Episode 1.5: How to calculate your tax - Part 1

In this potentially lengthy tax lecture series, I try to simplify the complexities of the South African Tax system.
The tax rates in this video apply to the 2020 year of assessment (tax year)
Find me on social media:
Follow me on Twitter: / andre28071990
Other useful links:
SARS: www.sars.gov.za/

[@bluewallstudios3353]

I started working at an accounting firm with my last experience with taxes being in Grade 9. Your videos helped so much, thank you for doing this!! 🌻🧚‍♀️

[@AndreBothmaTax]

Thank you!

[@infodisputes2354]

Your videos are superb with invaluable information. Your explanations are in a layman's language. I must admit none of the lecturers at my university has explained the way you did. You give examples s you explain. For example, CGT, difference between Revenue and CGT, the list is endless. You make a student to fall in love with Tax which is seen as a monster by many. Your pace is also 100% perfect.

[@AndreBothmaTax]

Thank you so much! I've started uploading today, and will use PowerPoint (more space than my white board)

[@AndreBothmaTax]

Let me know if you have a tax question that I can answer in my next Taxing Talks video!

[@franzvermaak_official]

Hi Andre thank you so much for your videos that a great! Could you maybe give some help on crypto tax how to calculate that and pay?

[@Vavalebatho]

Thanks,I find this quite informative as its my 1st time studying tax

[@AndreBothmaTax]

I'm glad that it's helpful!

[@bronwynhermanus4556]

Hello Andre. I am new to your channel. Started watching from episode one. This one particularly was very helpful. Thank you for the help in understanding how Taxable Income is calculated.

[@AndreBothmaTax]

Thank you for your support! Please share with your colleagues and friends :)

[@tammymulder8967]

loving this series - thank you

[@AndreBothmaTax]

I've uploaded more videos recently :)

[@karaboseboane219]

Thank you Botha

[@AndreBothmaTax]

It`s a pleasure

[@fxgoat_]

Really love your work 💯👌 much easy to understand 🙌🏽 Also wanted to ask a question. As an individual, how much should I have in order to be liable to tax, I’m trader so I presume I fall under self employed, individuals. And do Forex traders pay tax Hope you don’t mind my 100+ questions 😅

[@AndreBothmaTax]

Thanks for the question! 1. Your income needs to be more than R 79,000 for the 2020 tax year before you are liable to tax. 2. Forex traders pay tax on profits (Sales less Cost of Sales). Sales will be your forex earnings, and cost of sales will be your forex purchases.

[@fxgoat_]

Andre Bothma Thanks a lot . Very helpful 👍🏽🙂

[@AndreBothmaTax]

@@fxgoat_ Tell your friends ;)

[@unathinobakada4748]

@@AndreBothmaTax would the same apply for capital gains in cryptocurrencies?

[@challengechabvuta8869]

Thank you sir...we are learning a lot from this

[@jodianvanaarde1214]

My goodness I wish I found your channel since it's inception. 5 Lessons/Videos in and I feel more confident than ever before.

[@user-ex6yg4mz2j]

thank you this is great. I have a question when you are working out "Gross Income" eg your salary. is it the amount before Paye or amount after paye? I am just confused on which amount must go on the ITA12.

[@ABAFANATHEBOYS]

Hey Man a word of advice I think you should look into making videos that are targeting students in South Africa

[@AndreBothmaTax]

Do you suggest I contact universities about this - I could ask for their tax curriculum

[@ABAFANATHEBOYS]

@@AndreBothmaTax that's an option but I could even give you the curriculum as I'm a student

[@clemodemo]

Good video thanks , My current course is Income Tax.

[@AndreBothmaTax]

Best of luck!

[@aprilmashifane7932]

this is so helpful thank you

[@AndreBothmaTax]

Thank you!

[@motselisinkolanyane5216]

Hi Andre.. Is my Private/Close corporation liable to be audited by independent auditors? What happens when my company is not making enough? Can i file my own returns without an accountant?

[@AndreBothmaTax]

I wouldn't recommend it. A company requires annual financial statements. It's best that they also file the company tax return on your behalf.

[@challengechabvuta8869]

May you help me ...I want to know how a funeral parlour pays it's taxes

[@kagisopete]

Hi Andre... Would it be possible for you to cover how to claim depreciation on assets as an individual tax payer?

[@AndreBothmaTax]

This would only apply if you are required to work from home and you have "business assets" such as work laptop which you paid for (not bought by the company). If you are a sole-proprietor / contractor / freelancer, then you can claim depreciation on your business assets. There is a Wear and Tear guide on SARS's website.

[@kagisopete]

@@AndreBothmaTax So assets such as Solar panels that are used for rentals can never be depreciated? Fedgroup and Sun exchange are management companies that lease out peoples solar panels. I am referring to such assets. And also assets such as Property, can't you depreciate them?

[@AndreBothmaTax]

Property doesn't depreciate except in certain tax provisions. You'll need to check the Wear and Tear Interpretation Note to see how solar panels are depreciated.

[@Paul-RSA]

Will you be covering expat taxes for 2020 onwards?

[@AndreBothmaTax]

I'll do a series on expat tax soon.

[@Paul-RSA]

@@AndreBothmaTax Excellent, look forward to it!

[@AndreBothmaTax]

I've started that tax series that I promised. Part 3 will deal with the 2020 change.

[@Paul-RSA]

@@AndreBothmaTax I have been watching your Series, thanks!