Do you know how to calculate your income tax as an individual taxpayer? Income tax is the normal tax which is paid on your taxable income. The rates of tax chargeable on taxable income are determined annually by Parliament and are generally referred to as "marginal rates of tax" or "statutory rates". The rate of tax levied on an individual is set on a sliding scale which results in the tax increasing as taxable income increases.

Every year, the Minister of Finance announces the rates to be levied by publishing the applicable tax tables during the annual budget speech. These calculations can become quite complex.

Please join us for this very insightful session, during which we are going to show you how to calculate income tax taking various income tax elements into consideration.

Content Discussed:

• Structure and discussion of the income tax calculation
• Gross income
• Cash allowances and taxable fringe benefits
• Special inclusions
• Lump sums
• Exempt income
• Deductions
• Assessed losses
• Capital gains
• Pension provident and retirement annuity fund deductions
• Donations deduction
• Rebates
• Medical aid tax credits
• Provisional tax and pay as you earn paid

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