Capital Gains Tax - A tax levied after a business sells an asset or property.
Deductible expenditure - Any outlay of a capital type that is levied throughout the tax annum so as to produce revenue in your company, for instance working expenses, assets acquired for this enterprise and so forth.
Direct taxes - Taxes which are incurred on persons. The idea 'person' connects to individuals and to legal units (companies, CCs, trusts, deceased estates).
eFiling - SARS eFiling enables taxpayers to put forward tax returns plus payments electronically (through the world wide web). Presently, only VAT 201 returns, PAYE / SDL / UIF (EMP 201) and interim tax returns (IRP 6) are assisted. For more info visit the SARS electronic filing site.
Fiscal year - Fiscal year can be described as phase of 12 uninterrupted months devoid of regard to the calendar year. The financial year is chosen by the calendar year wherein it finishes. The SA administration's monetary year commences 1 March and then finishes 28 February. The monetary year includes the date within the calendar year during which it terminates and is referred to as FY.
Gross income - Total income before taking into consideration; any allowances, deductions or exemptions. This comprises takings other than cash, such as a{}n asset| possession| resource} given or service rendered in exchange for the selling of wares.
Income Tax - A tax incurred for all taxpayers; computed on the taxable wages of both natural and lawful people.
Net income - That's the amount of returns a enterprise has left over after subtracting outlay and outlays from your total earnings. 'Expenses' incorporate permissible expenses for instance pension fund, retirement annuity, medical aid, PAYE, UIF, etc.
PAYE - Pay As You Earn; a rate of tax subtracted from the salary of any individual that is paid more than R60 000 per year.
Provisional Tax - A person has to put your name down as a provisional taxpayer if he derives money which isn't a salary or wages (such as profits from a company), is boss of a private business otherwise is a member of a close corporation. Provisional tax is commonly paid twice per financial year.
Rebate - An quantity deducted from the tax when your tax figure has been computed. There are rebates for assorted types of businesses, types of taxes, business actions and so forth. It's vital to determine if your company is eligible for any discounts, as this can reduce the quantity of tax you have to pay to the Receiver.
Remuneration - Currency rewarded to a{}n employee| worker| member of staff}, as well as a salary or wages, leave pay, travel allowances, overtime pay, bonuses, gratuities, commissions, pensions, annuities, any amounts paid for services provided or deviation of workplace, retirement lump sums and any fringe benefits.
SITE - Standard Income Tax on Employees is taken by the employer from an worker's salary (typically at the last part of every month). Every one of the employees are legally responsible for this tax. Where an employee's annual salary is R60 000 or less, PAYE doesn't have to be deducted.
Unemployment Insurance Fund - UIF provides benefits for persons that are out of work or unable to work because a chronic illness or pregnancy. Payments to UIF are obligatory and are executed by employers, employees and the government.
VAT - Value-Added Tax; an indirect structure of taxation that is at present incurred at 14% of the value of each and every goods and services supplied by vendors.
Author Resource:
Even though this is a short explanation of several South African tax language, the tax process can nevertheless be daunting whether you decide to go it alone. However the services of a tax consultant is able to make sure that you dont make little but pricey blunders. If you are just starting out to the world of taxation it is highly suggested to seek the guidance of a tax consultant .
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