Are you earning commission but missing out on valuable tax deductions?

If 50% or more of your total remuneration consists of commission income, you may be entitled to claim business expenses against that income, specifically the amount recorded under code 3606 on your IRP5. Many employees aren’t aware that this valuable tax benefit applies to them.

Not sure which business expenses you can claim? The allowable deductions for commission earners are, in many ways, similar to those available to sole proprietors or independent contractors, giving you the opportunity to reduce your taxable income and keep more of what you earn.

Topics Discussed:

• Who is a commission earner
• Remuneration subject to PAYE, on the payment basis
• How to apply for a tax directive
• Types of expenses claimed as deductions
• Formulas for Calculating Tax on Commission
  • Aggregated Annual Taxable Income
  • Tax Directive
  • Annualised Amount of Tax Payable
• Home office deductions and lockdown
• Home office deductions and the impact on Capital Gains Tax
• How to complete your income tax return
• Maintaining an income statement
• Claims against Travel Costs and the importance of a Travel Log Book
• Caution in accepting Auto-assessments from SARS

All Included:

• Vide presented course
• Downloadable course material
• Certificate of training
• Assessment (optional)
• SAIT Accredited - 2 verifiable CPD points