to SARS equal to 100% of the employment tax incentive received in respect of that employee in respect of each month that the employer received the employment tax incentive. Where an employer is deemed to have displaced an employee, that employer must pay a penalty to SARS an amount of R in respect of the employee that is displaced
43 Dividends paid on Restricted Equity Instruments Anti-avoidance Share Schemes Income Recognition Effective 01 March 2014 (dividends accrued on or after this date) Dividends acquired under restricted equity instrument per section 8C Where dividends received and distributed in the same tax year by an employee share trust are subject to income tax in the hands of the employee-beneficiary, dividends tax need not be withheld. There is also no PAYE hereon (a dividend not exempt under section 10(1)(k)(dd) tax paid as provisional taxpayer.
44 Income Tax: Business (Incentives) Tax Incentives for Special Economic Zones Effective 01 January 2014 for 10 years Introducing special economic zones (SEZs) and governed by DTI It is the intention that the existing IDZs will become SEZs. Formed or effectively managed within South Africa and generating 90 per cent of its income from services or the sale of goods from activities attributable to a fixed place of business within one or more SEZ that has been approved by the Minister of Finance (in consultation with the Minister of Trade and Industry). Once a qualifying company is located within an SEZ, it has to be carrying on certain activities to be eligible for the reduced corporate tax rate of 15 per cent (instead of 28 per cent).
45 Income Tax: International Uniform Cross-border Withholding Regime to Prevent Base Erosion Effective 01 March 2016 Withholding tax to cross-border consultancy, management and technical fees. This will be a final withholding tax to collect revenue from nonresident taxpayers who provide certain services within a South African source that fall outside the normal tax. More specifically, all payments for services to a foreign resident from a South African source will be subject to withholding tax if those services are of a technical, managerial or consultative nature. 15 % of the gross amount paid
46 Services Withholding Tax Exemptions Where foreign payee is a natural person who was physically present in South Africa for a period exceeding 183 days during the twelve month period preceding the date on which the fees are paid A foreign payee will also be exempt if the service fees are effectively connected to a South African permanent establishment. Exemption for service fees paid in respect of services rendered by any person in his or her capacity as an employee will be exempt (because these amounts fall within Fourth Schedule pay-as-you-earn withholding).
47 Retirement Reform Position of Reward Function Hand out prepared by Mentje Larney on Financial Planning Environment and position of reward Evolution of benefit schemes history and not specific reward design Types of benefits Stakeholders Employee need has been eroded by defined benefit and post retirement medical aid changing to defined benefit schemes. Value to employee is stakeholder is defined by employee personal financial needs. Cost of benefit schemes is a negative as often hidden costs, but positive as employer can bulk purchase much cheaper.
48 Retirement Reform Position of Reward Function 4. Stakeholders (cont.) d. Employer does not guarantee adequacy of retirement funding. a. Traditional roles of trustees, principal officers, investment advisors and fund administrators explained. b. If employer no longer guarantees adequacy (replacement) of retirement funding and risk cover, and the employee is no longer provided with a secure retirement, what is the role of benefits? Responsible for employer purport to take responsibility when it does not take guarantee? The tax rules makes effectively no distinction between employee private cover and employer procured cover? a. The role of retirement and risk cover can arguably be best linked to part of reward function attraction, engagement and retention. Remuneration is aligned to employee personal financial requirements and thus becomes part of reward value proposition. b. New rules gives opportunity to align with reward strategy.
49 Retirement Reform Sample Calculator Total Guaranteed Package
50 Retirement Reform Sample Calculator Basic Plus Benefits
51 Retirement Reform Any amount contributed to a pension fund, provident fund or retirement annuity fund in terms of the rules of the fund a. No tax difference between pension, provident and retirement annuity = same deduction b. No need to change away from provident fund (rule change discussed later) c. Employees can now equally compete with retirement annuity fund, than pension or provident
52 Retirement Reform The total deduction to be allowed must not in the year of assessment exceed the lesser of R350,000 or 27.5% a. Thus no-one can contribute above R350,000 b. Should your fund rules or policy limit the contribution to R350,000? i. No i. Section k(ii) allows for a carry forward of excess contributions and deemed to be contributed following year and this is an indefinite carry forward
53 Retirement Reform 27.5% of higher of the person s. (A) remuneration [other than some lump sum withdrawals] as defined in paragraph 1 of the Fourth Schedule (B) taxable income [other than some lump sum withdrawals] as determined before allowing any deductions under this paragraph [section 11] a. Remuneration is what PAYE is computed, before retirement or donation deduction. b. As employer only focus on remuneration and not taxable income. Taxable income is confidential.
54 Retirement Reform a. Is taxable income normally higher than remuneration? i. Not necessarily. ii. Remuneration less employee retirement deduction (up to 27.5%) = taxable income. iii. Where employee has other income sources. i.e. interest or rental income, the taxable income can be more than remuneration. iv. Employer will focus on remuneration and employee can make additional contributions where higher taxable income.
55 Retirement Reform Contract of Employment 1. Dying to clean your employment contracts? a. Specific rate for fund salary mentioned? b. Specific contribution percentages mentioned? c. What are employee options on withdrawal? 2. Employment contracts should be generic a. Contributions shall be made by employer and employee, as agreed from time-totime in Annexure B. b. The retirement fund shall be governed by the rules of the fund, as amended by the trustees.
56 Retirement Reform Fund Rules 1. Provident fund rules on what happens on retirement must change a. No longer cash out b. Same as pension funds 2. You must not change - a. Definition of fund salary b. Contribution percentages c. Benefits provided 3. You may elect to change to deliver better reward a. Definition of fund salary b. Contribution percentages c. Benefits provided
57 Retirement Reform Remuneration Policy
58 Retirement Reform Other Policies
59 Retirement Reform Pay slips
60 Retirement Reform Remuneration Structure 1. Flag contributing over thresholds 2. Select fund salary that is less than remuneration 3. Make more informed choices on employee personal financial requirements.
61 Who should submit a tax return for 2014 Where taxpayers receive remuneration which is less than R , they may elect not to submit an income tax return, provided the following criteria are met: a. Their remuneration is from a single employer b. Their remuneration is for a full year of assessment (1 March 28 February) c. No allowance was paid, from which employees tax was not fully deducted; d. No further deductions need to be claimed or income declared.
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