List of Transactions Flashcards
1
Q
annuities received?
A
special inclusion
exempt income if purchased
2
Q
alimony / maintenance rec?
A
special inclusion
exempt
3
Q
payments rec for services rendered?
A
includes employment
special inclusion
4
Q
restraint of trade payments?
A
special inclusion
prohibited deduction
specific deduction
5
Q
lump-sum rec from variation of office?
A
special inclusion
6
Q
monthly pension rec?
A
special inclusion
7
Q
know-how payments?
A
special inclusion
8
Q
local interest rec?
A
GI definition
exempt income
9
Q
dividends rec?
A
special inclusion
exempt income
10
Q
uniform allowance rec?
A
exempt income
11
Q
remuneration for persons employed outside SA rec?
A
exempt income
12
Q
study loans / bursary exemptions rec?
A
exempt income
13
Q
funeral benefits rec?
A
exempt income
14
Q
insurance benefits by employer to employee rec?
A
exempt income
15
Q
unemployment benefits rec?
A
exempt income
16
Q
policy payouts of individually owned insurance rec?
A
exempt income
17
Q
relocation allowances rec?
A
special inclusion
exempt income
18
Q
portion of an employee’s remuneration withheld by employer to be paid to SARS?
A
exempt income
19
Q
war pension?
A
exempt income
20
Q
disability pension?
A
exempt income
21
Q
workman’s compensation?
A
exempt income
22
Q
road accident fund?
A
exempt income
23
Q
social security outside the republic?
A
exempt income
24
Q
bonuses received?
A
special inclusion
25
house rental income?
GI definition
26
tax-free investment?
interest is exempt and contributions not deductible
27
job salary?
special inclusion
28
costs of maintenance for taxpayer / family / home?
prohibited deduction
29
domestic/private expenses?
prohibited deduction
30
insurred losses?
prohibited deduction
31
any tax imposed under Tax Act?
prohibited deduction
32
provisions?
prohibited deduction
33
expenses incurred to earn exempt income?
prohibited deduction
34
expenses incurred to earn foreign divs?
prohibited deduction
35
notional interest?
prohibited deduction
36
fines and corrupt activities?
prohibited deduction
37
payment of insurance policy premiums which cover death, dis, injury, unemp?
prohibited deduction
38
interest expense?
specific deduction if for prod of income
39
legal expenses?
specific deduction
40
bad debts?
specific deduction
41
doubtful debts?
specific deduction
42
employer contributions to funds?
specific deduction
43
annuities paid to former employees on retirement?
specific deduction
44
repayment of employee benefits?
specific deduction
45
registering intellectual property?
specific deduction
46
acquiring intellectual property?
specific deduction
47
donation to PBO?
specific deduction per s18A
48
salary from employment?
special inclusion
49
interest received?
GI definition
50
foreign dividend received?
special inclusion
exempt income
51
paying salaries and wages?
general deduction
52
rental income received?
GI definition
53
rental expense paid?
general deductions
54
bonus received?
special inclusion (services rendered)
55
interest from tax-free investment?
GI definition
exempt income
56
lump sum paid ito general employment policy?
general deduction
57
interest / penalty imposed by SARS?
prohibited deduction
58
expenses relating to employment?
prohibited deduction, unless commission earner
59
expenses relating to holding of office?
prohibited deduction, unless commission earner
60
expenditure to earn foreign divs?
prohibited deduction
61
settlement rec from a legal dispute?
GI definition
62
insurance proceeds rec?
GI definition
63
opening bal of inventory?
decreases GI as per s22(2)
64
closing bal of inventory?
increases GI as per s22(1)
65
purchases of inventory?
general deduction
66
prepaid expenses due to legislation?
s23H does not defer -- claim deduction
67
trading stock received for no consideration?
SARS practice deduction
value = MV (s22(4))
68
trading stock consumed other than normal sale?
s22(8) recoupment (add)
69
lease premium paid?
specific deduction (if req met)
70
lease premium received?
special inclusion
71
leasehold improvement impact on lessor?
- special inclusion
- no capital allowance
72
leasehold improvement impact on lessee?
- specific deduction
- capital allowance
73
relief for the lessor?
specific deduction
74
relief for the lessee?
s13 allowance on excess portion (5%)
75
allowance on movable asset (trade)?
s11(e)
76
allowance on movable asset (manu)?
s12C
77
allowance on immovable (manu)?
s13(1)
78
allowance on immovable (trade)?
s13quin
79
allowance on residential units?
s13sex
80
allowance on farming equipment?
s12B
81
allowances for small bus corp?
s12E
82
what is the tax value?
initial cost less all allowances to date
83
how to calculate recoupment/scrapping allowance?
selling price ltd. to cost - tax value
84
how to calculate the capital gain?
proceeds less base cost
85
what are proceeds?
selling price less recoupment/any amts currently in GI
86
what is the base cost?
initial cost less all allowances to date
87
CGT consequences for primary residence?
CG disregarded up to R2 million
88
CGT consequences for personal use assets?
disregard full gain or loss unless excluded from definition
89
CGT consequences for gambling/games/comps?
disregarded
90
CGT consequences for PBO donations?
disregarded
91
CGT consequences for large boats/aircrafts?
disregard losses
92
donation of an asset?
deemed to be disposed of at MV
93
distribution of an asset as dividend?
deemed to be disposed of at MV
94
using a capital now as TS?
deemed to be disposed of at MV
95
asset is disposed of to connected person
deemed to be disposed of at MV
96
recoupment/scrapping allowance on a non-allowance asset?
no
97
travel allowance?
s8(1) inclusion
reduced by business portion
98
subsistence allowance
s8(1) inclusion
reduced if for business purposes
99
reimbursement allowance for duties in furtherance of trade?
s8(1) exclusion
100
deductions for employees?
limited by s23(m)
101
employee contributions to fund?
s11F deduction
102
employer contributions to fund?
special inclusion for fringe benefit
s11F deduction
(deemed contributions)
103
new rebate amounts?
15714
8613
2871
104
employer contributions to medical scheme?
special inclusion for fringe benefit
s6A deduction
(deemed contributions)
