Page 707 - SAIT Compendium 2016 Volume1

monetary thresholds and rebates
Medical scheme fees tax credit
One person
Section 6A (2) (b) (i)
R270 (wef 1 March 2015)
One person + one dependant
Section 6A (2) (b) (ii)
R540 (wef 1 March 2015)
One person + more than one dependant
Table XXVI: Tax Administration
Section 6A (2) (b) (iii)
R540 (+ R181 per each dependant more than one)
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
Investment income exempt from provisional tax
In the case of natural persons
Table XXVII: Value-Added Tax: Monetary thresholds subject to periodic legislative change
Paragraph 18 (1) (c) (ii) of Fourth Schedule (Para. 18 deleted
wef promulgation date of Tax Administration Laws Amendment Act, 2015)
R30 000
S.I.T.E. threshold
Items (a) and (b) of paragraph 11B (2) and items (a), (b) (ii) and (iii) of paragraph 11B (3) of Fourth Schedule
R60 000
Judge-President may direct that tax court consist of three judges if amount in dispute exceeds the amount indicated
Section 118 (5) (a) of Tax Administration Act, 2011
R50 million
Description
(The contents of this column are solely for convenience and shall be of no force or effect)
Reference to Value-Added Tax Act, 1991
Monetary amount
Registration
Compulsory (general)
Section 23 (1) (a)
R1 million
Compulsory (supply of electronic services from an export country)
Section 23 (1A)
R50 000
Voluntary
Section 23 (3) (b) and (c)
R50 000
Commercial accommodation
Paragraph (a) of de nition of ‘commercial accommodation’ in section 1
R60 000
Payments basis of VAT registration
Section 15 (2) (b) (i)
R2,5 million
Exception to payments basis: in respect of supplies of goods or services made by a vendor
Section 15 (2A)
R100 000
Accounting on invoice basis
Section 15 (2B)
R50 000
Tax invoices
Abridged tax invoice
Section 20 (5)
R5 000
No tax invoice required
Section 20 (6)
R50
Tax periods
Category C (monthly) submission of VAT 201 return
Section 27 (3) (a) (i)
R30 million
Category D (annually) submission of VAT 201 return
Section 27 (4) (a) (iii) (aa)
R1,5 million
SAIT CompendIum oF TAx LegISLATIon VoLume 1 699
RATES AND MONETARY THRESHOLDS