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We’ve put together some simple tips to help you avoid overspending this Festive Season!
#1 Decide who you are buying gifts for, set a budget and consider using cash to avoid overspending.
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Proposed Tax on Offshore Income
Some adjustments have been made to SARS’ recently issued draft Tax Bill, which proposed taxing South African residents the difference between overseas income earned and local Income Tax rates, after outcry from various groups.
The amended Bill, now intended to be introduced in 2020, has conceded to impose tax only on amounts earned in excess of R1 million, if a person has been out of the country for 183 days in the year, with at least 60 of these days being consecutive.
For further reading on the topic, take a look at -
www.timeslive.co.za/sunday-times/business/2017-09-15-working-abroad-treasury-rethinks-exemption-o... ... See MoreSee Less

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Increasing Natural Disasters and Home Insurance
In light of the recent devastating fires in the Cape and flooding across parts of Gauteng and KZN, South Africans need to ensure their homes, businesses and other assets are fully covered. When it comes to home insurance, it’s important not to overlook the following:
1. Does your cover include accurate replacement costs? As costs are continually rising, it would be good to check this annually to make sure you’re not under-insured.
2. Are your swimming pool, shed, Wendy house and all other out buildings covered too?
3. Are you insured for the cost of alternative accommodation, should you need to extensively repair or rebuild your house?
4. Are you insured for the cleaning of rubble and other debris from your premise?
5. Are you covered for ALL types of catastrophic events?

For further reading on the topic, take a look at - www.moneyweb.co.za/moneyweb-radio/are-south-africans-adequately-covered-for-natural-disaster-damage/ ... See MoreSee Less

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Your Tax Deadlines for November:

Non-provisional taxpayers using eFiling or electronically submitting from a SARS branch need to file their 2016/2017 Income Tax Returns on or by 24 November.

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Getting staff payslips right carries legal responsibilities for both the employer and the employee, as payslips are used in the public domain for things like bank loans and by SARS.
Payslips should correspond to employee contracts and should include the following information:
1. Employee’s correct name and job title
2. Salary paid is as per the letter of employment
3. Correct tax and UIF deductions
4. Retirement fund amounts
5. Other deductions such as loans or garnishee orders, if applicable
Getting payslips right will save both employers and employees time and frustration, and any errors could affect the level of trust between the two.
For more on the importance of payslips, read www.fin24.com/Finweek/Opinion/why-you-should-bother-to-read-your-payslip-20160525-2
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