n Tax Breaks Newsletter - Is your payroll calculating taxable income correctly?
|Article Title||Is your payroll calculating taxable income correctly?|
|© Publisher:||Moneyweb (Pty) Ltd|
|Journal||Tax Breaks Newsletter|
|Author||Elizabete Da Silva|
|Publication Date||Aug 2006|
Extracted from text ... 8 August 2006 Moneyweb's TAX BREAKS reporting process, 24 per cent now investment. ON 1 FEBRUARY 2006 legislation was promulgated, effective 1 March 2006, changing the calculation of taxable benefits on medical aid contributions. Five months later, the question remains: has your payroll been updated to accommodate these amendments? With effect from 1 March 2006, the two-thirds rule (applied in the 2005- 2006 tax year), fell away. Any amount of employer contribution is now a taxable fringe benefit, however, in calculating the value of the fringe benefit employees are entitled to a tax free "Capped amount", which depends on ..
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