What is provisional tax in South Africa?

Should you be self employed or a Director or member of a company you pay tax in South Africa twice a year. The first payment is (provisional tax) based on the taxable income of your previous tax return.

Do you pay Capital Gains Tax in South Africa?

Capital Gains Tax in South Africa

In South Africa, Capital Gains Tax is not a separate tax but forms a part of the income tax system. For individuals, 25% of the net capital gain, after deducting the annual exclusion, is included in taxable income and is subject to tax at the marginal rate of tax of the individual.

For more information, please contact Fiona, Fiona@incompass.co.za

Who has to register for income tax in South Africa?

Registration for income tax in South Africa

If you earn more than R 60 000 or if you would like to purchase property in South Africa, you need to register for income tax in South Africa, no matter if you are resident or non resident for tax purposes in South Africa.

To find out if you qualify as a tax resident in South Africa, please click here

For more information please contact Fiona, Fiona@incompass.co.za

Do non residents pay tax in South Africa?

Non residents and tax in South Africa

Non tax residents in South Africa have to pay tax on income from sources in South Africa, for example rental income from a holiday flat let out.

When do I qualify as a resident for tax purposes in South Africa?

Tax residency in South Africa

There are two tests that determine whether you are a resident for tax purpose or not.

The ordinarily resident test qualifies you as a tax resident as soon as your permanent home is in South Africa.

The physical presence test is time based. The test is based on the number of days a person is physically present in South Africa. For the consequences of tax residency in South Africa, please click here.

For more information, please contact Fiona on Fiona@incompass.co.za