What does Annual Tax entail
You are probably wondering what annual tax entails. In today's world compliance and the different taxes applicable can be overwhelming to understand. Here are the basic components of Annual Tax:
Total tax - your total tax paid will include taxes employment income, investment income, capital gains
Financial institutions - these institutions are obligated to supply third party data to the revenue services ie through tax certificates better known as IT3b or IT3c
Tax rates - There are different tax rates that are applicable to Individuals, Companies and Trusts. it would also depend on the type of tax for example Capital gains tax has a different approach to calculation and inclusion in the overall income tax calculation
Property taxes - property transfer taxes, municipal rates and taxes, capital gains tax on the sale of property or assets
Annual tax - This is the tax payable on your taxable income for the tax year of assessment
Tax liability - taxes owing to the receiver of revenue after you have been assessed
Tax year - this is the year of assessment, for individuals and trusts it is February whereas Companies can select their preferred year end
Tax returns - These are the returns used to submit your taxes to the receiver of revenue. These can be done in branch or online
Paying tax - Paying tax can be done at the offices of the receiver or paid online via a Bank electronic payment
Income tax rate - Income tax rates vary depending on the entity type
Tax purposes - Income and expenses must be declared correctly for tax purposes, accounting and tax applications vary based on accounting standards and tax legislation.
It is always advisable to have a registered tax practitioner handle your taxes on your behalf. They have studied many years to become proficient in the tax field and these skills are well worth the fee you pay for their services.
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