Unless you get special permission from the South African Reserve Bank you will have to bring the funds back into SA and convert to Rands withing 30 days of earning the income.
There are sections on the ITR12 income tax return for foreign income earned where you would enter the amounts earned. You would also need to register as a provisional taxpayer and submit a IRP6 every 6 months and pay taxes accordingly. This is just an upfront payment and is based on the expected earnings for the tax year.
Nicksays: 11 February 2013 at 9:41
Thank you Tim. I'll register as Provisional taxpayer.
On the ITR12, would I put this income as code 3603 (contract work)?
Sorry for all the questions, but what type of deductions are allowed for contractors? As I would need to buy a laptop and have some cellphone expenses in order to do my job?
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