With the tax season opening, it is important for every taxpayer to understand how their income tax return is filed and ultimately how their tax is calculated.

This session wishes to inform the taxpayer on the relevant inclusions and exclusions relating to their tax return elements.

Topics Discussed:

• Introduction to individual taxation and the current individual tax rates
• Minor changes to the E-filing ITR12
• How to submit additional deductions as a salaried taxpayer
• How to submit your return as an independent contractor / sole proprietor
• Claimable deductions as an independent contractor / sole proprietor
• Expenditure deductible as a Commission Earner with an IRP5.
• How to input travel deductions with a vehicle fringe benefit
• How to claim a home office deduction
• Including the S6C solar rebate on your return (applicable to 2024)
• Declaring rental income as a property owner
• Medical Aid Expenditure and how to claim
• What qualifies as out of pocket medical expenses and how to claim these expenses
• Claiming Expenses without a medical aid
• Declaring medical aid scheme fees paid on behalf of another person
• How to include capital gains:
• On the sale of primary residence
• On investment property
• On financial assets
• Passive income such as interest received and the relevant exclusions