What is ETI?
These measures include an extension of the Employment Tax Incentive (ETI) to all ages. There is also an increase in the amount that may be claimed.
Before, employers could claim R1'000/ month for every qualifying employee (earning under R6'500 & younger than 30 yrs) for the 1st year, and R500/ month for the 2nd year.
Extended ETI
There is now an opportunity to claim R1'500/ month in the 1st year & R1'000/ month in the 2nd year for employees younger than 30.
All workers up to the age of 65 years earning less than R6'500 can now get R500/ month.
If an employer has already exhausted its 24 month cycle of ETI claims, they can now claim R500/ month for them.
Remember
The payback works as a claim by the employer of PAYE that they paid to SARS.
SARS can pay back PAYE reimbursements MONTHLY, instead of twice a year.
We can help you with all the calculations you need right here.
SDL HOLIDAY
A payment holiday is allowed by SARS for the months of May - August for any payment of SDL. Employers do not have to declare any SDL on the EMP201 returns or make payments.
TERS RELIEF
Additional UIF payments to companies and employees are being made in cases where companies had to close partially due to lockdown.
Read more here.
PAYE DEFERRAL
For the months of April - July, there is relief for companies not having to on behalf of its employees pay normal PAYE.
Read more here.
NO PENALTIES
Companies that can show that they are incapable of making payments due to the crisis may apply to SARS to defer payments without incurring a penalty.
CARBON TAX
Carbon tax payments were moved out from 31 July to 31 October 2020..
PROVISIONAL TAX
Tax Relief for companies with turnover of less than R100m. Usually 50% of expected tax bill must be paid 6 months into the year. It is now allowed to only pay 15%.
VAT REFUNDS
Smalled companies who are registered as VAT vendors may claim VAT on a monthly basis instead of every 2 months.
EXCISE DUTY
Cigarette & alcohol companies liable to pay Excise Duty in May & June, have received extention of 90 days extra to pay.
SMME funding
The Debt Relief Finance Scheme assists distressed small companies. The Business Growth/Resilience Facility helps take advantage of supply opportunities as result of shortage of certain goods. You need to register HERE.
TOURISM COMPANIES
A once-off grant of R50'000 will be paid by the Department of Tourism to approved small/medium enterprises.
We can help here.
FILM INDUSTRY
Players in the industry may submit to the NFVF application for script development, post production projects & animation. The NFVF also provides R500'000 to its commissioned members.
MINIBUS TAXI
Clients of SA Taxi may enjoy a month payment holiday from April.
We can help here.
MUSICIANS
SAMPRA has announced bringing forward roaylties to be distributed to musicians from August to April 2020.
SPAZA SHOPS
Spaza shops may receive funding to buy stock & get bullk discounts. They need to however be registered with CIPC, UIF & SARS.
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