Do I need to register for income tax?

Advertisement

Answer

In South Africa, you are required to register for income tax if you earn above a certain threshold. The threshold varies depending on your age and income, and it is updated annually by the South African Revenue Service (SARS).

Currently, if you are under the age of 65 and earn a total income of more than R87,300 per year, or R7,275 per month, you are required to register for income tax. If you are 65 years or older, the threshold is higher, and you are only required to register if you earn more than R135,150 per year, or R11,263 per month.

If you are self-employed or run a business, you are also required to register for income tax, regardless of your income level. This applies to sole proprietors, partnerships and companies.

It's important to note that even if you earn below the income threshold, you may still want to consider registering for income tax. This is because if you are registered, you may be eligible for certain tax deductions, credits, and benefits, such as medical expenses, retirement annuities, and travel allowances.

To register for income tax in South Africa, you can visit the SARS website and complete the relevant registration form online, or you can visit a SARS branch in person.

FAQ Categories


Advertisement



Advertisement


Advertisement


Advertisement


Google News


Advertisement




Advertisement