DO I NEED TO PAY TAX

Posted: September 13, 2015 in Uncategorized
Tags: , , , , ,
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
Do any of the following apply to you for the tax year 1 March 2014 to 28 February 2015?

  • Did you conduct any trade* in South Africa?
  • Did you have an allowance such as a travel, subsistence or Office Bearer Allowance?  Check your IRP5/IT3(a) if unsure.
  • Do you hold any funds or assets outside South Africa that have a value of more than R200 000?
  • Did you have a local Capital Gain/Loss exceeding R30 000?
  • Did you get any income or Capital Gain in a foreign currency?
  • Do you hold any rights in a Controlled Foreign Company?
  • Did you get an Income Tax Return or were you asked to submit an Income Tax Return for the tax year?
  • Was your annual income* more than R70 700?

If you answered yes to any of the questions above, them you may need to submit a tax return.

Numbrfactory…

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