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March 2016

HR Audits: What Are They and Why Are They Important?

An HR audit is a review of all existing documentation regarding employment, including employment policies and practices, to ensure legal compliance. Labour legislation changes periodically, so it is important to ensure your HR audits are done regularly and are updated where necessary.

Elizabeth Landsberg
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Incentive for Employers to Provide Bursaries – No Effective Date of Implementation

“To support skills development, government proposes to increase the fringe benefit tax exemption thresholds for bursaries provided to employees or their relatives. The income eligibility threshold for employees to access the relief will be increased from R250 000 to R400 000. The value of qualifying bursaries will be increased from R10 000 to R15 000 for National Qualifications Framework levels 1 to 4, and from R30 000 to R40 000 for levels 5 to 10.”

Prepared by ProfMark on behalf of Moore Stephens
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Tax Treatment of Trusts

In his recent budget speech, Minister Gordhan made the following proposal: “An important role of the tax system is to reduce inequality. Some taxpayers use trusts to avoid paying estate duty and donations tax. For example, if the founder of a trust sells his or her assets to the trust, and grants the trust an interest-free loan as payment, donations tax is not triggered and the assets are not included in his or her estate at death."

Prepared by ProfMark on behalf of Moore Stephens
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Retirement Reform Update

Three aspects of the retirement reform project have been postponed: 1.       The annuitisation of provident funds;2.       The increase of the de minimis threshold; and3.       The tax neutral portability from a pension to a provident fund. This postponement is made possible by the Revenue Laws Amendment Bill, 2016, that was tabled in Parliament on 24 February 2016.  

Gavin Wright
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