Income tax is the normal tax which is paid on your taxable income.

Examples of amounts an individual may receive, and from which taxable income is determined, include the following –

• Remuneration (income from employment), such as, salaries, wages, bonuses, overtime pay, taxable (fringe) benefits, allowances and certain lump sum benefits

• Profits or losses from a business or trade

• Income or profits arising from an individual being a beneficiary of a trust

• Director’s fees

• Investment income, such as interest and foreign dividends

• Rental profit or losses 

• Income from royalties

• Annuities

• Pension income

• Certain capital gains

 

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