Page 704 - SAIT Compendium 2016 Volume1

monetary thresholds and rebates
Retirement annuity fund monetary ceiling for contributions (if also a member of a pension fund)
Section 11 (n) (i) (aa) (B) (Para. (n) deleted wef 1 March 2016)
R3 500
Retirement annuity fund monetary ceiling for contributions (if not a member of a pension fund)
Section 11 (n) (i) (aa) (C) (Para. (n) deleted wef 1 March 2016)
R1 750
Retirement annuity fund monetary ceiling for arrear contributions
Section 11 (n) (i) (bb) (Para. (n) deleted wef 1 March 2016)
R1 800
Permissible lump sum withdrawals upon retire- ment
Pension fund
Paragraph (ii) (dd) of proviso to paragraph (c) of de nition of ‘pension fund’ in section 1
R165 000 (wef 1 March 2016)
Pension preservation fund
Paragraph (e) of proviso to de nition of ‘pension preservation fund’ in section 1
R165 000 (wef 1 March 2016)
Provident preservation fund
Paragraph (e) of proviso to de nition of ‘provident preservation fund’ in section 1
R165 000 (wef 1 March 2016)
Retirement annuity fund
Paragraph (b) (ii) of proviso to de nition of ‘retirement annuity fund’ in section 1
R165 000 (wef 1 March 2016)
Table XXII: Deductible business expenses for individuals
Table XXIII: Employment-related fringe bene ts
Description
(The contents of this column are solely for convenience and shall be of no force or effect)
Reference to Income Tax Act, 1962
Monetary amount
Car allowance
Ceiling on vehicle cost
Section 8 (1) (b) (iiiA) (bb) (A)
R560 000
Ceiling on debt relating to vehicle cost
Section 8 (1) (b) (iiiA) (bb) (B)
R560 000
Description
(The contents of this column are solely for convenience and shall be of no force or effect)
Reference to Income Tax Act, 1962
Monetary amount
Exempt scholarships and bursaries
Annual ceiling for employees
Paragraph (ii) (aa) of proviso to sec- tion 10 (1) (q)
R250 000
Annual ceiling for employee relatives
Paragraph (ii) (bb) (A) of proviso to section 10 (1) (q) (iro NQF level 1 to 4)
R10 000
Annual ceiling for employee relatives
Paragraph (ii) (bb) (B) of proviso to section 10 (1) (q) (iro NQF level 5 to 10)
R30 000
Awards for bravery and long service
Paragraphs (a) and (b) of further proviso to paragraph 5 (2) of Seventh Schedule
R5 000
Employee accommodation
Paragraph 9 (3) (a) (ii) of Seventh Schedule
R73 650
Accommodation for expatriate employees
Paragraph 9 (7B) (ii) of Seventh Schedule
R25 000
696 SAIT CompendIum oF TAx LegISLATIon VoLume 1