I am an independent contractor and my earnings is below R200 000 per year. Over the past two years, I have managed to save and have invested R100 000 in listed shares and R50 000 in investment funds such as unit trusts. I am not sure whether I need to submit a tax return?
You need to submit a tax return and pay tax for all amounts over R70 700 for the 2015 year. Why do you think you do not need to submit below R200 000? As an independent contractor you need to submit regardless of your income threshold. Did you receive IT3b's and IT3c's from the investment funds?
Lizettesays: 12 August 2015 at 8:00
Will I incur any penalties for not submitting? My last tax return that was submitted pertained to the 2013 tax period. I was employed as an independent contractor as from January 2013.
TaxTimsays: 12 August 2015 at 15:32
You should submit ASAP to avoid penalties, you may have incurred them already. You would have been (hopefully) notified had you incurred penalties though.
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