Please enable JavaScript.

Coggle requires JavaScript to display documents.

MODULE 11: INDIVIDUALS (Taxable Income Framework for INDIVIDUALS (Normal…

- - - - disregard any capital gains or capital loss
    - - asset rolls-over to transferee
      - also applies to assets transferred in consequence of a divorce order
      - must be regarded as having acquired the asset
        
        for an amount = BC of transferor
        
        regarded as having used the asset in the same manner as the transferor prior to the disposal
        
        having received an amount = to an amount received by the transferor iro that asset that would have constituted proceeds on disposal had the transferor disposed of the asset to a person other than the transferee
        
        on the same date
- - - - 6A(1)
        
        rebate deducted from tax payable
      - 6A(2)(a)
        
        credit applies to
        
        fees paid by the TP to a registered medical scheme or
        
        foreign medical scheme
        
        non-refundable credit
        
        functions the same way as the primary,secondary and tertiary rebates
      - 6A(2)(b)
        
        monthly amount of the medical scheme credit is
        
        Benefits to the TP and one dependant
        
        R606
        
        Benefits to each additional dependant
        
        R204
        
        Benefits to the TP
        
        R303
        
        Dependant
        
        dependant child
        
        other immediate family members of the member iro whom the member is liable for family care and support
        
        spouse or partner
        
        any other person who, under the rules of a medical scheme, is recognised as a dependant of the member
  - - - Qualifying medical expenses
      - Dependant
        
        person's child and the child of his/her spouse
        
        any other member of a person's family iro whom he/she is liable for family care and support
        
        person's spouse
        
        any other person who is recognised as a dependant of that person ito the rules of a medical scheme or fund
        
        at the time the fees/medical contribution/ medical expenses were paid
      - Child
        
        as defined in s6B
      - Disability
        
        as defined in s6B
    - - (3)(b)
        
        Disability factor
        
        [excess of s6A(2)(a) contributions paid LESS (3x s6A(2)(b) credit)
        
        PLUS all the amounts in par a,b and c of the definition of qualifying medical expenses]
        
        33.3% of
      - (3)(c)
        
        All other TP
        
        [excess of s6A(2)(a) contributions paid LESS (4 x s6A(2)(b) credit)
        
        PLUS all the amounts in par a,b and c of the definition of qualifying medical expenses
        
        25% of
        
        LESS 7.5% of the TP taxable income (excluding any retirement fund lump sum/ withdrawal benefits or severance benefits)]
      - (3)(a)
        
        Aged 65 and above
        
        [excess of s6A(2)(a) contributions paid LESS (3x s6A(2)(b) credit)
        
        PLUS all the amounts in par a,b and c of the definition of qualifying medical expenses]
        
        33.3% of
- - - - Primary residence
    - - Personal use assets
    - - Taxable capital gain 40%
    - - Small business assets
    - - Annual exclusion
    - - Compensation for personal injury, illness or demation
    - - Gambling, games and competition winnings
    - - Disposal by spouse married in community of property
    - - Transfer of assets between spouses
    - - Attribution of gains
    - - Retirement benefits
    - - Life insurance and assurance policies
- - - - 2nd Schedule
    - - Secondary
        
        R7479
      - Tertiary
        
        R2493
      - Primary
        
        R13635
- - - - in cash or otherwise
      - received by or accrued to or in favour of such resident
      - the total amount
    - - in cash or otherwise
      - received by or accrued to or in favour of such person from a source within the Republic
      - the total amount
- - - - Restraint of trade
    - - Compensation for loss of office
    - - Alimony
    - - Fund benefits
    - - Commutation of amounts
    - - Fringe benefits