Short Course in Personal Income Tax within South Africa

Personal Income Tax: Income; Deductions; Salaried Employees; Tax Implication of a Natural Person; Capital Gains Tax

What you’ll learn
Demonstrate an understanding of when income received by an individual taxpayer should be taxed and when deductions are claimable.
Differentiate between fringe benefits and allowances and the inclusion in a taxpayer’s taxable income
Calculate the taxable income of an individual taxpayer within a South African context
Demonstrate an understanding of the process of submitting final tax returns to the South African Receiver of Revenue.

Requirements
Learners must have digital and numeracy literacy, with a basic accounting understanding.
Equipment required is a Laptop/PC with high speed internet with access to microsoft excel.

Description
As tax is both a legal requirement and social responsibility, it is critical that all individuals have a solid grasp of the principles of taxation and their related obligations. During this course, you will develop the foundational principles of personal income tax and cover cover practical issues impacting individual taxes such Airbnb/rental income, home office expenses, medical tax credits and travel allowances. Upon completing this short course, you will be empowered to manage your personal tax affairsKey Objectives of this course:Demonstrate an understanding of when income received by an individual taxpayer should be taxed and when deductions are claimable.Differentiate between fringe benefits and allowances and the inclusion in a taxpayer’s taxable income.Evaluate various options for the structuring of salary packagesCalculate the taxable income of an individual taxpayer.Identify the various tax instruments and the structural elements of the Income Tax Act Demonstrate an understanding of the basic mechanics of income tax Identify the different tax role players and the different tax types Demonstrate a basic understanding of how income tax is calculated Demonstrate an understanding of the process of submitting final tax returns Demonstrate a basic understanding of what the Tax Administration Act is and what a tax practitioner is

Who this course is for
Self-employed Individuals looking to maximize tax savings within South Africa.
Salaried employees who need to understand their income tax within South Africa
Retired individuals or anyone seeking to demystify the personal income tax process.