Fringe benefits vs additional taxation
|CPD Hours:||Attendance at this seminar will secure 2 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc)|
It is common practice for employers to offer more than just a normal salary to employees. With various fringe benefits and allowances on offer to employees, impacting their remuneration and the taxation thereof, it has become crucial to treat these benefits correctly for taxation. We offer a session aimed at discussing and explaining the tax implications of fringe benefits and allowances, when it should be taxed and when it shouldn’t.
This session will address matters including, but not limited to, the following: • 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 • Administrative provisions related to the tax return
☒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 ☒Audit partners