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June 2013: Pay now. Smile later.

By April 18, 2015October 6th, 2023Newsletter

June 2013: Pay now. Smile later.

April 18, 2015

South Africans with an annual income from remuneration exceeding R120 000 p.a are compelled to file a tax return. People below age 65 pay tax on income of R60 000 or more, while the tax threshold for 65 and older is R90 000.

The moral of this story – expats who enjoy a South African income are liable to pay tax on their South African source income, alternatively file and obtain tax exemption where applicable

Paying taxes from abroad is an administrative chore that nobody enjoys, and there’s always the niggling concern “I wonder if I have to pay tax in South Africa?” If you don’t ask, you’ll never know. fresh milk readers, family and friends, who are in doubt can contact our tax team to assist in filing their returns.

The acid test: should your annual South African income – excluding interest received – not exceed R120 000, there’s no need to file a return since SARS accepts that the income provider will make the necessary tax deductions on your behalf. Most people over 65 are exempt from provisional tax returns.

If on the other hand you earn any rental, commission, interest or remuneration that exceed R120 000 you should act today – call on our tax departmentand avoid having to pay back taxes and penalties when you decide to formally emigrate. Pay now. Smile later.