1. Structure your salary to pay less tax
2. Claim tax
deductions on your expenses?
3. Rely on your accountant or tax
consultant to do your taxes?
4. Charge Vat
5. Pay tax
If so, then you're just another one of several companies that could be committing financial suicide.
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SECTION A: Non-provisional taxpayers
You will be a non-provisional taxpayer if:
1. You're younger than 65 on the last day of the tax
year and don't have any business income. But only if your taxable income is less than the threshold per year and if your taxable income from interest, dividends and rent from properties is less than R20 000 per year
2. You're 65 or older on the last day of the tax
year and their taxable income is less than R120 000 for the year. Also, the income mustn't be in the form of business income and it mustn't come from any other form other than remuneration, interest, property rental or dividends.
Because some of you are no longer a provisional taxpayer anymore, your remuneration now falls under PAYE.
SECTION B: Provisional taxpayers
You're a provisional taxpayer if:
1. You earn income from a source other than a formal job;
2. You're a company;
3. You earn more than R20 000 in taxable income on interest or dividends on investments. It can also be income from renting properties or running a private business. It all qualifies for provisional tax
*To learn more on provisional tax
, page over to Chapter P 01
in your Practical Tax Loose Leaf Service
handbook, or click here
to order your copy today.