Taxes on seperate income

BLIXEMPIE

BLIXEMPIE

Honorary Master
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Hypothetically let's say I have a job that pays me monthly and they do the whole PAYE thing for me, and I also make about R45000 once off on a side project, how much about will I pay in taxes on that?
 
Hypothetically, when you submit your tax returns you are going to get hammered with a tax bill because you may not be paying paye in the right tax bracket.
 
Hypothetically, you don't have to declare that additional income on your tax return.
 
the eskimo said:
Hypothetically, you don't have to declare that additional income on your tax return.
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and there is no "hypotheticalness" here, it will already be on the system. if it isn't then SARS will have a track on it anyway. so declare it honestly.
 
zippy said:
Hypothetically, when you submit your tax returns you are going to get hammered with a tax bill because you may not be paying paye in the right tax bracket.
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This. Be ready to pay in quite a bit on assessment, so don't spend all of it on booze during the year.
 
Celine said:
and there is no "hypotheticalness" here, it will already be on the system. if it isn't then SARS will have a track on it anyway. so declare it honestly.
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If you were paid cash for the job and the "employer" does not list the expense then SARS will know nothing about it.
Of course if they find out, you'll get nailed for tax evasion and that's a crime more serious than murder or rape in South Africa.

Once my house is paid off I think I'm going to run a hot dog stand - cash only.
Declare enough to keep SARS happy and the rest goes into your back pocket tax free like the taxi mob do it.
 
Paul_S said:
If you were paid cash for the job and the "employer" does not list the expense then SARS will know nothing about it.
Of course if they find out, you'll get nailed for tax evasion and that's a crime more serious than murder or rape in South Africa.

Once my house is paid off I think I'm going to run a hot dog stand - cash only.
Declare enough to keep SARS happy and the rest goes into your back pocket tax free like the taxi mob do it.
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The employer will want to claim the expense. Usually employers aren't particularly altruistic.

Regarding the hot dogs stand: Its not quite that simple. The amount of info you provided on your company tax return is sufficient for the holes to show up.
 
HavocXphere said:
The employer will want to claim the expense. Usually employers aren't particularly altruistic.

Regarding the hot dogs stand: Its not quite that simple. The amount of info you provided on your company tax return is sufficient for the holes to show up.
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exactly - what employer would just hand out cash in kind and not want to claim it as a deduction? if SARS decides to do an audit on any business and asks for a break down of the salaries paid, how are you going to explain the cash amounts away.
 
the eskimo said:
Hypothetically, you don't have to declare that additional income on your tax return.
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Interesting how most people are outraged by corruption in government, but see no problem in "hypothetically" evading tax.

Perhaps government officials feel the same way.
 
fastesthamster said:
Interesting how most people are outraged by corruption in government, but see no problem in "hypothetically" evading tax.

Perhaps government officials feel the same way.
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Isn't it kind of obvious that, that is why some people try to evade tax?
I have no problem paying tax but when it gets used to buy fancy houses and cars and throw wild parties, then it's being squandered while I battle to make ends meet. That makes most people angry.
 
HavocXphere said:
Regarding the hot dogs stand: Its not quite that simple. The amount of info you provided on your company tax return is sufficient for the holes to show up.
Click to expand...

Who said anything about running as a company? Run it as a private individual.
Just purchase raw goods with cash, sell products with cash and keep no records of purchases or sales.
That's how the taxi mob and informal traders work. No paper trail - no problem.
 
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Paul_S - You could do that just dont become really successful as these horrible lifestyle audits can be a B**ch
 
fastesthamster said:
Interesting how most people are outraged by corruption in government, but see no problem in "hypothetically" evading tax.

Perhaps government officials feel the same way.
Click to expand...

think most people would hypothetically evade tax exactly becuase they know where the money would go if they did pay the tax.
 
Dr Who said:
Paul_S - You could do that just dont become really successful as these horrible lifestyle audits can be a B**ch
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Or I could just carry on working for an employer and hand over large sums of money to these scumbags. It is easier.
I'm just thinking of a backup plan in case my skin color one day becomes too wrinkled and pale to employ.
 
If only I had a place to safe-keep my extra income I would say f*&k tax! Then buy everything cash.

"Excuse me sir, how much for that IS250?"

Salesman: "That'll be 200 000, sire"

"I'll take it"

/Hand over suitecase.

Vrrrrrrm, skrreeeeeeeeetch, vrrrrrm

:D
 
grav80 said:
If only I had a place to safe-keep my extra income I would say f*&k tax! Then buy everything cash.

"Excuse me sir, how much for that IS250?"

Salesman: "That'll be 200 000, sire"

"I'll take it"

/Hand over suitecase.

Vrrrrrrm, skrreeeeeeeeetch, vrrrrrm

:D
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Heh, my brother was once paid several hundred thousand Rand in small notes, delivered in a black bag. Was kinda...interesting, I'd say.
 
So I'm renting out my flat to a friend (no contract, nothing) and he EFT the amount every month. It doesn't cover bond + levy + rates. Do I need to declare it to SARS?
 
Fuma said:
So I'm renting out my flat to a friend (no contract, nothing) and he EFT the amount every month. It doesn't cover bond + levy + rates. Do I need to declare it to SARS?
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Yes. You need to declare any and all income.
 
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