World of Tax 1
OUTCOMES OF THIS KNOWLEDGE CHUNK
After studying this chunk you should be able to:
- Understand what tax is, and why it is important
- Understand who the role players are in the tax landscape
- Understand the difference between direct and indirect tax
- Understand the various types of taxes
- Understand how the tax rules are set
- Understand how to interpret the Tax Act
- Understand how income tax is calculated (also called the income tax framework)
- Understand how tax information is presented practically
- Understand the difference between tax credits and tax deductions
- Understand what the rules are with regards to persons married in community of property
- Understand the Tax Administration Act and rules pertaining to Tax Practitioners