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Additional Income - is it taxable?

Posted 28 October 2014

I currently earn R12650 R1391.50 shift allowance per month through my company. I will be getting an additional income R8085 from next month separate to my employer.
1. Do I need to declare this additional income?
2. Will this push me into the next tax bracket and what will be my tax amount?
3. How best can take advantage of any tax benefits for this additional income?

TaxTim TaxTim says:
29 October 2014 at 9:47

How are you earning this extra income - for what?

Vanz says:
29 October 2014 at 9:56

Its for an investment that I've joined

TaxTim TaxTim says:
30 October 2014 at 8:28

Can you give us more details on the type of investment and what exactly you are receiving.

Vanz says:
30 October 2014 at 13:23

Its an investment that I put a lumpsum into and receiving a monthly payout.

TaxTim TaxTim says:
30 October 2014 at 18:14

This extra income, if not just a capital repayment, will then be taxed and you will then be reaching a new tax bracket. You can make use of our SARS income tax calculator to work out how much tax you would be paying for a year.

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