Nord of the South
- Feb 23, 2012
It's super simple.The problem i haven't done it yet is, yes i can withdraw it, then what, i dont know how to declare it. or how to let sars know lol.
Likely might have to find an accountant.
You withdraw. When you with draw you will need to say for what service it is. When you do your return you declare it as extra income. This gets added to your total income for the year and then taxed to whatever bracket it falls in.
Remember if it is businesses related you should have a PayPal Business account. If you withdraw for business reasons and it is a personal account they might close it or ask for you to submit docs etc.
The other option is to declare it as a gift. Don't pay tax on a gift. Technically it should be a gift to withdraw as a gift though.
I guess it also depends on how big the amount is.
But if it is a regular business or services rendered income, you should consider opening a business account. But first check what docs they require and if you have the correct docs.