Assistance for businesses that may be in distress due to National Shutdown

-Government will provide a tax subsidy of up to R500 per month for the next 4 months for those private sector employees earning below R6500 under the Employment Tax incentive.This will help over 4 million workers.

-SARS will also work towards accelerating the payment of employment tax incentive reimbursements from twice a year to monthly to get cash into the hands of compliant employees as soon as possible.

-Tax compliant businesses with a turnover of less than R50 million will be allowed to delay 20% of their pay-as-you-earn liabilities over the next four months and a portion of their provisional corporate income tax payments without penalties or interest over the next 6 months. This intervention is expected to assist over 75 00 small and medium-term enterprises.

-Government is exploring the temporary reduction of employer and employee contribution to the UIF and employer contribution to the Skill Development Fund.

-The industrial Development Corporation has put a package together with the department of trade and competition of more than R3 billion of industrial funding to address the situation of vulnerable firms and to fast track financing for companies critical to our efforts to fight the virus and its economic impact

-The department of tourism has made an additional R200 million available to assist SMME’s in the tourism and hospitality sector who are under particular stress due to the new travel restrictions.

First step to ensure that your survives this #lockdown and Coronavirus is to ensure that your business compliant with Tax, Labour and other regulations. Government has announced that businesses for business to qualify for grants, help as result of financial distress, industrial and breaks should be compliant.

Department of small business requires this minimum compliance: Be registered, Tax compliant and employing 70% of South Africans.

BONMAS CONSULTING has started helping small businesses prepare and submit applications for help, email: tax@bonmas.co.za or WhatsApp us on: 011 568 5349 or 012 770 6912 to get help.

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