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How do would you interpret paragraph 5, subparagraph 2(b), of the 7th Schedule?

Posted 15 September 2015 under Tax Questions


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Timmy says:
15 September 2015 at 10:53

In the 7th Schedule, paragraph 5, subparagraph 2(b), the reduction R5000 reduction in lieu of a long service award; is it interpreted as R5000 per long service award, or R5000 per long service?

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TaxTimTaxTim says:
15 September 2015 at 16:44

The amount included in gross income for a long service award is the cost of the award less the lesser of R5,000 or the sum of the cost of all such awards given during the year.

You therefore compare the cost of awards granted in the year, to R5,000 and whichever amount is less, will be deductible.


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