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:  Read more... (542 words, estimated 2:10 mins reading time)

    Posted in Income Tax and tagged ,
    SARS Budget 2017

     
    sars

    SARS Budget 2017

    Budget 2017 Tax Guide

    This SARS pocket tax guide has been developed to provide a synopsis of the most important tax, duty and levy-related information for 2017/18

    Who is a Provincial Tax Payer?

    SARS Budget Speech 2017          Budget 2017 Tax Guide
    Retirement fund lump sum benefits consist of lump sums
    from a pension, pension preservation, provident, provident
    preservation or retirement annuity fund on death, retirement
    or termination of employment due to attaining the age of
    55 years, sickness, accident, injury, incapacity, redundancy or
    termination of the employer’s trade.

    Click here for the full Budget 2017 Tax Guide  Read more... (104 words, 5 images, estimated 25 secs reading time)

    Posted in Income Tax, Income Tax Act, Payroll, SARS and tagged ,
    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.
    Still unsure whether you need to submit? Click here and SARS will help you to see whether you need to submit a tax return or not.
    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.
    Posted in Income Tax, Tax and tagged
    SARS tax tables 2016

    SARS tax tables 2016 came into effect on the 1st March 2016. Do you have trouble keeping up to date with Tax Changes? Are you calculating tax based on the correct rates? Employers need to ensure that they are using the the correct rates.

    SARS tax tables 2016 – All changes below are effective from 1 March 2016 to 28 February 2017:

    • Tax Tables
    •  SARS tax tables 2016
      Tax Tables1

    As part of Pay Solutions payroll services, we will ensure that the correct tax and other levies are being deducted.  We will complete the relevant documentation and submit IRP5 tax certificates via EasyFile and SARS efiling on behalf of our clients.   Read more... (107 words, 2 images, estimated 26 secs reading time)

    Posted in Income Tax, SARS, Tax and tagged ,
    Income Tax Return

    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  Read more... (867 words, 1 image, estimated 3:28 mins reading time)

    Posted in Income Tax, Tax and tagged , ,
    SARS eFiling

    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.  Read more... (253 words, 1 image, estimated 1:01 mins reading time)

    Posted in Income Tax, Tax and tagged ,