Tax legislation provides for a taxpayer to claim certain expenses incurred during a year of assessment against the income received. However, the type of expenses you can claim is dependent on the type of income you received. Expenses allowed by the law for different types of income are the following:…
Any person who receives income other than remuneration is a provisional taxpayer.(for example: rental income from a property, interest income, foreign dividends or other income from the carrying on of any trade) Above is subject to certain exclusions as listed below: any natural person who on the last day of…
Although a taxpayer still has to register for income tax he/she may choose not to submit a return for the year of assessment if the following conditions are met: Where the gross income consists solely of remuneration and: It does not exceed R250 000 Is paid or payable form one single…
If you earn a taxable income which is above the tax threshold, you must register as a taxpayer with SARS. Tax thresholds for the 2014 year of assessment (1 March - 28/29 February) # younger than 65 years of age # older than 65 years of age # older than…