Implementing payroll updates from the Budget Speech
With the announcement of the annual Budget Speech, businesses are urged to comply with the new tax laws that will be reinforced nationwide at the end of the financial year. The Budget, announced by Minister of Finance Pravin Gordhan, covers a series of customary changes regarding employee taxes that businesses are expected to implement when conducting a payroll update. Because of the general nature of businesses, these taxes are reviewed every year. For this reason, you need an effective payroll software solution to keep up with annual payroll updates.
QuickBooks Payroll Software offers businesses an easy and hassle-free solution to conducting annual payroll updates. With a range of different types of accounting and payroll software suitable for every type of business, QuickBooks products are all pre-programmed to incorporate the changes outlined in the new Budget to ensure your business is in sync with the latest tax laws. QuickBooks Payroll Software ensures that the payroll system of your business is accurate and legally compliant with the country’s Budget laws regarding taxes.
QuickBooks Payroll Software is compliant with the new payroll update
The QuickBooks Payroll Software range is already pre-programmed with the latest tax equation so that when utilised, you’ll automatically be implementing the new payroll update system to your business. Two of the most important changes that will affect businesses in the new financial year are:
Medical aid schemes: Businesses that offer employees even the most basic medical aid schemes, should know that employees are now able to claim up to R670 back on their medical aid contributions every month as a result of the new tax laws.
Travel allowances: New tax rate laws for company travel allowances require employees to keep a detailed logbook of every business trip to be submitted with all travel allowance claims in order to qualify for the increased 80% tax rate. This means that employers will now have to pay for 80% of employees’ travelling expenses as opposed to 60% in previous years.
As of March 1st 2010, all businesses and employers utilising the P.A.Y.E (Pay As You Earn) system on employees’ monthly salaries are asked to cross over to electronic tax filing rather than manual filing, to ensure a streamlined process. For this reason, QuickBooks Payroll Software is the ideal software package for your business.
QuickBooks Payroll Software makes paying employees hassle-free
QuickBooks Accounting Software is designed with the latest payroll update equation that is ideal for small, medium or large corporations. With a series of practical functions designed to assist you in performing everyday payroll duties, our user-friendly interface on all our software packages will cut your payroll time in half. Get QuickBooks Payroll Software orQuickBooks Payroll Lite for small businesses to take advantage of its many features now.