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Capital Gains Tax - A tax levied once a business sells an possession or property. Deductible expenditure - Any expenditure of a monetary character that may be incurred within the tax year with a purpose to produce earnings for your company, such as working expenses, resources bought for this company etc. Direct taxes - Taxes which can be levied on people. The idea 'person' connects to people also to legal beings (companies, CCs, trusts, deceased estates). eFiling - SARS electronic filing makes it possible for taxpayers to put forward tax returns plus expenses electronically (via the world wide web). At this time, only VAT 201 returns, PAYE / SDL / UIF (EMP 201) and provisional tax returns (IRP 6) are assisted. For additional info log onto the SARS eFiling website. Fiscal year - Monetary year can be described as phase of 12 uninterrupted months devoid of taking into account the calendar year. The fiscal year is chosen by the calendar year wherein it terminates. The South African administration's financial year commences 1 March and terminates 28 February. The monetary year carries the date belonging to the calendar year during which it terminates and is referred to as FY. Gross income - Overall earnings ahead of taking into consideration; any allowances, deductions or exemptions. This includes takings other than funds, like a{}n asset| possession| resource} given or service rendered in exchange for the trade of goods. Income Tax - A tax levied for all taxpayers; calculated on the taxable income of both biological and official people. Net income - This is the sum of returns a company is left with subsequent to subtracting costs and expenditures from the total revenue. 'Expenses' include allowable deductions such as pension fund, retirement annuity, medical aid, PAYE, UIF, etc. PAYE - Pay As You Earn; a scale of tax deducted from the pay packet of any individual who is paid in excess of R60 000 per year. Provisional Tax - A person has to register in the role of a provisional taxpayer should he gains income that isn't a salary or wages (such as profits from a small business), is boss of a private business otherwise is a member of a close corporation. Provisional tax is usually paid twice per fiscal year. Rebate - An figure subtracted from the tax once your tax figure has been computed. There are rebates for assorted kinds of businesses, kinds of taxes, business actions etc. It's important to determine if your business qualifies for any reductions, as this can reduce the amount of tax you have to pay to the Receiver. Remuneration - Money paid to a{}n employee| worker| member of staff}, including a pay packet or wages, leave pay, travel allowances, overtime pay, bonuses, gratuities, commissions, pensions, annuities, any amounts paid for services provided or variation of office, retirement lump sums and any fringe benefits. SITE - Standard Income Tax on Employees is taken by the employer from an staff member's salary (typically at the ending of each month). All employees are accountable for this tax. Where an employee's net remuneration is R60 000 or smaller, pay as you earn does not have to be taken. Unemployment Insurance Fund - UIF affords benefits for individuals who are unemplyed or inacapable of working because a unrelieved health issues or pregnancy. Contributions to UIF are unavoidable and are executed by employers, employees and the government. VAT - Value-Added Tax; an indirect system of taxation that's currently incurred at 14% of the cost of all goods and services supplied by vendors.
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Although this is a short explanation of a few South African tax jargon, the tax process can nevertheless be daunting whether you make a decision to do it yourself. However the services of a tax consultant is able to make sure that you dont give rise to little but costly errors. If you are new to the world of taxation it is substantially recommended to inquire about the assistance of a tax consultant.
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