This lesson covers the following:
• 2022 filing season rules and issues
• Income sources subject to tax:
o Employment income and benefits
o Investment income
o Trading income
o Lump sums and retirement benefits
o Deemed income and communal property
• Overview of exemptions available to individuals:
o Foreign employment income exemption
o Bursaries
o Small business exemptions
o Dividend and interest exemptions
o Please note that this session is limited to an overview of these exemptions. For detailed sessions, please visit our recordings platform.
• Deductions available to individuals:
o Trade deductions and assessed losses (please note that this session is limited to an overview of trade deductions available to the individual. For a detailed session on deductions and capital allowances, please visit our recordings platform)
o Retirement fund contributions
o Donations
o Deductions against allowances and fringe benefits
o Please note that the home office deduction will not be covered in this course, but is covered in its own dedicated session
• Capital gains tax on assets disposed of by individuals, specifically on the primary residence exclusion (please note that this session is limited to an overview of CGT for the individual. For a detailed session on CGT, please visit our recordings platform)
• Other credits and rebates:
o Medical aid contributions
o Foreign tax credits
• The completion of the individual tax return
• Please note that this session will not be a practical session on e-Filing itself, but will include guidance on the submission of the ITR12