Sars tax return question

[broadone]

.

 

[AchmatK]

Income here refers to a salary paid to you by an employer not from the carrying on of a trade.

Edit: The gross amount on your payslip as reflected in your IRP5.

 

[AchmatK]

Thanks for the reply.

So if one is self-employed (and does not get paid a salary from an employer) then what is the gross amount?

Or maybe there isn't one in such a case and one just pays the turnover-tax (if one is registered for it) or corporate income tax of 28%?

If you're self employed(sole proprietor) then you must submit 2 provisional tax returns and 1 income tax return. On the income tax return you will fill in all income(sales) and claim for all allowable deductions(cost of sales and other deductions such as RA/medical aid contributions). The net amount will determine your marginal tax rate.

 

[HavocXphere]

I dread to think how many people unintentionally under declare their income as a result of the above confusion.

 

[Greg C]

If you're self employed(sole proprietor) then you must submit 2 provisional tax returns and 1 income tax return. On the income tax return you will fill in all income(sales) and claim for all allowable deductions(cost of sales and other deductions such as RA/medical aid contributions). The net amount will determine your marginal tax rate.

FACT as per above. The receiving assessment for income from different sources being an ITA34 tax assessment representing income received from different sources and the deductions accordingly.