Your First Year of Self-Employment and Provisional Tax: The Mistakes That Generate Interest

Becoming self-employed changes the way you deal with tax. When you are employed, your employer deducts PAYE from your salary and pays it to SARS on your behalf. You receive your salary after tax, file an annual return, and usually do not have to think much more about it. Self-employment is different. You receive your […]

PROVISIONAL TAX WHEN YOU SELL YOUR PROPERTY

The pregime operates as a continuous cash flow mechanism in favour of Government whereby tax on income earned is paid over provisionally in anticipation of the final tax liability to be calculated when a person is finally assessed to income tax. Where a person is required to be registered for provisional tax, estimates of taxable […]

Passive income and SARS

Have you ever investigated passive income opportunities to earn extra money? Did you consider the effect that earning additional income might have on your current income tax liability? If your income increases, whether from a passive income source or otherwise, SARS will soon come to the party to claim its share of your profits. Do […]

Provisional tax: Did you know?

Provisional tax payments is not a separate tax but pre-payments of income tax for a specific tax year. These pre-payments ensure that the tax load is spread over the tax year and can avoid a nasty surprise when SARS calculates (assesses) the final income tax liability for that specific tax year. There are three provisional […]