Summary
Summary Income Tax and Sars Returns
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- (ITRT)
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- Damelin (DCC)
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FILL IN THE MISSING WORDS1 IN ORDER FOR AN AMOUNT TO BE INCLUDED IN THE GROSS INCOME OF A TAXPAYER, IT MUST BE RECEIVED BY OR ACCRUED TO THE TAXPAYER DURING THE CURRENT TAX YEAR
2 GROSS INCOME EXCLUDES AMOUNTS OF A CAPITAL NATURE
ACTUAL BUSINESS KILOMETRES AND DEEMED COST PER KM PER SARS TRAVEL EXPENSES TABLE CAN BE CLAIMED BY A TAXPAYER AGAINST HIS TRAVEL ALLOWANCE RECEIVED WHERE AN ACCURATE LOGBOOK IS KEPT
3
DETAILING ALL HIS BUSINESS TRAVEL
4 REMUNERATION MEANS ANY AMOUNT OF INCOME WHICH IS PAID OR IS PAYABLE TO ANY PERSON BY WAY OF ANY SALARY, LEAVE PAY, WAGE, OVERTIME PPAY, BONUS, ETC
5 PROVISIONAL TAX IS PAYABLE BY SOLE PROPOERTORSHIP
6 PARTNERS ARE TAXED ON THEIR SHARE OF PARTNERHIP INCOME
7 WITHHOLDING TAX OF 7.5% IS PAYABLE WHEN A NON-RESIDENT COMPANY DISPOSES OF SOUTH AFRICAN PROPERTY
8 NOT MORE THAN 20% OF THE GROSS INCOME OF A SMALL BUSINESS CORPORATION MUST CONSIST OF INVESTMENT INCOME OR INCOME FROM RENDERING A PERSONAL SERVICE
9 A USUFRUCTUARY RIGHT TO PROPERTY GIVES THE OWNER THE RIGHT TO USE THE PROPERTY IN ANY WAY BUT NOT THE RIGHT TO DISPOSE OF THE PROPERTY
10 ESTATE DUTY IS PAYABLE ON THE DEEMED ESTATE
11 GROSS INCOME LESS EXEMPT INCOME EQUALS NET INCOME
12 IN ORDER FOR AN EXPENSE TO BE CLAIMED UNDER S11(a), THE TAXPAYER MUST BE CARRYING IN A TRADE
13 HOME OFFICE EXPENDITURE MAY BE CLAIMED WHERE AN EMPLOYER DERIVES HIS INCOME MAINLY FROM HOME AND HIS WORK IS MAINLY PERFORMED IN HIS HOME OFFICE
14 PENALITIES ON LATE PAYMENT OF TAXES ARE PROHIBITED DEDUCTIONS IN TERMS S23
15 EMPLOYEES TAX IS A WITHHOLDING TAX AND REFERS TO THE TAX THAT THE EMPLOYER DEDUCTS FROM EMPLOYEES REMUNERATION AT THE END OF EVERY WAGE/SALARY CYCLE
16 IN TERMS OF PROVISIONAL TAX THE BASIC AMOUNT BASED ON THE TAXABLE INCOME (LESS CAPITAL GAINS) REFLECTED ON THE MOST RECENT ASSESSMENT BY SARS
17 A PERSON WILL BE SAID TO BE A RESIDENT OF SA IF THEY MEET EITH THE ORDINARILY RESIDENT TEST OR THE PHYSICAL PRESENCE TEST
18 IN ORDER TO QUALIFY AS A MICRO-BUSINESS , A COMPANY'S QUALIFYING TURNOVER MUST BE LESS THAN R1 MIL DURING THE YEAR OF ASSESSMENT
19 A SPECIAL TRUST IS CREATED SOLELY FOR THE BENEFIT OF A PERSON AFFECTED BY A MENTAL ILLNESS OR SERIOUS PHYSICAL DISABILITY
20 A LOW INTEREST-LOAN PROVIDED TO A SHAREHOLDER BY A COMPANY WILL RESULT IN DIVIDENDS WITHHOLDING TAX BEING PAYABLE BY THE COMPANY ON THE DEEMED DIVIDEND.
21 IN ORDER FOR AN AMOUNT TO BE INCLUDED IN THE GROSS INCOME OF A NON-RESIDENT TAXPAYER IT MUST BE FROM OR DEEMED TO BE FROM A SA SOURCE
22 IN ORDER FOR AN AMOUNT TO BE CLAIMABLE UNDER THE GENERAL DEDUCTION FORMULA THE EXPENDITURE MUST NOT BE OF A CAPITAL NATURE
ACTUAL BUSINESS KILOMETRES AND DEEMED COST PER KM PER SARS TRAVEL EXPENSES TABLE CAN BE CLAIMED BY A TAXPAYER AGAINST HIS TRAVEL ALLOWANCE RECEIVED WHERE AN ACCURATE LOGBOOK IS KEPT
23
DETAILING ALL HIS BUSINESS TRAVEL
24 AN IRP5 RECONCILIATION IS USED TO RECONCILE EMPLOYEES TAX PAID OVER TO SARS TO THE EMPLOYERS RECORDS AS WELL AS THE TOTAL PAYE PER IRP5 CERTIFICATES
25 WITHHOLDING TAX OF 15% IS PAYABLE WHEN A NON-RESIDENT TRUST DISPOSES OF SA PROPERTY
26 A MICRO BUSINESS PAYS TAX ON ITS TAXABLE TURNOVER
A SPECIAL TRUST IS CREATED SOLELY FOR THE BENEFIT OF A PERSON WHO SUFFERS FROM A MENTAL ILLNESS OR PHYSICAL DISABILITY THAT PREVENTS HIM FROM EARNING SUFFICIENT INCOME FOR HIS
27
MAINTENANCE
28 DONATIONS MADE BETWEEN HUSBAND AND WIFE ARE EXEMPT FROM DONATIONS TAX
29 IN ORDER FOR AN EXPENSE TO QUALIFY FOR DEDUCTION UNDER THE GENERAL DEDUCTION FORMULA THE EXPENDITURE MUST NOT BE OF A CAPITAL NATURE
30 FRINGE BENEFITS GENERALLY REFER TO PAYMENTS MADE TO EMPLOYEES BY EMPLOYERS IN A FORM OTHER THAN CASH FOR EXAMPLE, THE USE OF A COMPANY CAR
31 EMPLOYEES TAX IS CALCULATED ON THE BALANCE OF NET REMUNERATION AFTER DEDUCTING THE ALLOWABLE DEDUCTIONS IN TERMS OF THE FOURTH SCHEDULE
32 NON-RESIDENTS ARE SUBJECT TO A 15% WITHHOLDING TAX ON INTEREST PAYMENTS RECEIVED FROM A SA SOURCE
33 DIVIDENDS TAX IS PAYABLE ON DIVIDENDS PAID BY COMPANIES TO CERTAIN SHAREHOLDERS
34 A SMALL BUSINESS CORPORATION CANNOT HAVE MORE THAN 20% OF GROSS INCOME CONSISTING COLLECTIVELY OF INVESTMENT INCOME AND INCOME FROM RENDERING A PERSONAL SERVICE
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