The fiscal year 2022 runs from 1 March 2021 until 28 February 2022. The fiscal year 2021 runs from 1 March 2020 to 28 February 2021.
In South Africa, how does the tax year work?
The tax year in South Africa runs from 1 March to 28/29 February. The tax season, when people file their tax returns, lasts from July to November, depending on the manner of filing. Individuals and businesses must make the requisite payments along with their South African tax returns.
What time period is covered by the 2022 tax year?
The tax year differs from the calendar year, which always runs from January 1 to December 31. The tax year is named after the year it ends, for example, the 2023 tax year goes from 1 March 2022 to the end of February 2023.
What is the statutory minimum wage in South Africa?
If you are under the age of 65, the fee is R91,250. If you are between the ages of 65 and 75, the tax threshold (the amount at which income tax becomes payable) is R141,250. This level is R157,900 for taxpayers aged 75 and up.
In South Africa, who is excluded from paying taxes?
In South Africa, who is excused from paying income tax? In general, if you make less than R83,100 per year (or R128,650 if you’re over 65, or R143,850 if you’re over 75), you don’t have to pay income tax.
