SAQA

All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.

SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE:

Calculate the taxation of lump-sum benefits

SAQA US ID	UNIT STANDARD TITLE
13030	Calculate the taxation of lump-sum benefits
ORIGINATOR
SGB HET Accountancy and Financial Management
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
FASSET - Financial and Accounting Services SETA
FIELD			SUBFIELD
Field 03 - Business, Commerce and Management Studies			Finance, Economics and Accounting
ABET BAND	UNIT STANDARD TYPE	PRE-2009 NQF LEVEL	NQF LEVEL	CREDITS
Undefined	Regular	Level 6	Level TBA: Pre-2009 was L6	10
REGISTRATION STATUS		REGISTRATION START DATE	REGISTRATION END DATE	SAQA DECISION NUMBER
Passed the End Date - Status was "Reregistered"		2018-07-01	2023-06-30	SAQA 06120/18
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2026-06-30		2029-06-30

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.

This unit standard does not replace any other unit standard and is not replaced by any other unit standard.

PURPOSE OF THE UNIT STANDARD

People credited with this unit standard are able to determine and advise on lump-sum benefits from retirement funds and employment.

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING

Unit standard, Determine what is taxable income, NQF level 6.

UNIT STANDARD RANGE

N/A

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Calculate and comment on the taxation of lump-sum benefits from retirement funds.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. Relevant definitions are defined and applied as stated in current tax legislation.

ASSESSMENT CRITERION 2

2. The amount of the allowable deductions is determined through recognised processes.

ASSESSMENT CRITERION 3

3. Taxation of benefits is applied in line with tax law.

ASSESSMENT CRITERION 4

4. The taxable portion of lump-sum benefits is determined by using accepted methods.

ASSESSMENT CRITERION 5

5. Special provisions relating to membership of more than one fund are applied where appropriate and in accordance with tax regulations.

ASSESSMENT CRITERION 6

6. The provisions of gross income special inclusion are applied where appropriate in accordance with the relevant provisions in the Income Tax Act.

ASSESSMENT CRITERION 7

7. The rating formula is applied to determine the normal tax payable per current tax legislation.

SPECIFIC OUTCOME 2

Calculate and comment on the taxation of lump-sum benefits from employment.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The provisions of gross income special inclusion are applied where appropriate in accordance with tax law.

ASSESSMENT CRITERION 2

2. The provisions of exemption are recognised and applied where appropriate according to the relevant section of the Income Tax Act.

ASSESSMENT CRITERION 3

3. The concession is determined and its provisions applied where appropriate according to tax regulations.

ASSESSMENT CRITERION 4

4. The rating formula is applied to determine the normal tax payable where appropriate per current tax provisions.

UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS

Accreditation for this unit standard shall be obtained from the relevant Education and Training Quality Assurance Body, through summative assessment by a registered assessor

Moderation activity comments by SGB's, organisations and individuals may be forwarded to NSB03

UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE

A demonstrated understanding of:

Lump-sum benefits from retirement funds and employment

Legal requirements

The Income Tax Act

UNIT STANDARD DEVELOPMENTAL OUTCOME

N/A

UNIT STANDARD LINKAGES

N/A

Critical Cross-field Outcomes (CCFO):

UNIT STANDARD CCFO IDENTIFYING

Solve problems

UNIT STANDARD CCFO WORKING

Work effectively with others as a member of a team/group

UNIT STANDARD CCFO ORGANISING

Organise and manage oneself and one's activities responsibly and effectively

UNIT STANDARD CCFO COLLECTING

Collect, organise and critically evaluate information

UNIT STANDARD CCFO COMMUNICATING

Communicate effectively using visual, mathematics and language skills in the modes of oral and written presentations

UNIT STANDARD CCFO SCIENCE

Use science and technology effectively and critically

UNIT STANDARD ASSESSOR CRITERIA

N/A

REREGISTRATION HISTORY

As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015.

QUALIFICATIONS UTILISING THIS UNIT STANDARD:

	ID	QUALIFICATION TITLE	PRE-2009 NQF LEVEL	NQF LEVEL	STATUS	END DATE	PRIMARY OR DELEGATED QA FUNCTIONARY
Elective	66611	National Certificate: Wealth Management	Level 5	NQF Level 05	Passed the End Date - Status was "Reregistered"	2023-06-30	As per Learning Programmes recorded against this Qual

PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD:

This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.

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