Monthly Archive for: ‘September, 2020’

Normal Income Codes 3601 Income (taxable) i.e. salaries and wages (taxable), overtime (taxable) 3602 Income (non-taxable) i.e. pension payments (non-taxable), arbitration award (non-taxable) 3603 Pension payments (taxable) 3605 Annual payments (taxable) i.e. annual bonus, incentive bonus etc. 3606 Commission 3607 Overtime (taxable) 3608 Arbitration Award (taxable) 3610 RAF annuity (taxable) 3611 Purchased annuity (taxable) 3613 Restraint of Trade (taxable) 3614 …

An annual and completion allowance of R40 000 may be claimed by the taxpayer for learnerships NQF qualifications from levels 1 to 6, and R20 000 for learnerships NQF qualifications from levels 7 to 10. The deduction claimable for disabled learners is R60 000 or R50 000 for both annual and completion allowances. Where a learnership is terminated before a …

tax determined by applying the tax table to the aggregate of that lump sum plus all other retirement fund lump sum withdrawal benefits accruing from March 2009 and all retirement fund lump sum benefits accruing from October 2007 plus severance benefits accrued from March 2011, less tax determined by applying the tax table to the aggregate of benefits mentioned above …

tax determined by applying the tax table to the aggregate of that lump sum plus all other retirement fund lump sum benefits accruing from October 2007 and all retirement fund lump sum withdrawal benefits accruing from March 2009 plus severance benefits accrued from March 2011, less tax determined by applying the tax table to the aggregate of benefits mentioned above …

28 February 2021 29 February 2020 28 February 2019

Any Employee’s remuneration is subject to monthly deductions referred to as PAYE. Apart from salaries, commission etc. the following income/payments are also subject to PAYE: 80% of any travel allowance reduced to 20% if the employer is satisfied that the employee travels at least 80% of the time for business The portion of any reimbursive travel allowance that exceeds the …

Administrative non-compliance penalties are penalties for the failure to keep proper records, failure to report reportable arrangements, non compliance with a request for information, obstruction of SARS officials and failure to comply with tax obligations. The following non-compliance penalties could be charged: Fixed amount penalties (this penalty increases monthly, calculated from one month after the penalty assessment) Percentage based penalties …