Taxes are an inevitable outcome of starting to earn money. So what is personal tax and who is it for? Here are some essential things to know about personal tax as well as a handy free calendar to make sure no tax dates are missed.

What is personal tax?

Personal tax or personal income tax is the taxes paid on any income made throughout the year. This applies to:

• Remuneration  such as, salaries, wages, bonuses and benefits
• Profits or losses from a business or trade
• Income or profits arising from an individual being a beneficiary of a trust
• Director’s fees
• Investment income
• Rental profit or losses
• Income from royalties
• Annuities
• Pension income
• Certain capital gains

Who is it for?

Tax is required of someone if a certain amount of money is generated during the year. For 2022, anyone under the age of 65 earning R87 300 or more in the year is required to pay taxes. For over 65 years of age, the amount is R135 150 and for over 75 years of age, the amount is R151 100.

Make sure to register for income tax and submit an annual income tax return if it is required to pay income tax. Visit the SARS website for more information.

Taxes are something we all have to deal with eventually. Luckily it has become easier to do with processes such as eFiling. To make things even easier, download this free personal tax calendar and make sure you don’t miss any submission dates going forward. For any further tax assistance contact us.

Simply enter your details below to download the personal tax calendar.