On 2023-01-14 17:19:39 Russian Bridgitte said:
On 2023-01-14 16:56:50 berserker said: If they did they would have to be fkin stupid
"...When submitting the transfer duty declaration all parties involved need to include an income tax and VAT number (if applicable). In order to purchase an immovable property, the buyer will need to be a registered taxpayer.."
How little u think of successful SP's.
Haven't bought ANY immovable property yet berserker?...how stupid of an SP to have an investment or two.
:)
RB.
Good on you. I'd say anyone not paying tax is stupis as you want to accumulate wealth.
I hope you also make use of the tax free invetsmnets and super too. Compounding interest + tax breaks = magic.
I have to admit my tax returns are done by someone who knows much much more than I do when it comes to submitting them.
I do try educate myself as much as possible and do bring up a question or two when we do my returns but, prefer a tax specialist to do his thing.
Times are getting tougher and, as the economy dips the asset loss of some will be a wealth gain of another.
Money does talk...if one knows how to use it...properly and frugally.
...and tax evasion ain't a thing to even consider.
RB.
As RB says you need an IT (Income Tax) number and banks statements to do just about everything around asset creation, accumulation and protection.
If ladies are doing their taxes properly, they can deduct all their expenses even some that are considered domestic cost such as laundry, hair and mark-up etc.
If a lady suddenly deposits R20k cash into her bank account from her income, the bank and SARS will require a Source of Funds declaration. If not done correctly, it will open a whole can of worms, including back taxes and penalties.
It's better, in the long run, to submit your returns, even if these are nil value returns - that is, you aren't declaring income or declaring very small amounts.
Thing is, buying a house, car and plenty of other things is going to be a problem if you don't pay PAYE. On top of that the bank is legally required to question and investigate large cash deposits, IE KYC (know your customer). And that is not as slippery as the other KYC.
Infact one can create a company and trade out of there. Every expense can be claimed for from rent to clothes even lingerie or tooth paste
A SP can thus declare a net income of R91,249 and she would not pay a cent of personal income tax.
That way you have a legit tax number, filed a legit return etc. If she dont deposit much more than this amount into her bank accounts, it should not raise eyebrows. Whatever you earn more than that, use the cash to fund your expenses.
To save R91k p.a. "legitimately" is no small fry. I bet 90% of people earning R1mil per year, dont save R90k.
On 2023-01-15 18:04:01 Guypunteresa said:
On 2023-01-14 16:56:50 berserker said: If they did they would have to be fkin stupid
A bit insulting don't you think?
Ignorance is bliss
On 2023-01-16 15:21:16 Vrik said:
The tax threshold for people under the age of 65 is R91,250 p.a.
A SP can thus declare a net income of R91,249 and she would not pay a cent of personal income tax.
That way you have a legit tax number, filed a legit return etc. If she dont deposit much more than this amount into her bank accounts, it should not raise eyebrows. Whatever you earn more than that, use the cash to fund your expenses.
To save R91k p.a. "legitimately" is no small fry. I bet 90% of people earning R1mil per year, dont save R90k.
R7604 per month.... That's not fireworks Vrik
Why would a sp only declare that... just not to pay tax?
What would she gain by showing 7 k in the bank
So i guess the rental wont go through the books, debit orders, accounts
What you xplain here makes no sense to me just to own a tax number...
Legalization of this industry makes sense to me
Sp's buying property and cars
gettin a study loan... yes
Its not your business
Its like asking if any of the PUTNERS declare to their wives their punting expenses
Dude are u doing a Thesis?
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