Capstone Group

The new system accounts for your retirement savings as of 31 August and your future contributions by dividing them into three distinct components, often called “pots”: the vested component, the retirement component, and the savings component. Starting from the two-pot system’s effective date of 1 September 2024, the vested component will be reduced by an amount allocated to the savings component. Beginning on 1 September 2024, the new system will automatically distribute your future contributions between the retirement and savings components. New contributions will be divided, with one-third going to the savings component and two-thirds to the retirement component. Your existing savings as of 31 August 2024, minus the amount allocated to the savings component, will be exempt from the new system and will remain part of your vested component. The current rules will continue to apply to this portion. #capstonegroup #tax #twopotretirementsystem #accounting #payroll

The funding of your savings component The savings component will be funded by an amount taken from your vested component. This amount will be equal to 10% of the market value of your investment as of 31 August 2024, with a maximum limit of R30,000. This means the maximum amount in your savings component will be R30,000 until you make additional contributions. This allocation process is required by law. The allocation to the savings component will be applied at the contract level. A separate savings component will be created for each contract you hold within the fund. Your current investment choices will be mirrored in your savings component, but you will have the option to switch to other investment fund choices after the allocation process. One-third of all contributions made from 1 September 2024 onwards will be allocated to this component. Please note the following regarding the allocation process in September: If you have transactions in progress on 1 September, there may be a delay in transferring funds from your vested component to your savings component. These transactions include pending financial activities such as switches, rebalances, debit orders, and fee deductions that are awaiting pricing. We will complete the allocation as soon as these transactions are finalized. Your investment earnings for August 2024 will not be included in the allocation value mentioned above, as the distribution of earnings takes several business days. These earnings will be added to the value of the vested component once they are received. #capstonegroup #twopotretirementsystem #tax #accounting #businessconsultant #hr #payrollservices

Let your company thrive in its core business while we take care of maintaining precise payroll and accounting records, ensuring full compliance with SARS and the South African Department of Labour. Streamline your operations by cutting down on payroll administration. Save valuable time through the automation of processes, including tax calculations. From PAYE to UIF, we're dedicated to keeping you compliant with the latest legislative updates, all while simplifying your essential payroll procedures. Trust us to guarantee accurate and timely payments to your employees, every single time. Contact us for a consultation. [email protected] or call us (010) 591 0302 #payroll #accounting #taxcalculations #paye #uif #payrollprocesses #employees

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Commission earners who receive more than 50% of their total remuneration as commission are fully eligible to claim expenses incurred in generating their income, similar to the trade deductions allowed for sole proprietors. It’s important to note that total remuneration includes basic salary, medical aid contributions, group life premiums, and any retirement fund contributions made by the employer. Travel expenses can be claimed based on actual expenditure, not the deemed expenditure allowed by SARS for salaried individuals with a travel allowance. This includes depreciation, interest, maintenance, fuel, license, and insurance costs. To substantiate the travel expenditure claim, a standard logbook compliant with SARS requirements should be carefully maintained. For individuals working from home, the home office need not be regularly and exclusively used for work, but it must be used for work purposes more than 50% of the time. Additionally, other overlooked expenses that are claimable include accounting, legal, administration fees, entertainment, and sales fees paid. If the commission drops below 50%, it does not automatically preclude the possibility of claiming deductions. However, it must be demonstrated to SARS that this is an anomaly due to prevailing circumstances. Get in touch with us for all your tax needs. [email protected] or call us (010) 591 0302 #capstonegroup #tax #accounting #finances #businessconsultants #bbbee #bbbeesolutions #bbbeeownership #taxseason2024 #southafrica

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What is provisional tax? Provisional tax isn't a separate tax from income tax. Instead, it's a way to pay your income tax liability in advance, preventing a large tax bill at the end of the year. Provisional tax spreads the tax liability over the assessment year, requiring taxpayers to make at least two advance payments based on estimated taxable income. An optional third payment can be made after the tax year ends but before SARS issues the assessment. When the assessment is issued, the provisional payments are offset against the normal tax liability for that year. Get in touch with us for all your tax needs. [email protected] or call us (010) 591 0302 #capstonegroup #tax #accounting #finances #businessconsultants #bbbee #bbbeesolutions #bbbeeownership #taxseason2024 #southafrica

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