Author Archive for: ‘Shannon’

Assessed losses incurred by natural persons from trades could be ring‑fenced, and might not be available for set-off against other income. These restrictions apply to an individual whose taxable income is at the maximum marginal rate of tax, before setting off any assessed loss or balance of assessed loss. For the restrictions to apply the person must have incurred an …

A small business corporation is a close corporation, private company (other than a personal service provider) or personal liability company of which: the entire shareholding or membership is held by natural persons for the entire year of assessment the gross income does not exceed R20 million during the year of assessment none of the members/shareholders, at any time during the …

The tax is imposed at a rate of 0.25% on the transfer of listed or unlisted securities. No tax is payable on the original issue of shares. Securities consist of shares in companies or member’s interests in close corporations.

A Skills Development Levy is payable by employers at a rate of 1% of the total remuneration paid to employees. Employers paying annual remuneration of less than R500 000 are exempt from the payment of the levy.

Unemployment Insurance Fund Contributions are payable monthly by employers on the basis of a contribution of 1% by employers and 1% by employees, based on employees’ remuneration below R14 872 per month. Employers not registered for PAYE or SDL purposes must pay the contributions to the Unemployment Insurance Commissioner.

Any amount received from a tax free investment is exempt from normal tax (this includes income on the investment as well as any profits arising on disposal of the investment). The following requirements must be met: Investment must be owned by a natural person or the deceased or insolvent estate of a natural person The investment must be a financial …