Summary
Summary Exempt Income
- Course
- BEL705 (BEL300)
- Institution
- University Of Pretoria (UP)
This document provides a detailed summary of the exempt income dealt with in the Tax legislation.
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Content preview
ExemptionsS10(1)(i) Interest from NP Must be natural person
<65 R23 800
>=65 R34 500
S10(1)(k) Local dividends
S12T Tax free investments Owned by natural person or deceased.
Limit of (per natural person)
- R36 000 per year
- R500 000 in lifetime
(applies to all investments, not just per investment).
Excess x 40% will be taxed
S10(A) Purchased Annuities Dealt with in Retirement Benefits.
Capital portion is exempt, while the interest is taxed.
S10(C) Qualifying Annuities Dealt with in Retirement Benefits.
Exempt: deductions not deducted under 11F
S10(B) Foreign Dividends Exempt if:
>10% voting rights and equity shares
Listed share and does not constitute asset in specie
Not exempt (not any of the reasons above):
NP, deceased estate, trust = 25/45
Company = 8/28
S10(1)(gC) Foreign pension/ Compensation for past employment
annuity/ lump sum
S10(1) UIF
(mB)
S10(1)(nA) Uniform + allowance Clearly distinguishable from ordinary clothing
Required to wear while on duty
If not, included in GI under par (c)
S10(1)(nB) Relocation Benefits Employer must pay for the costs/ reimburse the
employee
Transport the employee, members of family AND
their personal belongings from old residence to new
residence
Hotels (for max 183 days) which must be temporary
Examples of expenses: school uniform, replacement of
curtains, vehicle registration, transfer duties.
S10(1)(o) Employment outside Requirements:
SA >183 days outside SA in 12 months AND
>60 days continuously
Then exempt
Exemption limited to R1.25 mil
S10(1)(q) Bursaries Requirements:
Must be for bona fide scholarship or bursary
Granted to enable person to study
Must be at recognized educational institution
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 EFT, 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 this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller mandylee14. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R50,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52355 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now