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TaxTim says: 5 September 2014 at 17:05 The abbreviation"LBS" (Lopende Betaalstelsel) is Afrikaans and it means Pay As You Earn deductions. The PAYE calculated as a result is based on the employee's earnings and includes basic salaries, bonuses, fringe benefits and other allowances. PAYE is calculated monthly and paid to SARS by your employer monthly, even if you are paid weekly / fortnightly. When your employer calculates your PAYE, your earnings get multiplied by 52 weeks, 26 weeks or 12 months (depending on how often you get paid) to get an annual amount, before being applied to the SARS tax tables to calculate annual tax. Please see the Please make use of our SARS income tax calculator to work out how much tax you should have paid on that amount. Kindly use the IRP5 tax certificate/s that you received from your employer to complete the information on the calculator. If you have any further questions please contact us on the helpdesk. |
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