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tax388 ch8 employment benefits summary
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this summary summarises all the content in textbook which is included in taxation 388, as well as the lecturer's slides and notes
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ch8 employment benefitsThursday, 09 May 2024 23:00
outcomes of this chapter:
- apply the provisions of the act, as well as the seventh schedule (7th) i.r.o. employment benefits in both practical calculation questions
& theoretical advice questions; and
- demonstrate your knowledge regarding employment benefits by means of an integrated case study
8.1. overview [SILKE p.203]
income from employment can consist of a combination of a cash salary, non-cash benefits, allowances, advances & dividends
▪ cash amounts, incl. voluntary awards, received, or accrued i.r.o. services rendered, or any amount & gains received i.r.o. any
employment or the holding of an office are incl. in the gross income of the recipient
▪ cash allowances and advances paid by employers are incl. in the taxable income (but not in gross income) of the recipient
either the net amount, or the gross income received as an allowance/advance is incl. in taxable income employees may also be
reimbursed for expenditure incurred on instruction of their employer & for the purposes of their employer's trade such
reimbursements are not incl. in taxable & are not required to be incl. in the recipients taxable income
▪ par (c) of the definition of 'gross income' excl. fringe benefits as these are incl. in gross income benefits/advantages given by
employers to employees by virtue of employment, or as a reward for services rendered, or to be rendered, in a form other than cash
taxable benefits in 7th (fringe benefits) cash equivalent incl. in gross income
▪ the following table summarises the differences & similarities among the different types of employment benefits:
8.2. allowances and advances - s8(1) [SILKE p.205]
▪ a principal can grant allowance/advance to an employee to incur business-related expenditure, or can reimburse an employee for
such expenditures
▪ a 'principal' incl. an employer, as well as the authority, company, body, or, other organisation in relation to which an office is held, or
any associated institution in relation to the aforementioned
▪ a recipient means the person to whom the allowance, advance, or reimbursement has been granted by the principal
▪ an allowance is
▫ an amount of money granted by an employer to an employee
▫ to incur business related expenditure on behalf of the employer,
▫ without an obligation on the employee on the employee
▫ to prove, or account for the business-related expenditure to the employer;
▫ the amount of the allowance is based on the anticipated business-related expenditure
▪ an advance is
▫ an amount of money granted by an employer to an employee
▫ to incur business-related expenditure to the employer
▫ with an obligation on the employee
▫ to prove, or account for the business-related expenditure to the employer;
▫ the amount of the advance is based on the anticipated business-related expenditure;
▫ employer recovers the difference from the employee of the actual expenses incurred are < than the advance granted, and vice-
versa
▪ a reimbursement of business-related expenditure occurs when an employee has incurred & paid for business-related expenses on
behalf of an employer without having the benefit of an allowance/advance & is subsequently reimbursed for the exact expenditure by
the employer after having proved & accounted for the expenditure to the employer
▪ general overview of allowances & advances
▫ all amounts paid/granted by a principal to a recipient as an allowance/advance must be incl. in taxable income, excl. any
portion thereof that…
• is exempt from normal tax under s10
• has actually been expended for one of the 3 specific purposes :. the net amount is incl. in taxable income
○ travelling on business
○ costs when away from work any accommodation, meals, and incidental costs incurred while the recipient must
spend at least one night away from their usual place of residence for work purposes
○ costs by public officer (not in tax388)
ch8 Page 1
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