What does it mean to 'do taxes'?

I

InternetSwag

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Like tax returns and stuff?

Isn't that all deducted from your salary anyways? Or when you buy stuff it's always taxed? Like I've never understood the term, unless you have like a business or something?

I mean, for the most part until recent years I wasn't even earning enough to get taxed most of the time.

But everyone I talk to these days is all like 'tax this' 'tax that' 'is crypto tax evasion'

Is there a company I can pay to do this for me? How would I even know if I get a tax return?
 
Once you earn over a certain amount, a pretty low amount if I remember correctly.
You can do the questionnaire here: http://www.sars.gov.za/TaxTypes/PIT/Pages/Do-you-need-to-submit-a-return.aspx

What it consists of for normal salaried people without additional income, without capital gains and who don't have a pension fund, is to simply log onto e-filing, check that the amounts match whats on your IRP5, and click submit.
You can get someone to do it, normally just a tax consultant, but you still need to get all the docs together which you send them, and they will capture everything in the correct fields and click submit.

If you start getting into rental properties or have additional income, or work on a contract basis it may be worth while getting a consultant.
 
OP is the exact kind of sucker the government targets. If you earn under a certain amount you don't have to file a tax return yet your employer has already paid the tax withholdings over to SARS. This is tantamount to you don't have to do the paperwork if we don't have to give your money back.
 
^^vampire^^ said:
OP is the exact kind of sucker the government targets. If you earn under a certain amount you don't have to file a tax return yet your employer has already paid the tax withholdings over to SARS. This is tantamount to you don't have to do the paperwork if we don't have to give your money back.
Click to expand...
Except no.

PAYE rate factors in the primary rebate / 0.18 ... along with RA & pension deductions etc if it's on your payslip.

So unless you're above 70kish AND below 350k AND are due an additional exemption not factored into the PAYE you're not losing money. (Or whatever the thresholds are no - I couldn't be arse to check)
 
HavocXphere said:
Except no.

PAYE rate factors in the primary rebate / 0.18 ... along with RA & pension deductions etc if it's on your payslip.

So unless you're above 70kish AND below 350k AND are due an additional exemption not factored into the PAYE you're not losing money. (Or whatever the thresholds are no - I couldn't be arse to check)
Click to expand...

Until you get a bonus, or a travel allowance, or anything.

Always do your tax return. There have been instances where SARS has reopened prior years even though the individuals were under the threshold during that year of assessment.
 
CarsinemiA said:
Until you get a bonus, or a travel allowance, or anything.

Always do your tax return. There have been instances where SARS has reopened prior years even though the individuals were under the threshold during that year of assessment.
Click to expand...

Absolutely right.
I'm a tax administrator and I get a lot of cases of people with medical aid or retirement annuity contributions that haven't been taken into account by employers (usually this is employees of small business who don't run their payrolls perfectly) who would be due refunds, but being under the threshold, or just afraid to deal with SARS, lose out on the overpayments of their taxes.

Seriously... a simple tax return (salary/med aid/ra) takes literally 5-10 minutes to complete.
 
InternetSwag said:
Like tax returns and stuff?

Isn't that all deducted from your salary anyways? Or when you buy stuff it's always taxed? Like I've never understood the term, unless you have like a business or something?

I mean, for the most part until recent years I wasn't even earning enough to get taxed most of the time.

But everyone I talk to these days is all like 'tax this' 'tax that' 'is crypto tax evasion'

Is there a company I can pay to do this for me? How would I even know if I get a tax return?
Click to expand...

"Do Taxes" means you send them your income statement (IRP5) to check that all your tax payments and deductions are correct. Its your chance to either declare stuff that was not taxed or stuff that you need a rebate for.

For most people its just to get money back from contributions to medical aid etc
 
It horrifies me that someone can get to a working age earning a salary and not know what "doing taxes" means or their personal responsibility with regards to it.

Where is the failure here? School? Head in the sand? Employer's responsibility?
 
I love this about the forum. the old and experienced helping and guiding the little ones still finding their way in life.
Beautiful
 
SauRoNZA said:
It horrifies me that someone can get to a working age earning a salary and not know what "doing taxes" means or their personal responsibility with regards to it.

Where is the failure here? School? Head in the sand? Employer's responsibility?
Click to expand...

You must be new to his threads

:D
 
genelock said:
I love this about the forum. the old and experienced helping and guiding the little ones still finding their way in life.
Beautiful
Click to expand...

Agree ... and no-one belittling those with little or no experience or knowledge
 
InternetSwag said:
Like tax returns and stuff?

Isn't that all deducted from your salary anyways? Or when you buy stuff it's always taxed? Like I've never understood the term, unless you have like a business or something?

I mean, for the most part until recent years I wasn't even earning enough to get taxed most of the time.

But everyone I talk to these days is all like 'tax this' 'tax that' 'is crypto tax evasion'

Is there a company I can pay to do this for me? How would I even know if I get a tax return?
Click to expand...

even if you below the threshold, alway submit a tax return. honestly on SARS efiling it's so easy to do really unless you have complicated earning just DIY. So many times i've told people to do their tax return , they didnt want to as they below the amount and then they end up with refunds.

this is one of those things you end up thanking parents for
my Dad forced me to do a tax return when i got my first job ( back then it was a bitch to fill out), honestly i was like freaking man wasting my time, but now i know better.
 
oraclebob said:
Absolutely right.
I'm a tax administrator and I get a lot of cases of people with medical aid or retirement annuity contributions that haven't been taken into account by employers (usually this is employees of small business who don't run their payrolls perfectly) who would be due refunds, but being under the threshold, or just afraid to deal with SARS, lose out on the overpayments of their taxes.

Seriously... a simple tax return (salary/med aid/ra) takes literally 5-10 minutes to complete.
Click to expand...

I should have probably also mentioned I'm a registered Tax Practitioner.
 
Alright, from what I'm reading so far, it's a lot easier than I believed? That's good to know.
simm_card said:
Do it yourself.

http://www.sarsefiling.co.za/

There's even and app for that.

https://play.google.com/store/apps/details?id=air.za.gov.sars.efiling
Click to expand...
Seems like there's a broken html link on one of those pages that keeps me from advancing, will try another browser.
^^vampire^^ said:
OP is the exact kind of sucker the government targets. If you earn under a certain amount you don't have to file a tax return yet your employer has already paid the tax withholdings over to SARS. This is tantamount to you don't have to do the paperwork if we don't have to give your money back.
Click to expand...
I don't get it, my employer has paid the tax withholdings? What are tax withholdings?

Barbarian said:
Once you earn over a certain amount, a pretty low amount if I remember correctly.
You can do the questionnaire here: http://www.sars.gov.za/TaxTypes/PIT/Pages/Do-you-need-to-submit-a-return.aspx

What it consists of for normal salaried people without additional income, without capital gains and who don't have a pension fund, is to simply log onto e-filing, check that the amounts match whats on your IRP5, and click submit.
You can get someone to do it, normally just a tax consultant, but you still need to get all the docs together which you send them, and they will capture everything in the correct fields and click submit.

If you start getting into rental properties or have additional income, or work on a contract basis it may be worth while getting a consultant.
Click to expand...
Wait, so tax filing is more about tax returns or rebates? I thought I was doing something illegal by not doing tax files and stuff.

So if you just get a normal salary and its taxed and you pay tax on food etc everything is good to go?
 
Nerfherder said:
"Do Taxes" means you send them your income statement (IRP5) to check that all your tax payments and deductions are correct. Its your chance to either declare stuff that was not taxed or stuff that you need a rebate for.

For most people its just to get money back from contributions to medical aid etc
Click to expand...



Oh I see, so I need to do this income statement, what happens if the tax return is wrong? Is it my employers fault? or mine?
 
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