During these uncertain and challenging times, a token of appreciation from your employer is welcome – especially ahead of the festive season.
However, the SA Revenue Service may expect to share in your good fortune when your company rewards you with a gift voucher, the use of company property for the holidays, or something for your spouse or children.If your employer offers you a gift voucher instead of cash as an end-of-year gratuity, it will be taxed at the same rate as if it were cash.If your company gives you an item that could be seen as an asset – such as a mobile phone or a watch – Sars will regard it as a taxable benefit.
If your company rents, rather than owns, the property it allows you to use, the taxable value will be the cost to the employer.Your employer might decide to give you flight or long-haul bus tickets instead of a cash bonus. Sars treats this as a free or cheap service, and the taxable benefit for the employee is the cost to the employer.If you receive an end-of-year bonus, it is taxed at the same rate as other remuneration.
This means that a bonus could push you into a higher tax bracket, so that portion of your income will be taxed at a higher rate. Yolandi Esterhuizen is a registered tax practitioner and director of product compliance at Sage Africa & Middle East.
SARS can GFT
I know we all probably must have heard about Bitcoin but don't know how it works, I tried it in a week ago by a man who recommended me to Leticia_thomas3 on Twitter. She guides me through and i made a return of R15500 after a week of trading, connect with her
At what point is sars going to let us live our best lives and enjoy fruits of our labour? 😭😭😭😭 Sars is the enemy of joy😩💔
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: City_Press - 🏆 7. / 72 Read more »