17842286
Description
Flashcards by Amukelani Ndlovu, updated more than 1 year ago
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Created by Amukelani Ndlovu
about 5 years ago
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| Question | Answer |
| Non- resident Royalties | * s10 (1)(l) * where royalty has been subject to s49B WHT * full exemption * not applicable when: - been in SA> 183 days - carried on business through PE in SA |
| Non - Resident Interest | * s10 (1)(h) * doesn't apply when: -been in SA> 183 days - carried on business through PE in SA |
| Individuals Local Interest | *s10 (1)(i) *below 65- ltd to R23 800 *above 65 ltd to R34 500 |
| Local Dividends Exemptions | * s10 (1)(k) * provided not paid in form of annuity * remember dividends WHT |
| Foreign Dividends | * s10B * NP = dividend x 25/45 * Other = dividend x 8/28 * if own 10% or more shares - full exemption |
| Purchased Annuities | * s10A * NP only (resident & non-resident) *formula: Y= A/B x C * A = amount given to purchase annuity B= total expected receipts C= annuity amount incl in GI |
| Commutation of an Annuity | * Formula: X= A- D A = cash cost when annuity purchased D= all exemptions granted to date |
| Tax-Free Investments | * s12T(1) & applies to NP * income earned is exempt - s12T(2) * contributions [s12T(4)] ltd to R33k per year & R500k aggregate *s12T(7) 40% execess contributions - normal tax |
| Amounts received as war pension | s10 (1)(g) includes award/ benefit as compensation for disease contracted in mining operation |
| Disability pension | s10(1)(gA) |
| Compensation from workman's compensation, death or disability/compensation from RAF | s10(1)(gB) pension paid for death or disablement caused by occupational injury only before 1994 |
| Amounts received/accrued from social security outside the Republic | s10(1)(gC) foreign pension when underlying services have not been provided in SA |
| Uniform allowance | s10(1)(nA) uniform that needs to be worn while on duty needs to be distinguishable from ordinary clothes [ cash allowance - para(c) actual uniform - para (i)] |
| Persons employed outside RSA | s10(1)(o) services rendered outside SA if person was outside SA for: - >183 days during 12 mo period & - continuous 60 days |
| Study loans & bursaries/ scholarships | recognised educational/ research institution for employee/ relative employee: - full exemption - must reimburse employer relative: -if proxy> R600k no exemption - if proxy <R600k 20k exempt or 60k beyond matric |
| Study loans & bursaries/ scholarships to disabled persons | s10 (1)(qA) employee: same as fully able relative: same for large proxy <600k proxy -30k or 90k beyond matric exempt |
| Alimony & maintenance | s10(1)(u) under judicial order of divorce or separation |
| Funeral benefits | s10(1)(gD) |
| Insurance benefits accruing to employees | s10(1)(gC) links to para (d) risk policy w/ no cash or surrender value - premiums treated as a fringe benefit since 03/2012 (from forever for other policy) |
| Policy payouts of individual owned insurance policies | s10(1)(gI) income protection policy incl. in GI by para (m) |
| Unemployment benefits | s10(1)(mB) UIF |
| Relocation allowances | s10(1)(nB) relocation must be the instruction of the employer fringe benefit if employer incurs on behalf |
| Reductions in employees' tax payable by the employer through the Employment Tax Incentive Act | s10(1)(s) tax benefit to employers to encourage them to employ younger staff (liable to pay less over to SARS as employers tax) |
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