How Much Do You Need To Earn To Pay Tax In South Africa?

Are you confused about whether you need to pay taxes in South Africa? As a tax specialist, we know this can be a common question. That is why we have put together this guide to help you understand your tax obligations for the financial year 2022-2023.

Let us start with the basics. In South Africa, individuals are required to pay income tax on their earnings if they exceed a certain threshold. The good news is that if you earn below a certain amount, you may not need to pay taxes at all.

Here are the tax-exempt income thresholds based on age:

• If you are under 65 years old: R91,250

• If you are between 65 to 74 years old: R141,250

• If you are 75 years or older: R159,700

If your income falls below these thresholds, you do not need to pay taxes. However, if you qualify for claims, deductions, or refunds based on specific criteria, you will need to submit your tax return.

It is important to note that these thresholds are subject to change each year, so it is always a good idea to stay informed about the latest tax laws and regulations.

As tax specialists, we are here to help you navigate the tax landscape in South Africa. If you have any questions or need further clarification, do not hesitate to reach out to us via email:

natasha@lordebusiness.solutions

See more here: www.lordebusiness.solutions