RBCT Media Release - NEWSLETTER
NEWSLETTER
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2012/02/01
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IN THIS ISSUE:
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A Look At The New Medical Tax Credit
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Changes to the treatment of medical expenditure were proposed during the 2011 budget speech.
The monthly deductions for contributions to medical schemes and for qualifying out-of-pocket medical expenses will be converted to tax credits, effective 1 March 2012. This is as per the Taxation Laws Amendment Act (no 24 of 2011) which was promulgated on the 10th January 2012.
A tax credit provides for more equitable tax relief, as the relative value of the relief does not increase as the marginal tax rate of the individual increases, (as is currently the case).
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2012 - A Busy Year Ahead For Payroll And Labour Incentives
Part 1 - Promoting Skills Development And Job Creation
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The mid-year population estimate for 2011 as per Statistics South Africa’s census results, reveals that the population in South Africa is around 50, 59 million people. The quarterly labour force survey dated November 011 (also a Statistics SA document) states that 25% of the population are unemployed, and that 60,2% of the job seekers do not have a matric pass.
There have been a number of initiatives recently in the form of proposed legislation both in the labour and the taxation arena’s which have been designed to try and alleviate some of the unemployment and also to assist low-income earners.
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Part 2 - Social Security, Retirement And Labour Law Reforms
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As per the February 2011 budget, the proposal is to standardise the provisions for pension and provident funds to resemble that of retirement annuities with a combined contribution deduction limit of 22,5% of taxable income.
In other words, an employer’s contribution on behalf of an employee will be deemed a taxable fringe benefit in the hands of the employee. Individuals will be allowed to deduct up to 22.5 % of their taxable income for contributions to pension, provident and retirement annuity funds.
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 Social Media - It's Everywhere...
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Think about these social media statistics for a moment:
- Over 50% of the world’s population is under 30 years of age
- 96% of these “millenials” (or Generation Y) have joined a social network
- 1 out of 8 couples married in the United States of America in 2009 met via social media
- If Facebook were a country, it would be the 4th largest in the world
- 80% of companies use social media (mainly LinkedIn) for recruitment purposes
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Yours Sincerely
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Please note that this Newsletter is intended to provide general news and information of interest to readers and is not intended as legal advice or opinion, nor are the views expressed in any of the contents hereof necessarily views held or shared by the Directors and Staff of WB&I Inc
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