Study notes: Second year:

Income Tax

Individuals

All second year study notes

Individuals

Individue – 2de jaars

Crib note 1: Replacement of sec 11(k) and sec 11(n)

  • Sec 11(k) pensionfund and sec 11(n) retirement annuity fund is being replaced with a new sec 11(k) from 1 March 2015
  • Includes pensionfund, retirement annuity funds and provident fund
  • Limitation
    • R350 000
    • 27,5% of the highest of
      • Remuneration
      • Taxable Income
      • May not cause a loss

Individue

Individue – 2de jaars

Crib note 1: Vervanging van 11(k) en 11(n)

  • 11(k) pensioenfonds en 11(n) uittreeannuiteitsfondse word vervang deur nuwe 11(k) vanaf 1 Maart 2015
  • Sluit pensioenfonds, uittreeannuiteitsfonds en voorsorgfonds in
  • Beperking
    • R350 000
    • 27,5% van die hoogste van
      • Besoldiging
      • Belasbare inkomste
      • Mag nie ‘n verlies veroorsaak nie

Fringe benefits – 2nd years

Crib note 1: Amount included

  • Amount included = cash equivalent
  • Cash equivalent = value – consideration
  • Included in terms of par (i) of the GI definition

Byvoordele en toelae – 2de jaar

Crib note 1: Bedrag ingesluit

  • Bedrag ingesluit = kontantekwivalent
  • Kontantekwivalent = waarde – vergoeding
  • Ingesluit ingevolge par (i) van BI definisie