100% tevredenheidsgarantie Direct beschikbaar na je betaling Lees online óf als PDF Geen vaste maandelijkse kosten
logo-home
Eerder door jou gezocht
Eerder door jou gezocht
logo
Summary Calculation of net tax payable for an individual $5.09
In winkelwagen
Snel navigeren naar
Voorbeeld
  2.  
  3. North-West University (NWU)
  4.  
  5. Chartered accountancy (TAXC272)

Samenvatting

Summary Calculation of net tax payable for an individual
 0 keer verkocht
  • Vak
  • Chartered accountancy (TAXC272)
  • Instelling
  • North-West University (NWU)
  • Boek
  • Silke on South African Income Tax

A summary of the tax base, tax rate structure and tax liability. The tax framework for individuals, rebates, gross income (definition and court cases), special inclusions and exempt income. Summarized according to the learning outcomes provided for this study unit.

Voorbeeld 2 van de 10  pagina's

Document informatie

  • Nee
  • Parts of chapters 3, 4, 6 and 7
  • 2 augustus 2024
  • 10
  • 2024/2025
  • Samenvatting

Onderwerpen

  • taxation of natural persons

Gekoppeld boek

book image

Titel boek:

Auteur(s):

  • Uitgave:
  • ISBN:
  • Druk:

Geschreven voor

  • North-West University (NWU)
  • Chartered accountancy (TAXC272)
Alle documenten voor dit vak (8)

Verkoper

avatar-seller
Amieke

Voorbeeld van de inhoud

STUDY UNIT 11 INTRODUCTION AND CALCULATION OF NET TAX PAYABLE FOR AN INDIVIDUAL Amount on which tax is imposed Percentage on value or amount per unit Definition : Tax liability Calculation basis:  Income tax on income earned  Consumption tax on the sale/use of goods  Wealth taxes on the ownership of assets or capital gains made on the sale of property  Marginal tax rate = when tax base increases by R1  Statutory tax rate = rate imposed by legislation  Average tax rate = tax liability ÷ tax base  EƯective tax rate = tax liability ÷ total profit/income Compulsory payments that are imposed on citizens to raise revenue to fund general expenditure such as education, health, housing for the benefit of society as a whole. Person responsible for paying:  Direct tax: impact & incidence fall on same person (imposed on person)  Indirect tax: seller bears impact of tax, while consumer ultimately pays the tax (imposed on transaction) Methods of determining tax rate structure :  Proportional tax: levied at a fixed rate on the amount of income earned  Progressive tax: the rate that is used to calculate the tax is determined by the person’s income  Regressive tax: the tax rate decreases with the increase of a person’s income Section 5(1) determines that ‘normal’ tax must be calculated on:  Taxable income  Of the person (received by or accrued to)  For the year of assessment Normal tax (S5) Facilitated through system of employees’ tax, provisional tax and withholding tax payments . (employer = obligated to withhold to employees’ but natural person carries the burden of the tax) Tax rates are determined annually by Parliament Uses progressive rate structure: Marginal rate where max is 45% (income >R1 817 000) Average rate = Net normal tax (after rebates) / Total taxable income Natural persons : Year of assessment – Always ends on last day of February (28th/29th); unless taxpays dies, is declared insolvent or emigrates. (begins when TP is born/becomes RSA resident) Tariff formula -s5(10) Profressive rates and rebates
Benefits with CGT, death, etc. Specific deductionsIndividualsTAX BASE TAX RATE STRUCTURE TAX INCIDENCE Rebates : All natural persons are entitled to a rebate (saving of normal tax) from the normal tax per the tax calculated on taxable income (determined by their age on the last day of the YoA) Primary (<65 years) Secondary (>65 to <75 years) Tertiary (>75 years) -R17 235 -R26 679 -R29 824 (R 9 444 + R17 235) (R3 145 + R 9 444 + R17 235) Proportional & cannot create a tax credit TAX FRAMEWORK FOR INDIVIDUALS Section Study unit Gross income – general and specific inclusions S1 4,5,11 Add: Deemed inclusions E.g. S 8(4)(a) 5,13 Less: Exempt income Ss10 and 10A 5,11 Less: Deductions S11 6 Less: Assessed losses s20 and 20A 12 Add: Taxable capital gain S26A Less: Section 11(F) fund contributions 12 Add: Other amounts included 'taxable income' E.g. s8(1)(a) 12 Less: Section 18A donations 12 =TAXABLE INCOME Tax according to table S5(1) Less: Rebates (primary, secondary, tertiary) S6(2) 11 Less: Rebates (tax credit on medical costs) S6A and s6B 11 Less: Employees tax (PAYE) 16 Less: Provisional tax 16 = TAX PAYABLE/REFUNDABLE FOR THE YEAR Exemptions (S10)  Dividends – All RSA dividends  Dividends – Foreign dividends S10B partial exemption  Interest: (only RSA source interest) - S 10(1)(i)  R23 800 – persons under 65  R34 500 – persons 65+  No exemption on foreign interest  S12T – Interest and dividends on tax free investment GROSS INCOME How to determine whether an amount is taxable?  Gross income definition (s1 of the Income Tax Act)  Court case decisions  Specific inclusions (paragraphs in s1) Gross income definition Resident Non-resident Total amount Court cases In cash or otherwise Received by or accrued to In year/period of assessment Excluding amounts of a capital nature Subjective & objective test World-wide income Source within South Africa All 5 components must be present to be included in gross income & place of residence = important

Dit zijn jouw voordelen als je samenvattingen koopt bij Stuvia:

Bewezen kwaliteit door reviews

Bewezen kwaliteit door reviews

Studenten hebben al meer dan 850.000 samenvattingen beoordeeld. Zo weet jij zeker dat je de beste keuze maakt!

In een paar klikken geregeld

In een paar klikken geregeld

Geen gedoe — betaal gewoon eenmalig met iDeal, creditcard of je Stuvia-tegoed en je bent klaar. Geen abonnement nodig.

Direct to-the-point

Direct to-the-point

Studenten maken samenvattingen voor studenten. Dat betekent: actuele inhoud waar jij écht wat aan hebt. Geen overbodige details!

Veelgestelde vragen

Wat krijg ik als ik dit document koop?

Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.

Tevredenheidsgarantie: hoe werkt dat?

Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.

Van wie koop ik deze samenvatting?

Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper Amieke. Stuvia faciliteert de betaling aan de verkoper.

Zit ik meteen vast aan een abonnement?

Nee, je koopt alleen deze samenvatting voor $5.09. Je zit daarna nergens aan vast.

Is Stuvia te vertrouwen?

4,6 sterren op Google & Trustpilot (+1000 reviews)

Afgelopen 30 dagen zijn er 64670 samenvattingen verkocht

Opgericht in 2010, al 15 jaar dé plek om samenvattingen te kopen

Begin nu gratis

Laatst bekeken door jou

Tentamen (uitwerkingen) ·

(0)

Exam 3 Study Guide for NU 305- Nursing Assessment

Samenvatting ·

(0)

Samenvatting Wiskunde A Theorie + Oefeningen

Tentamen (uitwerkingen) ·

(0)

NR 222 FINAL EXAM 1 – QUESTION AND ANSWERS (Graded A+)

Case uitwerking ·

(0)

Shadow health uncomplicated delivery (NURSING4130)

Tentamen (uitwerkingen) ·

(0)

WGU D096 Fundamentals of Diverse Learners Latest

Samenvatting ·

(0)

Samenvatting Zorgtraject: Stem, medisch deel

Essay ·

(0)

NR 509 W1 shadow health history assignment.

Tentamen (uitwerkingen) ·

(0)

NUR 103 EXAM 2 QUESTIONS WITH COMPLETE SOLUTIONS

Tentamen (uitwerkingen) ·

(8)

HED4802 Assignment 2 (COMPLETE ANSWERS) 2024

$5.09
  • (0)
In winkelwagen
Toegevoegd