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Now you can have all the information in one place: The Practical Tax Loose Leaf Service.
Over 500 pages compiled by our tax
experts, comprising of:
• All the definitions and legal regulations, useful advice, exceptions to the rules that help you slip through the legislative jungle of taxes.
· Case studies and practical examples that show you what elements you should consider for your taxes to be perfect.
· Red flags you need to watch out for and the penalties you'll face if you don't respect them.
· Sample templates at your disposal, ready to be filled in, customised and printed.
You will also get free access to the accountingandtaxclub.co.za. Here you'll find questions and answers on any tax
and accounting issues. You can also ask our experts a tax
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You don't have to register your partnership separately for income tax
All that's required is for each partner to disclose the partnership's income and expenses on their private income tax
return, and show what percentage of it is from them.
Each partnership is entitled to the personal tax
threshold, which means that the first R75 000 of your taxable income will be entitled to the capital gains exemption in their personal capacity.
The personal SARS tax
tables will be applied to each person's portion of the taxable income from the partnership (Please see the SARS tax
table below). And as long as their portion of the taxable income from the partnership doesn't go over R701 301, their personal effective tax
rate will be below the 28% which is applicable to CCs and companies.
SARS tax table: 2017 tax year (1st of March 2016 – 28th of February 2017)
Taxable Income (R)
Rates of tax (R)
0 – 188 000
18% of taxable income
188 001 – 293 600
33 840 + 26% of taxable income above 188 000
293 601 – 406 400
61 296 + 31% of taxable income above 293 600
406 401 – 550 100
96 264 + 36% of taxable income above 406 400
550 101 – 701 300
147 996 + 39% of taxable income above 550 100
701 301 and above
206 964 + 41% of taxable income above 701 300
*To learn more on tax benefit#3
, as well as what the 4th
benefit is, simply page over to Chapter R 08
in your Practical Tax Loose Leaf Service
Here you'll also learn the 3 big points you must consider before trading as a Partnership, and much more.
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