Taxation of Natural Persons under the Corporate Tax Law

Contents

1. Glossary

2. Introduction

1. 2.1. Overview

   2.2. Purpose of this guide

   2.3. Who should read this guide?

   2.4. How to use this guide

   2.5. Legislative references

   2.6. Status of this guide

3. When does the Corporate Tax Law apply to natural persons?

1. 3.1. Who is a natural person?

   3.2. Corporate Tax Law and natural persons

   3.3. Key considerations

   3.4. Natural persons: resident and non-resident

   3.5. What income is considered taxable for natural persons?

   3.6. What is a Business and a Business Activity

   3.7. Business or Business Activities that are subject to Corporate Tax

   3.8. Exclusions from Corporate Tax

   1. 3.8.1. Wage

      3.8.2. Personal Investment income

      3.8.3. Real Estate Investment income

   3.9. Natural persons deriving State Sourced Income

   3.10. Computation of Turnover

   3.11. Corporate Tax rate for natural persons

   3.12. Interaction with Small Business Relief

4. Corporate Tax calculations for natural persons

1. 4.1. Interest deduction

   4.2. General deduction rules relating to Business expenditure

   4.3. Non-deductible expenditure rules and natural persons

   4.4. Related Parties for natural persons

   1. 4.4.1. Other natural persons

      4.4.2. Juridical persons

      4.4.3. Partners in the same Unincorporated Partnership

      4.4.4. Trusts and foundations

   4.5. Connected Persons

5. Interaction with other Business forms and entities

1. 5.1. Juridical person

   5.2. Sole proprietorship

   5.3. Unincorporated Partnerships

   5.4. Family Foundation

6. Corporate Tax compliance for natural persons

1. 6.1. Tax Registration

   6.2. Tax Deregistration

   1. 6.2.1. Cessation of Business or Business Activity

      6.2.2. Death of the Taxable Person

   6.3. Tax Period

   6.4. Accounting Standards and Financial Statements

   6.5. Tax Return

7. Annexures

1. 7.1. Annexure 1: Commercial business

8. Updates and Amendments