Income Tax Returns

Duration: 15 weeks (Saturday morning or Mon & Wed evening classes)

This Institute of Certified Bookkeepers (ICB) “Income Tax Returns” module, presented at Unigrad College, is part of the National Diploma in Technical Financial Accounting (NQF Level 5).

This module involves a thorough study of taxation. You will be able to compute taxable income and tax payable for individuals and businesses, submit tax returns, acquire a working knowledge of estate duty and provide taxation planning advice to clients.

Module outline

  • Introduction to income tax and tax terminology
    • The income tax act, types of tax, tax rates, tax rebates and tax thresholds
    • Formula for calculating income tax
  • Gross income
    • Types of income and gross income special inclusion
    • Fringe benefits, sale of assets, dividends, key-man insurance policies and recoupments
  • Exempt income
  • Allowable deductions
    • General deduction formula
    • Special deductions
    • Capital allowances
    • Building allowances
    • Prohibited deductions
  • Fringe benefits and allowances
  • Employee’s tax and provisional tax
    • Difference between SITE and PAYE
    • SDL, UIF, EMP201 return for SARS and tax certificate & EMP501 reconciliation
    • IRP6 tax return and provisional payment
  • Taxation for non-residents
  • Taxation of business entities
    • Sole proprietorships, partnerships, companies & close corporations
    • Dividend tax, value extraction tax, trusts and taxation of trusts
  • Turnover tax, capital gains tax and donations tax
  • Completing tax returns
  • Estate duty
  • SARS and the Tax Practitioner