|
Flip says: 21 June 2016 at 23:09 Is the renumeration factor referred to in the formula to calculate free or cheap accomodation as a fringe benefit equal to pensionable salary, or does it include other remuneration as well? |
|
TaxTim says: 22 June 2016 at 10:29 The SARS guide on fringe benefits refers to remuneration as defined in the Tax Act. "Remuneration" is widely defined in paragraph 1 of the Fourth Schedule to include all payments and amounts payable, in cash or otherwise, whether or not for services rendered and includes salary and wages, leave pay, bonuses, gratuities, commissions, overtime pay and other amounts paid for services rendered as well as allowances and advances. Therefore, to answer your question, it will include all remuneration. |
|
|
Flip says: 23 June 2016 at 18:26 Tx for the feedback. I understand the concept of total renumeration, but r specifically referring to the renumeration (total renumeration vs basic or pensionable renumeration) used in the formula (A-B)*C/100*D/12 to quantify the free or cheap accommodation fringe benefit for tax purposes, where A= the renumeration factor. |
|
|
TaxTim says: 27 June 2016 at 9:34 "A" in the housing fringe benefit formula refers to remuneration as defined in paragraph 1 of the fourth schedule which is the wide definition as stated above. |
Do Your Tax Return Easily