Page 9 - Taxation Test 4 Slides - Individuals

INDIVIDUALS & RING FENCING

Gross income

• Gross income

• Para (i)

• Value of fringe benefits (FB) received by an employee

• Value is the “cash equivalent” of the FB

• Seventh schedule sets out the list of taxable benefits and how
they are calculated

• s8(1)(a)(i) inclusions in taxable income:

• Travel allowances (aa)

• Accommodation/subsistence allowances (bb)

• Other allowances (cc)

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