Page 51 - Nexia Cape Town 2018 TG Digital

LEARNERSHIP ALLOWANCES

An annual and completion allowance of R40 000 may be claimed by the taxpayer
for learnerships NQF qualifications from levels 1 to 6, and R20 000 for learnerships
NQF qualifications from levels 7 to 10� The deduction claimable for disabled
learners is R60 000 or R50 000 for both annual and completion allowances�
Where a learnership is terminated before a period of 12 full months the employer
will be entitled to a pro rata portion of the annual allowance, regardless of the
reason for the termination of the learnership� The completion allowance for a
learnership of 24 months or more will be based on the number of consecutive
12 month periods completed 3 the above annual allowance amount�

TRANSFER DUTY ON IMMOVABLE PROPERTY

■ Calculated on the value of immovable property
■ Payable within six months after the transaction is entered into
■ Exemptions apply with the most notable when the seller is a VAT vendor
■ Where a VAT vendor purchases property from a non-vendor, the notional input
tax is calculated by multiplying the tax fraction (15/115 (14/114 before
1 April 2018)) by the lesser of the consideration paid or market value
■ The acquisition of a contingent right in a trust that holds a residential
property or the shares in a company or the member’s interest in a close
corporation, which owns residential property, comprising more than 50% of
its assets, is subject to transfer duty at the applicable rate
Transfer duty is calculated as follows:
R0 – R900 000 0%
R900 001 – R1 250 000 3% of the value over R900 000
R1 250 001 – R1 750 000 R10 500 + 6% of the value over R 1 250 000
R1 750 001 – R2 250 000 R40 500 + 8% of the value over R 1 750 000
R2 250 001 – R10 000 000 R80 500 +11% of the value over R2 250 000
R10 000 001 + R933 000 + 13% of the value over R10 000 000

49