TTT Financial Group | Winning at tax: 6 questions you need to ask yourself today!

Am I a provisional taxpayer?

If you earn additional income that is not taxed by an employer, then YES.

Am I an individual income taxpayer?

If you’re a salaried employee whose company pays PAYE on your behalf, and you don’t earn additional income that amounts to more than R30 000, then YES.

I’m a provisional taxpayer; when do I submit?

As a provisional taxpayer in South Africa, you need to submit your tax returns three times a year. Here are the deadlines:

First Provisional Tax Return:

– Due by 31 August (February year-end) or six months after your financial year-end.

Second Provisional Tax Return:

– Due by 28/29 February (February year-end) or 12 months after your financial year-end.

Third Provisional Tax Return:

– Due by 30 September (February year-end) or 18 months after your financial year-end.

Meeting these deadlines is crucial to avoid penalties and interest. The team’s most time-consuming clients are our provisional taxpayers. This is because we are painstakingly thorough in understanding their expenses, estimated income and budgets. Why? Because crucial chances for extra returns from SARS hide inside all that data.

“There are legal ways and means to reduce that [tax payment], not known to the general public.” -Roscoe Dekker, TTT Financial Group Managing Partner

I’m an individual income taxpayer; when do I submit?

Once a year; the deadline is around the end of October each year.

I’m an individual income taxpayer; how do I make SARS work for me?

There are many ways to make SARS work for you. Here are just a few:– Contribute to a retirement annuity
– Contribute towards a medical aid
– Open a tax-free savings account
– Donate to a public benefit organisation (NPO)

I’m a provisional taxpayer; how do I make SARS work for me?

As above – but with TONS more options!

If your commission is equal to or greater than 50% of your gross income, you can claim on any expenses that helped you get that commission. Examples include: