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How much income tax will I pay on additional income from freelance consulting?

Posted 12 July 2015 under Tax Questions



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Frantic2016 says:
12 July 2015 at 8:44

I am receiving R50,000.00 in this tax year for freelance consulting fees using my personal experience to assist individuals to optimize their asking price for their house. I am not a registered business and I am currently employed and receive an IRP5 every year. This will be the first tax year that I have to declare additional income. It is all done legally through attorneys who does the transfer of the properties. Should the attorneys be issuing me with an IT3 certificate which I will then use with my next tax return?

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TaxTimTaxTim says:
12 July 2015 at 21:39

They should be issuing you IT3a and this would then be on your SARS eFiling profile when you go to submit your tax return. If it isn't then you would need to include this under the Other Income of your tax return. The additional tax would be the R50 000 at your marginal rate of tax.


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