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Posts Tagged ‘Income Tax’

Income Tax Made Easy!

What would happen if your employer were to make an incorrect declaration of your earnings, be it accidentally or on purpose? Employers are dependent on the accurate and timely processing of their remuneration packages on a monthly basis. Employers who are unable to meet these expectations are likely to be branded as “bad” employers and will not only have unhappy staff, but result in compliance issues emanating from The South African Revenue Service (SARS).

Employees are required to submit their income tax returns on an annual basis. This year, those who are required to submit income tax returns are those who meet the below, new criteria, which were announced on the 1st of July 2019, when the Tax season was launched:

Income Tax

Do I Need To Pay Income Tax?

​DO I NEED TO PAY INCOME TAX?

People who pay income tax are generally individuals who earn an income e.g. from a salary, commission, fees, etc.
If you earn under R350 000 for a full year from one employer (that’s your total salary income before tax) and have no other sources of additional income (for example, interest or rental income) and no deductions that you want to claim (for example medical expenses, travel or retirement annuities), then you don’t need to submit a return.
Corporate tax includes tax paid by companies or close corporations, as well as trusts, on their annual income.
Most of the State’s income is derived from Income Tax (personal and corporate tax), although nearly a third of total revenue from national government taxes comes from indirect taxes, primarily Value-Added Tax (VAT).
People who pay income tax are generally individuals who earn an income (from a salary, commission, fees, etc.).
Corporate tax includes tax paid by companies or close corporations, as well as trusts, on their annual income.
Most of the State’s income is derived from Income Tax (personal and corporate tax), although nearly a third of total revenue from national government taxes comes from indirect taxes, primarily Value-Added Tax (VAT).

Non-residents

South Africa has a residence-based tax system, which means residents are, subject to certain exclusions, taxed on their worldwide income, irrespective of where their income was earned. By contrast, non-residents are taxed on their income from a South African source.
Non-residents pay tax on their income from a South African source.
Pay Solutions have experienced consultants who can advise on certain aspects of Taxation. For more general queries please contact SARS directly.
Income Tax Return

Income Tax Return – Smart tips from Pay Solutions

Pay Solutions have smart tips which will assist with your Income Tax Return

Tax Season, you need to submit an ITR12 (which is your Income Tax Return) so we can calculate your tax on your income and the tax-deductible expenses for the assessment year (1 March  2014 – 28 February 2015), which may, in some cases, result in a refund.

Income Tax Return

SARS eFiling

SARS eFiling – Individual Tax Season

SARS eFiling

Individual Tax Season runs from July to November, however, provisional taxpayers who submit via SARS eFiling have until January 2016.

Individual taxpayers, who submitted their returns manually or by post, had to do so by 30 September this year, non-provisional taxpayers who submit at a Sars branch have until 27 November 2015.

This is also the deadline for taxpayers who do not pay provisional tax. Provisional taxpayers have until 29 January.

To make the filing process easier  over 14 000 Sars officials have been deployed at various strategic points throughout the country. About 21 temporary service points have been be set up to help people submit their returns.

COMPANY CARS – RETAIL MARKET VALUE

Company Cars Retail Market Value principal

Does this apply to you? company cars retail market value principal that came into effect on the 1st March 2015. Pay Solutions strive to always put our clients first by delivering the best payroll advice and service. An important part of the service offered is to keep up to date at ALL times on legislation changes.

company cars retail market value principal

company cars retail market value principal

SARS EASY FILE

SARS TAX CERTIFICATE SUBMISSIONS

SARS TAX CERTIFICATE SUBMISSIONS

SARS TAX CERTIFICATE SUBMISSIONS

The employer tax certificate season for February 2015 closed on 29 May 2015. As usual most employers managed to submit without any hick-ups, whilst others faced a few perplexing issues. Overall e@syfile performed well and the majority of employers submitted well within the allocated time frame.

The Individual Filing Season has now kicked off and employees should start submitting their tax returns now – particularly if a refund is due!!

Remember that the Individual Tax Season runs from July to November every year. For provisional taxpayers who submit via eFiling, it runs until January of the next year.