I earn less than R180 000 per annum. I only just entered the work force, and taxes still confuse me. I'm an independent contractor (but get set salary each month), and therefore I pay 25% tax. However, our accountant assured me I can reclaim all the tax I paid. Granted, last yr I earned only R74 000, paying 25% tax, and I know I can reclaim that. Basically, will I be able to reclaim the tax I am paying this year, and what is the maximum annual income for which you can still reclaim your tax?
If you earned R73,650 or below for 2016 (i.e. 1 March 2015 - 28 Feb 2016) you will be able to claim all your tax back. Therefore you marginally above this threshold, so are correct in saying you can claim it back. This limit has increased to R75,000 for 2017 (i.e 1 March 2016 - 28 Feb 2017).
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