Tax related question...

[medicnick83]

Hi all,

How much must you earn to pay tax?

I mean, I have never bothered with this whole tax thing - alot of people I know don't but I'm curious, how much do you have to earn to do the whole tax thing - because I pay tax, but I don't do anymore than that.

 

[mh348]

I thinks its 43k

 

[Smurfatefrog]

I thinks its 43k

Thats for the year ending Feb 08, its R46k per annum for Feb 09

And i think you are meant to be registered for tax if you are over R60k

 

[DJ...]

If you're being taxed on your payslip and are not earning a second income, then that is all the tax you need to worry about...

 

[CathJ]

If you're being taxed on your payslip and are not earning a second income, then that is all the tax you need to worry about...

Yeah, but you stil need to fill in a tax return if you earn over a certain threshold (don't know what it is these days).

 

[blue-eye-boy]

You say it is R46000 for febr '09, is it 46k for me, and 46k for my wife? Together R92 000?

 

[Barefoot Billionaire]

I queued for nearly 30 mins at SARS last week with nothing else to do but read all their marketing material on the walls. R120 000 is the new threshold below which you do not have to submit a tax return. You still have to pay your tax, though.

 

[medicnick83]

Ok, then I'm fine, because I pay tax every month but I'm not near in earning R120 000.

 

[Barefoot Billionaire]

You're definitely fine.

 

[IceBlade84]

I queued for nearly 30 mins at SARS last week with nothing else to do but read all their marketing material on the walls. R120 000 is the new threshold below which you do not have to submit a tax return. You still have to pay your tax, though.

You still have to register for tax if you earn more than 60k and only need to submit a tax return if you earn more than 120k, unless you have more than one income source.

It would also be advised to submit a tax return if you have a travel allowance or have allot of medical expanses that's not shown on your IRP5 (including if your company doesn't pay for your medical aid fund)