Taxation of business activities and Individuals (TAX3761)
Class notes
IT IS IMPOSSIBLE FOR YOU NOT TO UNDERSTAND THS PARTICULAR DOCUMENT
14 views 0 purchase
Course
Taxation of business activities and Individuals (TAX3761)
Institution
University Of South Africa (Unisa)
Ace Your TAX3761 Exam with Ease! Our comprehensive study guide is your ticket to success. Packed with clear explanations, practice questions, and exam tips, this essential resource covers all the key topics. Master tax law effortlessly and achieve your academic goals."
Taxation of business activities and Individuals (TAX3761)
All documents for this subject (23)
Seller
Follow
tony2nkiwane
Content preview
AUTHOR: MILTON
CONTACTS: +27698866058
WE ALSO PROVIDE PRIVATE TUTORIALS ON
FINANCIAL AND MANAGEMENT ACCOUNTING AT ALL
LEVELS. INTERNAL AND EXTERNAL AUDITING AS WELL
IT IS MY BELIEF THAT TECHNICAL LANGUAGEOR THE DICTION
THAT IS USED IN SOME OF THESE SUBJECTS THAT PLACES A
LIMITATION OR RATHER SLOWS DOWN OUR UNDERSTANDING
WHEN IT COMES TO CERTAIN CONCEPTS. IN MY EXPLANATIONS
AND NOTES I SEEK TO DECODE AND SIMPLIFY TAXATION TERMS
INTO LAYMEN TERMS MAKING THE SUBJECT ENJOYABLE AND
INTERESTING SINCE WE AS HUMAN BEINGS ENGAGE OUR MINDS
LONGER ONLY IN THE THINGS THAT FASCINATE US.
***GOOD LUCK LETS ACE THIS TAX 3761 MODULE***
Why Do We Pay Taxes?
Think of taxes like paying rent to live in a house. When you pay rent, you get to live in the
house, feel safe, and use the things in it. Taxes are like that, but for a country.
We pay taxes so the government can do things for us, like building roads, schools, and
hospitals. It's also how the government pays for things like police and firefighters who keep
us safe.
Who's in Charge of Taxes?
There are a few important people and groups involved in taxes in South Africa:
The Boss: The Minister of Finance is like the boss of all the money stuff in the
country. They decide how much money the government needs and where it should be
spent.
The Money Collectors: SARS (South African Revenue Service) is like a big
company that collects taxes from everyone and businesses. They make sure everyone
pays the right amount.
The Rule Makers: The government makes laws about taxes. These laws say who has
to pay taxes, how much, and when.
The Listeners: The Tax Ombud is there to help if you have a problem with SARS.
They listen to your complaint and try to fix it.
Us: That's you and me! We are the ones who pay taxes.
,Other Important People
There are other groups involved too, like accountants who help people with their taxes, and
big groups of countries that talk about how taxes should work around the world.
What is a Tax?
A tax is money you pay to the government. This money is used to pay for things like schools,
hospitals, roads, and police.
Types of Taxes
There are many different kinds of taxes:
Taxes on What You Earn
Income Tax: This is a tax on the money you make from your job or business. People
who earn more money usually pay more income tax.
1. Income Tax: introduction: Overview - GOV.UK
www.gov.uk
2. Income from two sources | South African Revenue Service - SARS
www.sars.gov.za
, Capital Gains Tax: This is a tax you pay when you sell something for more than you
paid for it. For example, if you sell a house for more than you bought it for, you might
have to pay capital gains tax.
1. Capital Gains Tax: what you pay it on, rates and allowances: Overview - GOV.UK
www.gov.uk
2. The basics of capital gains tax for homeowners | RE/MAX™ of Southern Africa
www.remax.co.za
Taxes on What You Buy
Value-Added Tax (VAT): This is a tax added to the price of most goods and
services. You pay it when you buy something.
1. Value Added Tax (VAT) - European Commission - Taxation and Customs Union
taxation-customs.ec.europa.eu
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller tony2nkiwane. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $5.56. You're not tied to anything after your purchase.
