It is common practice for employers to offer more than just a normal salary to employees. Several fringe benefits are often included in an employee’s total remuneration, and it is crucial to treat these fringe benefits correctly for taxation.
For this reason, ProBeta Training offers a session aimed at discussing and explaining the tax implications of fringe benefits, when it should be taxed and when it shouldn’t.
This session is set up to address the application of the relevant taxation laws, including but not limited to:
• A coverage of all fringe benefits and allowances governed by the Income Tax Act such as:
o Travel allowances
o Subsistence allowances
o Right of use of a motor vehicle
o Right of use of other assets
o Free or cheap services
o Staff loans
o Housing
o Other allowances and benefits
• The responsibilities of employers for withholding taxes, as well as possible VAT implications on certain fringe benefits
• The employee’s responsibility for record keeping in order to claim deductions against allowances and benefits upon assessment
• A demonstration of the tax submission documents involved in the process (IRP5 as well as the ITR12)
Financial managers, Tax Practitioners, Auditors, Bookkeepers, Financial accountants, First year SAICA Trainees, Second year SAICA trainees, Third year SAICA trainees, Fourth year SAICA trainees, Fifth year SAICA trainees, Audit managers, and Audit partners
