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CRITERIA FOR BEING CONSIDERED A PERSON WITH A DISABILITY FOR TAX PURPOSES
First, the ‘Confirmation of Diagnosis of Disability’ form (ITR-DD) needs to be completed. This is used to determine whether the person is eligible per Section 6B of the Income Tax Act.
The form is divided into three parts. Part A needs to be completed by the person with the disability’s parent/guardian, which include the details of the person with the disability. Part B and C needs to be completed by a qualified medical practitioner specifically trained to deal with the applicable disability. Parts B and C includes questions to confirm that the person with the disability has a ‘moderate to severe’ disability for either vision, communication, physical, hearing, intellectual or mental disability.
The form only needs to be completed every five years for taxpayers whose child has a permanent disability.
TAX BENEFITS FOR A PERSON WITH A DISABILITY
A taxpayer who, or whose child, has a disability confirmed by the submission of the ITR-DD form, can claim 33.3% of qualifying out-of-pocket medical expenses, which include disability related expenses paid during the relevant year of assessment.
SARS has prescribed a list of qualifying disability expenditure, which might qualify if incurred and was necessary for the alleviation of the restriction of a person’s ability to perform functions of daily living. Therefore, not all listed expenditure would qualify, but should be considered based on the applicable disability of the person.
Examples include the following:
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Personal attendant care expenses
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Training for person who care for the person with a disability
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Special education schools
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Tutoring services
SUPPORTING DOCUMENTATION REQUIREMENTS
Invoices, statements and proof of payments for all qualifying expenses must be kept on record to substantiate the credit in the taxpayer’s tax return.
Additional documentation is required for special education school expenses, as only the excess of the fees that would have been payable if the person attended the closest fee-paying public school not specialising in learners with special educational needs forms part of the qualifying expenses.
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| September 2020
NEWSLETTER
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How Chaos Sparks Business Innovation
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The greatest innovation is created in times of chaos, when opportunity abounds. Many successful business stories began during times of recession, depression, chaos and crisis, such as Uber, Airbnb, WhatsApp, Slack, Pinterest, Square, Disney, Sony and iPod.
In the midst of the unprecedented chaos created by COVID-19 on a global scale, we have witnessed great and inspiring innovation, as local and global businesses innovate ways to stay relevant in industries completely disrupted, if not shut down, by the pandemic and the lockdown.
Find out how you can innovate in your business and industry with a simple three-step system that can transform a time of chaos into a catapult for creation and innovation...
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Tax Incentives to Invest in Small Business: The Clock is Ticking
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National Treasury is reviewing all of its business tax incentives to determine to what extent they are contributing to policy objectives. One such incentive under review is the “Section 12J” incentive, which allows an investor a deduction of the full amount invested in a Section 12J VCC (Venture Capital Company), provided certain requirements are met, from its taxable income.
The VCC regime was introduced in 2009 with the objective of boosting economic growth and job creation by assisting small businesses that cannot obtain financing from financial institutions to access equity finance.
The regime is subject to a 12 year sunset clause that ends on 30 June 2021 – if your small business needs venture capital funding, the clock is ticking!
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Tips and Ideas to Retain Your Best Staff and Skills During COVID-19
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In the highly competitive local economy, disrupted by the arrival of the COVID-19 pandemic, firms more than ever cannot afford to lose their best staff and skills.
This piece provides critical insight from leading business thinkers including practical advice that you can implement to ensure you retain your best performing staff and skills so as to avoid the significant cost of having to hire new people.
We also bring you a vital understanding of how employees’ needs and requirements have radically changed due to the national lockdown and COVID-19.
The piece also provides advice from experts for keeping your employees motivated and keen to stay at your company.
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Six Important Business Lessons From The Coronavirus Pandemic
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The coronavirus pandemic arrived like a thunderbolt and the unique situations it created found many companies unprepared and disorganised. Around the world, organisations began closing as it was found their emergency planning was not up to scratch and basic functions of the company could not exist in the new world.
Now that we are half a year into the outbreak some companies are still playing catch up and many will never manage. For those who have survived and even thrived, there are plenty of lessons to take away from COVID-19 that will hopefully change the way we do business and future proof our endeavours for the inevitable coming emergencies.
We discuss six of the most important business lessons we can all benefit from…
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Your Tax Deadlines for September 2020
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- 1 September – Starting date for online filing
- 1 September - Branch filing - Taxpayers who cannot file electronically
- 1 September - Start date - Provisional taxpayers who file electronically
- 7 September - Monthly PAYE submissions and payments
- 25 September – VAT manual submissions and payments
- 29 September – Excise Duty payments
- 30 September – VAT electronic submissions and payments
- 30 September - Personal Income Tax top-up Provisional Tax Payments
- 30 September - Company Provisional Tax Payments where applicable
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Disclaimer
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The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.
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© DotNews. All Rights Reserved.
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