This course provides an in-depth understanding of fringe benefits and allowances as governed by the Income Tax Act. It covers employer tax responsibilities, VAT implications, employee record-keeping requirements, and related administrative provisions—equipping attendees to manage benefits accurately and ensure full compliance in payroll and tax return processes.
This session offers a comprehensive exploration of fringe benefits and allowances as set out in the Income Tax Act. Topics include travel and subsistence allowances, the right of use of motor vehicles and other assets, housing, staff loans, and various non-cash benefits. The course will outline employer obligations for withholding PAYE and accounting for potential VAT consequences on certain fringe benefits. It will also focus on the employee’s responsibility to maintain accurate records to support claims for deductions. Finally, we will review key administrative considerations relevant to submitting tax returns and ensuring full compliance with SARS requirements.
Key Topics Covered:
• All fringe benefits and allowances governed by the Income Tax Act
• 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.
• Payroll professionals
• HR Officers
• Auditors
• Accountants
• Tax practitioners
• Financial managers
• Business owners seeking clarity on managing payroll under South African tax and legal frameworks.
