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As a sole proprietor making less than R350k/year, do I pay income tax?

Posted 1 February 2016 under Tax Q&A


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John says:
1 February 2016 at 12:18

Thank you for taking my question. I am a sole proprietor that receives money from a single company for odd jobs around the office. I am not on contract with this company and receive a fixed R15k a month from them into my sole proprietor bank account. I then pay money from the sole proprietor account into my personal account amounting to around R12k-R13k/month. In total, I make less than R350k per annum, will I be liable to pay income tax?

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TaxTim TaxTim says:
1 February 2016 at 15:35

Please make use of our SARS income tax calculator to see tax you should be paying on R15K per month.

Please also read our blog on Reasons you need to file your tax return

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Do your
Tax Return in
20 minutes
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TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

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