Budget 2017 Tax Guide
This SARS pocket tax guide has been developed to provide a synopsis of the most important tax, duty and levy-related information for 2017/18
Who is a Provincial Tax Payer?
Retirement fund lump sum benefits consist of lump sums
from a pension, pension preservation, provident, provident
preservation or retirement annuity fund on death, retirement
or termination of employment due to attaining the age of
55 years, sickness, accident, injury, incapacity, redundancy or
termination of the employer’s trade.
Click here for the full Budget 2017 Tax Guide
Have you experienced ETI Validation Rule Errors?
The Pay-As-You-Earn (PAYE) interim reconciliation closed on 31 October 2016. Some employers may have experienced Employment Tax Incentive (ETI) validation errors when submitting their Employer Reconciliation Declaration (EMP501) to SARS. We have provided guidance further down on how to resolve the recently encountered validation errors.
Were your ETI certificates rejected?
A number of employers were previously advised when submitting their Interim Employer Reconciliation Declaration (EMP501) for the reconciliation period 201608 that they had failed ETI validations and were requested to amend and resubmit the reconciliations.
“Hot off the Press” is a recent Media Statement issued by The Department of National Treasury
2016 Draft Taxation Laws Amendment Bill (Second Batch):
Request for Public Comments on draft bill including Employment and Learnership Tax Incentives
National Treasury and the South African Revenue Service (SARS) today publish a second batch of the
2016 Draft Taxation Laws Amendment Bill (TLAB) for public comment, following the first batch TLAB
published on 8 July 2016.
Medical aid tax credits Frequently asked questions is the topic for week 4
Who is a Dependant?
A dependant is:
- A spouse (i.e. husband or wife)
- A child and the child of a spouse (e.g. son, daughter, step son, step daughter, adopted child)
- Who was alive during any portion of the year of assessment, and who on the last day of the year of assessment:
ØWas unmarried and was not or would not, had he or she lived, have been:
ØOlder than 18 years
Medical Aid Tax Credits
Thank you for joining us for the 3rd part in the Medical Aid Tax Credits Series.
How does it work?
Medical Scheme Fees Tax Credit will impact both the employer and the employee. This credit must be taken into account by the employer when calculating the amount of Employees’ Tax to be deducted from the employees’ remuneration.
Example 1 – Determination of MTC for the 2015 year of assessment