This beginner-friendly training introduces the fundamentals of South African income tax. Learn how gross income is defined, what exemptions and deductions apply, how Capital Gains Tax (CGT) works, and how to calculate tax. Ideal for individuals and businesses seeking a practical understanding of tax compliance and obligations.
The training covers essential tax concepts including the definition of gross income and items that must be included in taxable income. Participants will explore available exemptions, deductions, and allowances under the Income Tax Act, particularly for standard manufacturing and retail taxpayers. The session also unpacks the principles of Capital Gains Tax, guides attendees through a basic tax calculation, discusses how the taxpayer’s nature affects taxation, and explains the mechanisms through which income tax is collected.
Key Topics Covered:
• What is gross income and what other items must be included?
• What exemptions are available?
• Deductions and allowances available in the Act for the standard manufacturing or retail taxpayer.
• What is CGT and how does it work?
• How do I do a tax calculation?
• Does it matter what the nature of the taxpayer is?
• How is the income tax collected?
• Small business owners,
• Entrepreneurs,
• Junior accountants,
• Tax trainees,
• Anyone new to South African income tax.
