18 April 2020 at 19:32
I am a South African resident currently employed full time. I earn a monthly salary of R23000 (before tax). I have recently started consulting part time for a foreign company that will pay me in dollars. On average $2000 every 3 months.
This entry was posted in Tax Q&A and tagged Salary / IRP5, Provisional Tax, Deductions, Dividends, Foreign employment income, PAYE & UIF. Bookmark the permalink.
20 April 2020 at 8:35
You receive two incomes from 2 different sources, therefore you are liable to register for provisional tax and to submit the applicable tax returns.
Please refer to our following blogs for more information regarding provisional taxes: Am I a Provisional taxpayer? and What is Provisional Tax? How and when? .
You will need to declare the foreign income and tax credits on your income tax return and will need to bring it into account when calculating your provisional taxes.
Please refer to the following blogs for information regarding foreign income: https://www.taxtim.com/za/blog/foreign-employment-income-exemption-what-is-it-really and Can I claim a portion of my foreign income as exempt?.
If you would like us to assist you with your tax returns, please refer to our Pricing Page