I currently earn R12650 R1391.50 shift allowance per month through my company. I will be getting an additional income R8085 from next month separate to my employer. 1. Do I need to declare this additional income? 2. Will this push me into the next tax bracket and what will be my tax amount? 3. How best can take advantage of any tax benefits for this additional income?
Can you give us more details on the type of investment and what exactly you are receiving.
Vanzsays: 30 October 2014 at 13:23
Its an investment that I put a lumpsum into and receiving a monthly payout.
TaxTimsays: 30 October 2014 at 18:14
This extra income, if not just a capital repayment, will then be taxed and you will then be reaching a new tax bracket. You can make use of our SARS income tax calculator to work out how much tax you would be paying for a year.
Get Tax Deadline Reminders, News and Tips
We'll tell you when you need to file, along with tax tips and updates.