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Paypal says: 17 May 2016 at 15:27 If I do freelance work and get paid via Paypal what are the tax implications of withdrawing the funds into an FNB account, this would be a second source of income |
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TaxTim says: 18 May 2016 at 10:51 If your total earnings are above the tax threshold of R75,000, then you should register for Provisional Tax Your freelance income would be added to your other income and the total would be taxed per the tax tables. You need to declare it in your Tax Return within the section "Local Business, Trade and Professional Income". You can deduct any business related expenses to reduce your taxable income and therefore your tax liability on this additional income. |
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