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I get asked this question quite a lot. If you have more than one income stream during a financial year, the chances are very good that you will need to pay in on your annual income tax return.
Income tax returns
SARS has written a practice note which explains this very good, and one of the best practice notes they have written. Please see the SARS website to read this note. This will give you more insight on how PAYE is calculated, and how it is influenced when a taxpayer have more than one income. Contact us for more info.
SARS is encouraging taxpayers to submit their returns via eFiling, to reduce the traffic at their offices. As well as to speed up the process.
Contact us to submit your return.
In order for you not to submit an income tax return, you have to comply with the following conditions:
- Income for the year was less than R500 000
- Income was only received from one employer, ie only one IRP5 received.
If you had any of the following forms of income, you have to submit an income tax return:
- Trading as a sole proprietor.
- Received a travel or subsistance allowance.
- Capital gains or losses totaling R40 000 or more.
- Held funds in foreign currency or assets exceeding R225 000 at any stage during the year.
For more information, contact us now on email.