One of the first things to do after finding a job in South Africa is to determine which category of taxpayer you fall into. This will determine which kind of payment mechanism works best for you, negating the need to pay more income tax than you should. The taxation system in South Africa is residence-based. South Africans are based on their worldwide income, while non-residents are only based on their South African income.
Any person liable to pay tax has to register as a taxpayer. Income tax registrations need not be a taxing endeavour, pun unintended. You will need to register at the South African Revenue Service, in order to receive your tax number. This number is crucial if you intend on purchasing property in South Africa or eventually decide to trade in shares.
Who Should Register for Income Tax in South Africa?
You must take care of income tax registration if you:
- Generate an income of R70 700 or more in the 2014 year of assessment, and you are younger than 65 years old;
- Run a business in your name;
- Receive a company travel allowance;
- Seek to become a director of a company or join a business as a member of a CC; and
- Have had Pay As You Earn tax (PAYE) subtracted from your salary throughout the tax year.
If you decide to go through a company like Muller and Partners to assist you with income tax registrations, we will require the following information and documents from you:
- Certified copy of your ID or passport;
- Certified copies of account statements, a cancelled check or a letter from your bank confirming your details;
- Proof of address, such as a utility bill; and
- Income details for the last three years.
Trust Muller and Partners with Your Income Tax Registration
At Muller and Partners, we help you take care of every aspect of your income tax registrations. You will never have to worry about endless SARS queues and frustrating loopholes that keep you occupied, running from one port to the next. We take care of your registration and ensure full compliance with all of the relevant SARS regulations.
Every South African who earns more than R70 700 per year and is under the age of 65, needs to pay income tax. If you are over 65, then the threshold increases to R110 200. Taxpayers over the age of 75 only pay when earning more than R123 350 per year. In order for Muller and Partners to assist you with income tax registration on your behalf, you will need to complete an IT77 registration form, which is obtainable from SARS.
Once completed, we can take this form to any SARS branch for processing or it can be posted to SARS. This takes care of all of your income tax registration needs and we are happy to assist you in this regard. Contact Muller and Partners for fast and efficient income tax registration services that remove all of the hassle out of dealing with SARS.share