Tax returns are forms that are annually filled in by taxpayers, where they declare their income/s so that the national tax authority can assess their tax liability. South African taxpayers file their tax returns with the South African Revenue Service (SARS), and the type of form they should fill in depends on their unique streams of income. Tax season starts on 1 July every year and closes for most tax paying individuals at the end of November. If you earn less than R350,000 per year, have one employer, no other sources of additional income, and no deductions, you may not need to submit a tax return. But if you are unsure about this, it's best to submit one anyway. If you are liable to pay tax and you do not pay it, you will be fined for tax evasion. Besides this, paying tax is a vital part of being an active South African citizen. Your tax supports the daily cost of the police service, firefighters, and other civil service departments. Tax money facilitates the safety and maintenance of the roads you travel on. Libraries, parks, and many other public areas are also paid for by taxes.
Connecting World Overview
At Connecting World we take the stress out of your finances and make it fast, safe, and convenient to manage your money.Just click on your cell phone or desktop for access to money management tools, advice you can bank on, and a full range of financial products and services.
We will guide you on your financial journey, allowing you to make informed decisions today, and for your future.Having been around for over 10 years, we continuously strive to be a trusted voice within the personal finance sector.
