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Want to pay less company tax? Here are 25 ways to do just that

by , 28 October 2014
Did you know there are 25 types of income SARS exempts from normal income tax? Using them could help your company pay significantly less tax.

Read on for the full list of all 25 types of income this applies to so you can claim for your exemption today...

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These 25 types income are tax exempt

 
  1. SME development programme;
  2. Small business development corporation;
  3. Dividends;
  4. Dividends and interest: basic exemption for natural persons;
  5. Special uniforms ;
  6. Income subject to withholding tax on royalties;
  7. Government and local authorities;
  8. Authors;
  9. Owners or charterers of ships;
  10. Clubs, societies and associations, bodies corporate, share block companies and associations;
  11. War pensions and awards for diseases;
  12. Political parties;
  13. Critical infrastructure;
  14. Film subsidies;
  15. Promotion of exports;
  16. Disability pensions;
  17. Regional industrial development incentives;
  18. Subsidies: interest on farming loans;
  19. Foreign pensions;
  20. Alimony or maintenance;
  21. Services performed outside the republic;
  22. Share incentive scheme;
  23. Officers and crew members of ships;
  24. Retirement gratuities;
  25. Transfer or relocation costs - This exemption includes settling in new residential accommodation and allows for expenses such as:
  • Carpeting;
  • Soft furnishings;
  • New school uniforms;
  • New curtains;
  • Transport costs of furniture, yourself and your family, to the new residence; and
  • Painting.
 
Here's why SARS makes it possible for your company to apply for these exemptions.
 

Here's the motivation behind these SARS exceptions

 
SARS exempts these incomes to encourage saving and investment in companies. These also exist because of the special nature of the income or the special circumstances and character of a particular company.
 
So find out if you qualify for any of these exemptions by speaking to your tax consultant and start paying less tax today.
 

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