-
Tax directive 2021
All commission earners can now apply for a tax directive for the 2021 year of assessment. This period is from 1 March 2020 to 28 February 2021. This applies if you’re commission earned is more than 50% of your total income. This tax directive is for a fixed percentage, which means that your employer can’t deduct more than the percentage approved by SARS. In order to apply for a tax directive, you must obtain a letter from your employer confirming that you receive commission. Click here for a FREE copy of the template that your employer can complete on a company letterhead. Just keep in mind, when you have tax…
-
Tax deductions for commission earners
Taxpayers who receive commission as part of their income, are allowed to deduct business expenses on their tax returns. However, you are only allowed to claim these expenses if your commission income exceeds 50% of your total annual income. Home office expenses Home office expenses may be claimed for a home office/study. But the area used must be specifically used to trade, and not for anything else. The expenses that may be claimed includes the rent, cost of the bond, interest on the bond. The cost is then apportioned to the percentage of the office in relation to the total area of the home. Thus, if your home is 120sq/m…
-
Tax directive for commission earners
Taxpayers can now apply for a tax directive for a fixed percentage deduction. This applies to persons who receive commission income. This is for the 2020 year of assessment that starts on 1 March 2019. Contact us. R250 per application.
