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24 June 2014
Income Tax (noun)
Tax levied directly on personal income
A noun is a word for a person, place, or thing. Everything we can see or talk about is represented by a word which names it. SARS would best describe it as a verb, as income tax requires physical and mental action from you!
Income tax is the money you pay to government from your wages to pay for roads, schools, hospitals etc.
The amount of tax that you pay depends on:
- How much you earn.
- Your age (whether you are under 65 or over 65).
- Whether you are a member of a pension fund or pay towards a retirement annuity fund.
With the start of the TAX Season Looming [01-07-2014], why not take action and read up how this noun affects you through your life!
Below is a comprehensive guide to tax issued by SARS appropriately named: Tax throughout your life.
In this section of the website we’ve simply provided you with some key life stages and how tax matters need to be considered.
- Tax and starting work. No one teaches you about tax so here are a few helpful tips as to what elements you need to consider.
- Tax and changing jobs. Many of us change jobs in our career but until you’ve done it once you don’t know what to expect. So here are a few handy guidelines.
- Tax and marriage. Now there are two of you to consider. How does that effect your tax situation? And if you’re getting married soon, Congratulations.
- Tax and emigration. Here are a few helpful hints for you if sadly you are leaving our beautiful country.
- Tax and immigration. Welcome to South Africa. Here are a few of the things we’d like you to know about our tax system. Yes you will in most cases have to pay tax just like your fellow citizens here. Shame! (As they say here in South Africa.)
- Tax and divorce. There are issues to consider here from a tax perspective so we have given you a few guidelines.
- Tax and retirement. When we retire we have lots of plans and things to do. But please you’ll need to consider your tax situation as well.
- Tax, bereavement and estates. When you suffer a loss you don’t know where to turn and there is so much to sort out at a time when you least feel like doing anything. So here are a few simple notes to help you.
- Tax and Inheritance. When someone dies they normally have a ‘will’. The people who benefit from this ‘will’ are known as the heirs. The heirs receive an ‘inheritance’. Now we know you won’t read every section but we hope we might be of some help at key milestones in your We also needed to add some other issues in this section which can effect any of us. So here is where you will find life.
- Tax and disability. Here you can learn what criteria are applied to disability and what tax benefits are available.
- Tax and travellers. The all-important information on what you can and cannot bring into South Africa when travelling.
- Tax and trusts. Here we look at the tax implications for Trusts.
- Tax and non-residents. There are tax considerations here to bear in mind if you are not resident here in South Africa.
- Tax and Embassy Employees. And here a special section for the Embassy staff here in South Africa.
"Death, taxes and childbirth! There's never any convenient time for any of them."
(Margaret Mitchell, Gone With the Wind, 1936) |
