If I earn less than R500 000 a year do I need to submit a tax return?

[w1z4rd]

Say you are getting money from an international company and it is under R500 000 pa, do I need to file tax returns?

According to this, I dont have to.

If you earn less than R500,000 you no longer have to submit tax returns

SARS commissioner Edward Kieswetter presented his plans for the 2019 tax season on Tuesday morning (4 June), including the announcement that taxpayers earning below R500,000 are now no longer required to submit returns.

businesstech.co.za

 

[3WA]

I think that article assumes that you’re working for a South African employer who gives your information to SARS.

 

[HibiscusTunes]

Correct. If you have PAYE deduction on your payslip, and earn under the threshold, you don't have to file barring the other conditions that force you to file.

If you earn your income internationally you probably should be registered as a provisional tax payer and file twice a year!

 

[Tomtomtom]

If your employer is deducting your tax during the year under the PAYE system, SARS is happy for you not to file a return since you are just going to be asking for a refund anyway.

Presumably there's no PAYE in your case since it's not an SA company.

Therefore you would be a provisional taxpayer and should be filing provisional returns at least twice a year plus your ITR12 by end-Jan.

You can get an idea of your liability at

Rates of Tax for Individuals | South African Revenue Service

On this page you will see Individuals’ tax table, as well as the Tax Rebates and Tax Thresholds – scroll down. 2024 tax year (1 March 2023 – 29 February 2024) 22 February 2023 – See changes from last year: Taxable income (R) Rates of tax (R) 1 – 237 100 18% of taxable income […]

www.sars.gov.za

If worldwide income is R 450 000 say then your calculation for 2021 is:

105 429 + 36% of taxable income above 445 100

= (105 429 + (0.36 * (450 000 - 445 100))
= R 107 193

On the plus side a provisional taxpayer has much more scope for deductions.

 

[Smugs]

If you don't submit you can't claim...

 

[w1z4rd]

If you don't submit you can't claim...

I dont want to claim.

 

[Crayons]

I dont want to claim.

File and pay your taxes before SARS comes to bum rape you with no lube.

 

[Smugs]

I dont want to claim.

Hey last year I got 30k back...

 

[backstreetboy]

The return will be auto generated and you can just click on submit. Too much effort?

 

[w1z4rd]

The return will be auto generated and you can just click on submit. Too much effort?

Not really a thing when you get your money from an alternative source.

 

[Tomtomtom]

Not really a thing when you get your money from an alternative source.

It's only a matter of time. It's not like SARS doesn't already have the data.

Every year of assessment you don't file stays open. The penalty for the first year might be remitted but the statutory interest can't be.

Nevermind that it's a criminal offence.

Sleep well...

 

[Pineapple Smurf]

R500 000 a year
I would give my left testicle to earn that !!!!!!!!!
Who the **** earns that much anyway?
No one
Except for a few ANC politicians and maybe a few CEO's and that's about it

 

[pinball wizard]

R500 000 a year
I would give my left testicle to earn that !!!!!!!!!
Who the **** earns that much anyway?
No one
Except for a few ANC politicians and maybe a few CEO's and that's about it

Yikes.

 

[porchrat]

R500 000 a year
I would give my left testicle to earn that !!!!!!!!!
Who the **** earns that much anyway?
No one
Except for a few ANC politicians and maybe a few CEO's and that's about it

Not sure if this is sarcasm?

I assume it's gross, it's a little over R40k p/m.

Is that considered a lot these days?

 

[Pineapple Smurf]

Not sure if this is sarcasm?

I assume it's gross, it's a little over R40k p/m.

Is that considered a lot these days?

Oh is that all?
Apologies
It sounded like more
But yes that is a lot of cost to company in my books
I earn about half that

 

[RunningFromFat]

Not sure if this is sarcasm?

I assume it's gross, it's a little over R40k p/m.

Is that considered a lot these days?

Yes, did you think the average gross would be 40k? Hell no.

 

[RedViking]

R500 000 a year
I would give my left testicle to earn that !!!!!!!!!
Who the **** earns that much anyway?
No one
Except for a few ANC politicians and maybe a few CEO's and that's about it

I earn at least 3 or 4 times that..... when I am older.

 

[porchrat]

Oh is that all?
Apologies
It sounded like more
But yes that is a lot of cost to company in my books
I earn about half that

He could just be older and further along in his career. Or in a different sector earning different money.

 

[RedViking]

Not sure if this is sarcasm?

I assume it's gross, it's a little over R40k p/m.

Is that considered a lot these days?

Dis moer baie

 

[porchrat]

Yes, did you think the average gross would be 40k? Hell no.

Averages in this country are skewed so badly by people that either don't work or work for scraps in some barely formal or informal position.

What's far more useful is averages in your sector at your level of experience.