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Thread: Tax Registration / IRP5

  1. #1

    Default Tax Registration / IRP5

    So my parents are worried that i might get stuffed by the tax man because im not registered.

    I have been working for my current company for less than a year.

    When i asked the HR dept for an IRP5 so that i could register tax they had the following to say:

    "According to the information on our system you only started working on 07 May 2007.The tax year starts 01 March 2007 and finishes 29 February 2008.so an irp5 will only be available in 2008[for the tax year 2007/2008]."

    What am I supposed to do?

  2. #2

    Default

    Wait for the IRP5, your employer should have registered you for tax

  3. #3

    Default

    I started working during the 2006/7 tax year, i.e. had to file a tax return before 31 October 2007. I only registered in September and submitted before end October.

    So as long as you register before the next return deadline you will be fine. But it is quick and painless to register so you might as well just fill in the form an get it over and done with.

  4. #4

    Default

    My advise is:

    Its better to go to a tax consultant, even though you pay but you are guaranteed to get more then what you paid the consultant.....especially if you drive to work.


    My dad received R12 000 rands from tax man

  5. #5

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    Quote Originally Posted by LilJohn View Post
    My advise is:

    Its better to go to a tax consultant, even though you pay but you are guaranteed to get more then what you paid the consultant.....especially if you drive to work.


    My dad received R12 000 rands from tax man
    You don't need to go to a tax consultant at this point - you just need to register. You don't need an IRP5 to register, just download the forms from the SARS site.

    At the end of the tax year, your company will give you an IRP5; and SARS will send you the forms to fill in for the tax year. Use the first to complete the second (and that's the point at which you can use a tax consultant if you like, although if you've got relatively simple financial affairs I doubt it's necessary).

  6. #6
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    "According to the information on our system you only started working on 07 May 2007.The tax year starts 01 March 2007 and finishes 29 February 2008.so an irp5 will only be available in 2008[for the tax year 2007/2008]."
    That's correct. You only do your taxes for the PREVIOUS financial year. They also only give you your IRP5 -after- the year is done. So unless you worked before 1 March 2007 you don't have to do anything until about June 2008. (It might be later since 2007 filing was delayed till October)

    You just need to register [basically filling in some forms] and you then get a Tax Number.....your company is actually suppose to have asked this number in some form ESPECIALLY if they are deducting PAYE and stuff from your salary.....


    If they're not deducting tax [assuming you're permanently employed] then get it sorted out asap otherwise you're gonna get a surprise when you need to pay extra because you didn't pay enough tax.


    Simply put: June 2008 SARS is gonna ask you how much you earned in total from March 2007 - Feb 2008 . Then you are suppose to have payed x% of that amount in taxes. Some people prefer to only THEN pay all the taxes in bulk but you'll have to budget for it [contractors do that] , most people pay tax every month ..so if all is working correctly when SARS audits you it should say you have paid all your taxes and maybe you get some back [paid too much] or pay in extra [paid slightly less] .
    Last edited by diabolus; 10-01-2008 at 03:13 PM.

  7. #7

    Default

    I worked from 2002 and only registered September 2007.

    They only asked for an IRP5 for 2005, 2006 and 2007. That said, they're got some issues on their system with me conserning information mismatch :/

  8. #8
    SmoothOokerMaximus The_Librarian's Avatar
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    Whilst on this subject - is it advisable to pay a little bit too much and get it back minus interest, or paying too little and having to pay up?

    I prefer paying a bit too much as I don't want to be caught with a surprise.

  9. #9

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    If you are a permanent employee your company should deduct the correct amount every month...which means that when you do your return you should get nothing back and also not have to pay anything in.
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  10. #10
    Super Grandmaster timgaul's Avatar
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    Quote Originally Posted by walterl View Post
    If you are a permanent employee your company should deduct the correct amount every month...which means that when you do your return you should get nothing back and also not have to pay anything in.
    Almost, almost... there's always a bit of a discrepancy one way or the other.
    Jägermeiʃter can fix that!

  11. #11
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    Quote Originally Posted by timgaul
    Almost, almost... there's always a bit of a discrepancy one way or the other.
    Yep, there's usually things you can claim back if the company didn't take it into account. I.e. Medical Aid, Pension, Investments , Travel Claims etc.

  12. #12
    Super Grandmaster timgaul's Avatar
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    Quote Originally Posted by diabolus View Post
    Yep, there's usually things you can claim back if the company didn't take it into account. I.e. Medical Aid, Pension, Investments , Travel Claims etc.
    Yup yup and yup.
    Jägermeiʃter can fix that!

  13. #13

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    if in doubt - phone your local SARS office. THey are usually surprisingly helpful
    "Carpe Diem" does NOT mean "Fish of the day"

  14. #14
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    You only have to register for tax if you earn over R60k a year or get a travel allowance, + a few other things which i doubt are applicable to you.
    Your company will obviously still deduct tax from you & pay it over, so if you are happy that they are calculating it correctly & you dont have to register then dont.

  15. #15

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