STUDY IN YOUR OWN TIME !

The following courses are included in this package:

MODULE 1: Personal & Company Income Tax For Beginners

• The Tax Framework (corporate taxpayers & individual taxpayers)
• Exempt Income
• Tax Free Investment
• Dividends Tax (S64 of the Income Tax Act)
• Rebates
• Tax Thresholds
• Tax treatment of the varying classes of taxpayers:

• Sole Proprietors and Partnerships
• Close Corporations and PTY LTD Companies
• Trusts

• Micro Business – Turnover Tax
• Small Business Corporations (SBC)
• Independent Contractors
• Personal Service Providers
• Revenue Deductions
• Capital Allowances

• Schedule of W&T Allowances

• Taxable Income and Accounting Income
• Working from Home
• Capital Gains Tax (CGT) – the basics
• Provisional Tax – the basics

MODULE 2: Capital Gains Tax for Beginners

• Income tax framework
• Capital gains tax structure

• Net capital gain or losses
• Annual exclusion
• Assessed Capital losses
• Aggregate capital gain / (loss)

• Calculating capital gains on disposal of as asset:

• Proceeds
• Base cost
• Base cost before 01-10-2001
• Base cost after 01-10-2001
• Base costs paragraph 26 & 27

• Specific exclusions

• Primary residence

• Exclusions and limitations of losses
• Rollover of a capital gain

MODULE 3: How to Prepare Management Accounts

• Preparing your bank allocations to ensure consistent and streamline reports
• Reconciling:

• The Bank Account
• The Petty Cash Account
• Suppliers
• Customers
• Loan Accounts

• Preparing a Fixed Asset Register and calculating depreciation
• Journals
• Preparing the reports:

• Trial Balance
• Income Statement
• Management Accounts
• Balance Sheet

• Rolling over for the year and starting fresh for the next year

MODULE 4: How to Prepare & Maintain a FAR (Fixed Asset Register)

• Additions
• Disposals
• Section 18 (4) (b) VAT adjustments and Change in Use
• Calculating Depreciation
• Closing off for the year and starting over for the next year
• Convert closing balances to Opening Balances
• Keep track of Book Values

MODULE 5: How to Complete Your Income Tax Return (ITR12)

• Married in and out of community of property- how does this affect your tax as an individual or sole proprietor
• Gross Income
  • Special Inclusions
  • Fringe Benefits (Travel allowances)
  • Lump Sums
  • Rental Income

• Exempt Income
• Allowable deductions

• General deductions
• Rental Expenses /deductions
• Capital gains tax
• Retirement fund contributions
• Donations
• Rebates
  • Primary
  • Secondary
  • Tertiary
• Medical aid deductions Section 6A & B
• Calculating tax for Partnerships – what you need to know
• Completing the ITR a step by step guide (real world scenario)

MODULE 6: How to Calculate Your Taxable Income

• Documentation needed to complete return.
• Additional benefits to reduce Tax liability.
• Preparing Return for Submission
• IT34 (Tax Assessment)
• Audit and Documentation if required

MODULE 7: Basic Understanding of Financial Statements

• Introduction to Financial Statements and the importance thereof
• Statement of Comprehensive Income
• Statement of Financial Position – Balance Sheet
• Cash Flow Statement
• How to read Financial Statements
• Practical Examples and Calculations

MODULE 8: Payroll Calculations

• How to calculate:

• Pro Rata Salary, Leave and Tax
• Daily and Hourly Rate
• Gross Income
• PAYE, UIF and SDL
• Subsistence Allowance
• Medical Aid
• Retirement Annuities
• Unpaid Leave
• Long Service Cash Award
• Bonus
• Overtime
• Commission
• Arbitration Award
• Allowances (Travel and Reimbursive Travel)
• Accommodation
• Advances and Loan Repayments
• Expense Reimbursements
• Uniform Allowance
• Right of use of an asset

• How to keep an excel worksheet as proof of how calculations were done
• Reconciling your payroll for the year on excel
• Asset Acquired at less than OMV
• Leave schedule – according to hours worked
• Low interest or interest free debt
• EMP501
• COIDA ROE

MODULE 9: Provisional Tax

• What information is required for the provisional tax calculation
• How the calculation should be done
• What the consequences are if not done correctly
• Administrative obligations

MODULE 10: Travel & Tax

• Travel Allowance – how it works
• Travel Allowance – how to calculate a reasonable allowance
• Subsistence Allowance
• Travel Reimbursement
• Private use of company owned vehicle – Tax and VAT implications
• Use of your own vehicle
• Away from your usual place of work for more than 24 hours
• Flights, Accommodation and Car Rental
• Determining the value of a vehicle
• Book Value VS Open Market Value – know the difference

MODULE 11: VAT Expense Deductions

• Entertainment
• Business Travel
• Accommodation
• Fringe Benefits
• Staff Expenses
• Insurance Indemnity
• Management Fees
• Cost recoveries and on-charges
• Foreign Services
• Marketing Events
• Goods previously owned or used
• Mixed Supplies
• Office Furniture used by staff
• Motor Vehicles and conversions
• Subsistence Allowance VS Travel Reimbursement
• Bad Debts and Bad Debts Recovered
• Discount allowed and received
• Trade Discounts

All Included:

• Video presented courses
• Downloadable course material
• Certificates of training
• SAIT Accredited - Verifiable CPD Points (4 points per course)
• Assessments (optional)