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Stark Accounting Services

During this very difficult time, we are here for you and ready to serve you, in any possible way. Our team is fully operational, via remote logins, and on their cell phones. Click here for the "Contact Us" info.)

Here are some of the relief steps that you can take in your businesses.

Stark will keep this updated, as and when we receive further relief methods.

  • Registration is now open for small and medium – sized businesses that require government help during the coronavirus crisis - https://smmesa.gov.za/

 

  • PAYE – Tax-Compliant businesses with a turnover of less than R50 million are allowed to delay 20% of their PAYE liabilities, over the next 4 months, and a portion of their provisional corporate income tax payments, over 6 months.

Here are some of the key support measures for businesses, employees and the poor:

  • National Disaster Benefit Fund: R 30 Billion has been allocated to a special National Disaster Benefit Fund, which will pay Unemployment Insurance Fund benefits for up to three months to qualifying workers whose income has been impacted by the coronavirus pandemic. This fund will address the coronavirus related job losses, support job retention, illness pay-outs and reduced time claims.
  • Informal sector support: A safety net is being developed to support persons in the informal sector.
  • SASSA: The South African Social Security Agency (Sassa) grants for pensioners and people with disabilities to be paid early.
  • Temporary Employee Relief Scheme: A special dispensation for companies that are in distress, through this, employees will receive wage payment through the Temporary Employee Relief Scheme, which will enable companies to pay employees directly during this period and avoid retrenchment.
  • Banking sector: The Department of Trade and Industry has passed new regulations in the banking sector. The exemptions will allow banks to work together which will help small businesses, consumers and firms in distress.
  • Tax subsidy: A new tax subsidy of up to R500 per month for the next four months for employees earning below R 6 500 per month.
  • Employment tax incentive: SARS to accelerate employment tax incentive reimbursement from twice per year to monthly.
  • PAYE & Provisional corporate income tax: Tax compliant businesses with a turnover of less than R50 million will be allowed to delay 20% of their PAYE liabilities over the next four months and a portion of their provisional corporate income tax payments without penalties or interest over the next six months.
  • Compensation Fund: Employees who fall ill through exposure at their workplace will be paid through the Compensation Fund.
  • SMME SA: The Department of Small Business Development made R 500 million available to distressed SMEs. Registration is now open for small and medium-sized businesses that require help during the coronavirus crisis.
  • IDC: The Industrial Development Corporation, together with the Department of Trade, Industry and Competition has committed R3 Billion to a range of funding products in support of business to address vulnerable firms and for companies critical to fight the virus and its economic impact.
  • Tourism Relief Funding: The Department of Tourism has made an additional R200 million available to assist SMEs in the tourism and hospitality sector who are under particular stress due to the new travel restrictions.
  • Solidarity Response Fund: This was setup to help deal with the fallout of the coronavirus, and measures to slow its spread. Individuals and businesses can contribute to this fund. Johann Rupert and Nicky Oppenheimer have donated R 1 billion each into this newly established Solidarity Fund.
  • Possible temporary reductions: Possible temporary reductions of employer and employee contributions to the Unemployment Insurance Fund and possible temporary reduction of employer contributions to the Skill Development Fund.

Please let us know, if you would like our assistance (at our standard current rates), in applying  for any of the above.

We are here for you! How can we help?

Please take care of yourselves and your loved ones, during this difficult time. Keep the faith! And know that we are here for you, every step of the way.