- Understand the fundamental income tax concepts, including Gross Income, Taxable Income, Allowable Deductions, and Capital Gains Tax.
- Recognise the importance of income tax compliance for individuals and businesses, including submitting annual tax returns and provisional tax payments.
- Familiarise yourself with the Income Tax Act 58 of 1962 and its provisions governing Normal Tax, Capital Gains Tax, Dividend Tax, Donations Tax, and Turnover Tax.
- Identify the critical terminology and calculations involved in determining taxable income for individuals and businesses, including the inclusion rate for capital gains and applicable exemptions and rebates.
- Gain insights into the distinction between a Tax Year and a Tax Season and understand the timelines and obligations associated with each for individual taxpayers, provisional taxpayers, and company taxpayers.
- Comprehend the principles of Allowable Deductions for individuals and businesses, including common expenses eligible for deduction and the criteria for deduction eligibility.
- Explore the implications of Dividend Tax on shareholders and the process of withholding tax from dividend payments.
- Understand the concept of Donations Tax and its application to the transfer of assets between individuals and entities, including exemptions and deductions.
- Learn about Turnover Tax, a simplified taxation system for micro businesses with an annual turnover of R1 million or less and understand its implications for tax compliance and administrative ease.
- Appreciate the importance of staying informed about changes in tax laws and regulations and the role of qualified professionals in providing tailored tax advice and guidance.
Session 5: Tax Fundamentals I Info – In-Person
R1499,00
Unlock income tax knowledge in Session Five: Tax Fundamentals I! From Gross Income to Allowable Deductions, take control of your tax destiny. Join us and breeze through tax season like a pro!
Description
Get ready to unlock the secrets of income tax in Session Five: Tax Fundamentals I! We’ll start with the basics, like understanding gross income and allowable deductions. By the end of this session, you’ll be equipped to handle your personal and business taxes with confidence – putting YOU in control. Imagine breezing through tax season – that’s the feeling you’ll walk away with! Let’s turn tax filing into a smooth process you can conquer!
