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Registering FOR TAX

By admin
09 August 2013

Your money helps run the country.

WHO MUST REGISTER WITH SARS?

Any individual earning an income of R60 000 or more per year, must register to pay income tax with SARS.

WHAT KIND OF TAX ARE WE RESPONSIBLE FOR?

There are many types of tax that should be paid as an individual.

Pay As You Earn (PAYE): This is individual tax that is deducted monthly by employers after the employee is registered. In most cases the employer registers the employee for this tax.

Standard Income Tax on Employees (SITE): SITE is not a separate kind of tax. It simply allows any employee, who earns less to pay income tax as a full and final responsibility to their employer.

Unemployment Insurance Fund (UIF): This is basically a tax paid by the employee and employer for employee insurance should they lose their job. An employee must contribute 1% from their salary every month to be covered by this tax.

WHAT DOCUMENTS DO YOU NEED TO REGISTER FOR TAX?

Those who qualify to register with SARS should have the following:

A certified copy of ID.

One month’s bank statement.

A recent pay slip.

A registration form which is available at your local SARS office.

MOVE! TIP Registering with SARS is free of charge; however, some people may prefer the services of business consultants who charge a fee for making registration on behalf of their clients.