26 May 2016 at 22:09
I am currently employed and my employer pays PAYE. Recently I undertook small part time jobs probably totaling around R40 000 income for the financial year. Do I need to register as a provisional tax payer, or can I declare this additional income under the local business section of my SARS tax return?
This entry was posted in Tax Q&A and tagged Salary / IRP5, Provisional Tax, Dividends, Penalties. Bookmark the permalink.
27 May 2016 at 10:23
You should register as a provisional taxpayer - work through our questions: Am I a Provisional taxpayer? to make sure.
Please also read our blog on What is Provisional Tax? How and when?
If you declare the additional income in your tax return without paying provisional tax during the year, you may be liable for under-estimation penalties from SARS. Read our blog on Provisional Tax Penalties