360 Degree View Of Individual Taxpayers
Overview
Personal Income Tax is relevant to salaried employees and self-employed individuals. In this comprehensive session we will take a 360-degree view of the issues affecting individual taxpayers. We will also deal with how items should be reflected and declared on the ITR12. The session will be practical and case study based.
In this comprehensive session we will unpack and explore the following key questions and issues:
- Who is required to submit an ITR12?
- When will a natural person be a provisional taxpayer?
- How should non-taxable receipts be treated?
- How should exempt receipts be treated?
- How will the tax calculation and the completion of an ITR12 be impacted if spouses are married in community of property? Also, how will this affect the tax consequences arising when a spouse passes away?
- What deductions can be claimed against allowances and how should these flow into the ITR12?
- When can home office expenses be claimed and how should the deduction be calculated?
- Specific issues related to commission earners and deductions claimable by these taxpayers
- Specific issues related to a rental trade and the deductions available against the income earned (as well as related losses)
- When will losses realised by a taxpayer be ring-fenced?
- How should annuity income and lump sums from employers (including severance benefits) be treated?
- How should receipts as beneficiary of a trust be dealt with in the tax calculation and declared in the ITR12?
- How should disposals of capital assets be dealt with? What exclusions are available? In particular, what tax consequences will arise on the disposal of a primary residence?
- How should a taxpayer’s contributions to retirement funds be treated? How will the deduction be calculated and how should it be declared on the ITR12?
- How will a taxpayer’s donations impact the calculation of taxable income and how should it be declared on the ITR12?
- What rebates can be claimed by a taxpayer related to contributions to a medical aid as well as other medical costs incurred?