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I have earned R130K, mostly contract work, no irp5. How much do I keep to pay tax, do I file?



I have not been filing due to unemployemnt. But this year I have a very small job that will pay out about R30K and I recieve money for contract work to the tune of R100K 1) How much money should I keep aside for tax (approximately)2) Should I file a tax return. (I usually efile.)Thank you so much for your answer in anticipation.

TaxTim TaxTim says:
29 October 2014 at 9:14

Which months of the year did you work and receive income for?

Matt says:
29 October 2014 at 9:35

I worked for the R30K from September to April.
The R100K were billed amounts in the middle of jobs done sporadically throughout the tax year I billed in August, October and March.

I hope that helps.

TaxTim TaxTim says:
29 October 2014 at 9:37

If no tax was deducted from the income earned then you should keep aside about R10 000 and you should file a return. Remember that you can deduct the business expenses you incurred in earning this income.

Matt says:
29 October 2014 at 9:52

Thank you so much for your reply.

I was wondering, since I am not getting a irp5 (not employed for the R100K) do I have to register as a provisional tax payer or do I just fill in the part that asks if you earned other money during the year?

TaxTim TaxTim says:
30 October 2014 at 8:25

You should going forward register as a provisional taxpayer as you are earning outside of salaried income. How were it will not change where you complete your income on the final return.

Matt says:
30 October 2014 at 8:32

Thanks you for your answers - big help.
Matthew

TaxTim TaxTim says:
30 October 2014 at 11:28

Only a pleasure!

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