be worth more Postgraduate Diploma in Tax Strategy and Management

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1 be worth more Postgraduate Diploma in Tax Strategy and Management

2 be worth more

3 Contents General information 2 Programme structure 3 Curriculum 3 1

4 General information Centre for Accounting in association with the Centre for Business Dynamics, University of the Free State South African Tax Legislation has undergone fundamental changes over the past few decades. Most tax consultants do not keep their taxation knowledge up to date after completing their formal higher-education studies. Thus, the primary objective of this initiative is to bring all parties involved in the field of taxation up to date with the latest developments and changes and to extend their undergraduate knowledge on taxation and facilitate their specialising in the field, if they wish to do so. These short learning programmes and Postgraduate Diploma will empower individuals working in this field to optimally position themselves and their clients from a strategic tax perspective now, and in the future. More specifically these modules will bridge the gap between static, outdated knowledge and modern, relevant and up-to-date application of tax strategy and management. The University of the Free State (UFS) is one of a select few institutions accredited by the South African Institute of Chartered Accountants to present Chartered Accountancy training and has been training Chartered Accountants for over forty years. The taxation facilitators who will be presenting these modules are also driven individuals who are true specialists in their respective fields. The institutional infrastructure of the University of the Free State is world-class and extremely adequate in meeting the desired outcomes of these modules, and participants will have access to all necessary resources. ENTRANCE REQUIREMENTS Any B Com / B Acc Degree or equivalent qualification that includes taxation as a major subject or, Relevant work experience in the taxation fields (supported by a portfolio) that can be recognised in terms of prior learning as equivalent to the first criteria. All submissions are subject to a selection process. REGULATIONS Class attendance is a pre-requisite to the submission of assignments and admittance to the examinatons. Modules are only credit-bearing towards the diploma if the student complies with the entrance requirements. A complete list regarding rules and regulations is available on request. Please ensure that you read these rules. COST OF DIPLOMA Available on request. APPLICATION AND REGISTRATION The closing date for applications is November and the closing date for registration is January the following year. 2

5 Programme Structure Assessments Participants will be required to submit a practical assignment / case study and write a formal exam on each of the modules. Duration of the diploma The complete Postgraduate Diploma spans over a period of 12 months. The lectures are divided into 10 contact sessions of one day each. Lecture times are from 08h00-16h15. Curriculum Modules: VALUE ADDED TAX THE ESSENTIALS (TXA610) Value Added Tax involves every transaction of business. No other type of tax reaches as far and wide as VAT. This module will help you recognise the VAT implications of the actions of your business. Other indirect taxes like Excise Duty and Customs Duty are also dealt with on a introductory level. Complete their VAT returns correctly Calculate their VAT liability Plan the business transactions in a VAT efficient way Short certificate programmes Please note that each of the modules within the post graduate diploma can independantly be attended as a short certificate programme. Participants can further decide if they want to be assessed in order to obtain credits or simply attend for professional development purposes. If they are assessed the credits obtained could be used as part of a recognition of prior learning process should they wish to register for the complete diploma in the future. However, individual modules can only be credit-bearing towards the diploma if the student complies with the entrance requirements. Provide VAT advice Be able to perform basic Excise Duty and Customs Duty calculations Complete a VAT 201 return, i.e. calculate the VAT liability Register a vendor for VAT Advise clients on advance VAT issues from a tax planning perspective Integrate VAT with other taxes Complex VAT issues Entrepreneurs Tax practitioners Persons involved with VAT 3

6 Internal auditors INTRODUCTION TO TAX (TXA605) To enable a person to perform tax planning and calculate the tax liability of an individual taxpayer. Calculate the tax liability of the individual earning a salary and/or receiving part time income Calculate the tax liability of a natural person Advise an individual taxpayer on how to pay the minimum taxation (excluding salary restructuring) Calculation of taxable income including: Gross income Special inclusions Exempt income General deduction formula Special deductions Selected capital allowances Secondary trades Convergence with VAT, CGT, Tax planning, Tax avoidance Provisional Tax Entrepreneurs Tax practitioners Individual taxpayers Persons involved in the taxation of individuals TACKLING CAPITAL GAINS TAX (TXA608) To demystify the advanced aspects surrounding Capital Gains Tax, and reinforce the basic principles. Minimise the CGT liability in local and international tax planning Identify and calculate the CGT effect of a number of economic actions Integrate CGT with income tax, and other SA taxes The content will consist of the following discussion topics: The mechanics of CGT Disposals and acquisitions of assets Base cost Primary residence exclusion Other exclusions and roll-overs Special circumstances and complex CGT issues Convergence with normal tax and VAT Tax specialists in private practice Internal auditors SALARY STRUCTURING IN TAX PERSPECTIVE (TXA607) If one looks at the tax schemes involving salary structuring over the past two decades, it is no wonder that SARS is attacking salary structuring vigorously. This module will not only address 4

7 all the pitfalls employers fall into when structuring packages, but also address the positive manner in which salary packages can still be structured without infuriating SARS. Calculate the employee s tax liability Calculate the tax value and employee s tax implications of fringe benefits Make proper use of exemptions available toemployees Structure reimburse allowances in a tax-efficient way Avoid the adverse effect of s 23(m) on the employees Avoid the adverse effect of legislation on labour brokers and personal service companies of trusts Structure salary packages without creating pitfalls (by understanding court cases on salary structuring schemes) Calculate the employee s tax on the salary and benefits of foreign residents Fourth Schedule on employees tax Seventh Schedule on fringe benefits Exemptions under s10 Reimburse allowances under s8(1) S 23(m) that covers the disallowance of certain expenses with regard to remuneration Legislation and interpretation notes on labour brokers and personal service companies or trusts on salary structuring schemes Share options and share schemes Entrepreneurs Tax practitioners Persons involved in payrolls Persons involved in Human Resources Internal auditors ESTATE PLANNING IN PERSPECTIVE (TXA603) To enable a person to calculate and plan for all the tax consequences upon his/her passing away. Calculate donation tax and estate duty liabilities Competently perform estate planning and minimise all potential tax liabilities Use a trust as tool in estate planning Integrate estate duty with other taxes such as normal tax, Capital Gains Tax, etc. Donation tax Estate duty Estate planning Trusts as a tool in estate planning The impact of Capital Gains Tax on estate planning Tax practitioners Entrepreneurs Persons involved in estate planning Financial advisors BASIC CORPORATE TAX (TXA602) To address the basic intermediate corporate taxation needs of the average company or close corporation. Calculate the tax liability of a company or close corporation Calculate the dividends tax liability of a company or close corporation 5

8 Minimise the tax liability of a company / CC through tax planning Integrate tax types in corporate tax planning Topics / key focus areas to be covered Calculation of taxable income, including: Gross income Special inclusions Exempt income General deduction formula Pecial deductions Capital allowances, Trading Stock, Leases, Assessed losses and Recoupment Companies and CCs Convergence with VAT, CGT, Tax planning and Tax Avoidance Basic Dividends and dividends tax Internal and external auditors Tax specialists in private practice ADVANCED CORPORATE TAX MADE EASY (TXA601) The mere idea of doing advanced corporate tax often scares the tax practitioner. The actual truth is that there are very little special rules for companies, and general taxation rules are mostly applicable. The objective of this module is to do an indepth study of the implications of taxation in the corporate environment. Calculate the dividends tax on dividends (advanced) Identify situations where the corporate rules may be applied, and be able to apply these rules Identify transfer pricing and thin capitalisation situations, and avoid the adverse effect of these anti-avoidance rules Perform any corporate tax calculation Perform international tax planning Dividends and dividends tax (advanced) Corporate rules Transfer pricing and thin cap rules International tax (basic) Convergence with VAT, CGT and other tax implications for companies Entrepreneurs Tax practitioners FARMING FOR TAX PLEASURE (TXA604) To enable a person to perform tax planning and calculate the tax liability of a farmer. Calculate the tax liability of a farmer Advise a farmer on how to minimise his/her tax liability Integrate normal taxation with other taxes applicable to farmers (VAT, Capital Gains Tax etc.) Farming income Special provisions applicable to farmers Stock Capital expenditure provisions Forced sale and drought relief provisions General rating formula for farmers Convergence with normal tax, VAT and Capital Gains Tax 6

9 Tax practitioners Farmers Persons involved in the farming industry, e.g.: Agricultural advisors Presenter Private consultant INVESTMENTS AND THEIR TAX IMPLICATIONS (TXA606) Objective of this module To select the appropriate investment strategy for clients, from a tax perspective. Optimise tax efficiency in local and foreign investment planning Optimise tax efficiency in retirement planning Integrate tax on investments with all SA taxes Retirement planning Option Foreign investments Exemptions S 9C Option Share Dealers vs Share Investors Integration with Capital Gains Tax Electing the best entity Financial advisors and other persons in the financial services industry Tax specialists in the private sector TAX ADMIN! WHAT ARE MY RIGHTS? (TXA609) Objectives of the module The empowerment of individuals functioning in the tax industry in terms of taxpayers rights and the rights of SARS. The focus will also be on the new Tax Admin act, obligations, tax administration and tax avoidance. Know the types of taxes in SA, apply court decisions in taxation planning, and utilise interpretation notes critically in tax planning Follow best practice when escalating disputes to SARS Administer their own and clients tax affairs in line with best practice Advise clients on their constitutional rights and obligations in terms of tax planning and administration Choose the correct legal entity when embarking on an entrepreneurial venture Perform tax planning to avoid adverse effects of anti-avoidance legislation Taxpayers rights under the Constitution and other laws (PAJA) Types of taxes, Court decisions, Interpretation Notes Duties of SARS, Working of SARS, including E-filing Dispute Resolution Process (ADRs) Head-to-head comparison of entities for tax purposes General and specific anti-avoidance legislation Advanced Tax Rulings Reportable Arrangements + GAAR The New Tax Administration Act Internal auditors Tax specialists in private practice 7

10 CONTACT DETAILS FOR ENQUIRIES AND REGISTRATION Should you need more information contact us at: E: W: www. F: T: +27 (0) F: +27 (0) BML Programme UFS Business School PO Box 339 Brandhof Bloemfontein 9324 T: +27 (0) F: +27 (0) W: The Business School gratefully aclnowledges the financial support provided by the following institutions: Nedbank PPS ABSA SASKO SAB and Standard Bank Fully accredited by the CHE Member of AACSB 8

11 be worth more

12 Should you need more information contact us at: E: W: www. F: T: +27 (0) F: +27 (0) BML Programme UFS Business School PO Box 339 Brandhof Bloemfontein 9324 T: +27 (0) F: +27 (0) W: The Business School gratefully aclnowledges the financial support provided by the following institutions: Nedbank PPS ABSA SASKO SAB and Standard Bank Fully accredited by the CHE Member of AACSB

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