If you work for a salary and earn above the minimum threshold, you will be required to pay tax in South Africa for a large part of your life. As such, tax can be taken as one of the certainties of life as a South African citizen. During this period, you will have to submit several personal income tax returns, but instead of looking at the process as a complicated task and something to be dreaded, you can have us handle the process. In this way, you will be able to focus on life, rather than the red tape associated with having an income.
Our team will help you gain insight into tax liabilities, appropriate ways to reduce your tax liabilities, and ways to be tax efficient. In addition, we will correctly complete and submit your personal income tax returns, thereby helping you to reduce the stress of staying tax compliant.
Do You Have to Submit Personal Income Tax Returns?
If you earn more than the minimum threshold per annum, you must pay tax. For the 2018 assessment period, the minimum amount is set at R75 750 per annum if you are younger than 65 years of age. If you are 65 years or older you must earn more than R117 300 per year. If you are older than 75 years of age and earn more than R131 150, then you must pay tax.
The above said, you do not have to file personal income tax returns for the 2018 assessment period if your gross income is less than R350 000 for the period. Before jumping for joy, the above is subject to specific conditions. For one, you must have only one employer and no other income. This means that if you have additional income from part-time employment, rent, interest on investments, or spouse pension income etc., you must still file personal income tax returns.
Also, if you have a car allowance or have tax-related deductions, such as travel expenses or medical costs, and pension fund contributions, you will still need to submit your personal income tax returns. If you received dividends while being resident in the country for the assessment period or received interest from a South African source in excess of R23 800 (if younger than 65 years) or R34 500 (if older than 65 years), you are also not excluded from the submission process.
Where to Get Help?
Unless you fall in the category of not having to file personal income tax returns, you will benefit from our comprehensive and affordable tax help.