|OUTCOMES OF TOPIC
After studying this topic related to fringe benefits, allowances, specific transactions and rebates you should be able to:
✓ Understand the difference between the terms “fringe benefits” and “allowances”;
✓ Identify fringe benefits and allowances received by an employee in terms of his/her employment;
✓ Understand that the Seventh Schedule contain the provisions in respect of fringe benefits and how to apply these provisions to determine its inclusion in a taxpayer’s gross income;
✓ Understand where fringe benefits and allowances are declared on the ITR12 tax return;
✓ Understand that there are specific transactions that would have a specific tax treatment which will be covered later on in Allowances;
✓ Understand where certain deductions (such as section 18A donations) and rebates (such as section 6, 6A & 6B) get included in the tax calculation which will be covered later on in Allowances.