New SARS taxes on S&t's
According to the latest laws at SARS we are now going to start paying taxes on our S&T's that we earn. :{
From what I understand every country in the world will have a certain tax free limit and everything earned above this limit will be added to your yearly income and you will be taxed on it, resulting in us being moved to higher tax brackets on our entire income. This sucks, some of us might seriously need to consider another carreer path as this takes the whole advantage of doing contrack work away. Any ideas on getting past this :confused: |
Lynessa,
S&T always has been taxable to a certain extent. Are they changing the thresholds? Please can you provide a reference so that I can look it up. Thanks K |
SARS Link..
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withaflash,
Thanks for the links. Interesting reading, however, IMHO not much to be worried about? There has always been a threshold value above which S&T is taxed. I cannot recall it off-hand but seem to think it was in the region of $120 per day. Many of the places on the country list are well in excess of that and some are marginally lower. I think the impact will be minimal if at all, depending on which country you are operating in. It also looks like the domestic limit has been increased? |
Yo are right Lynessa. Most of the African countries are $250 to $300 dollars a day with some up to 250 euros! It used to be a flat rate of around $215 a day.
So contract work in Africa will still be very tax efficient. |
excuse the ignorance but what does S&T stand for?
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S&T
Shooters & Tobacco.......:}
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Well, it stands for a lot of things but the SARS would possibly call it...
Sustenenace and Transport. |
S&T
It is subsistance and travel-as an allowance.Der absolute hammer-stay in germany!
Or wherever the Berlin Republic may be! |
Feeling better for that now, ARENDIII:ugh::D
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Regarding s&t's, the following questions.
1. Are you entitled to s&t if you do not nightstop. Re. Leaving in the morning from Lanseria for Cape Town and returning that evening to Lanseria. (Para 2 of the SARS document on allowance specifies that person is not entitled to allowance if he does not nightstop. Para 3 says person is entitled to allowance for day or part of the day away from home - seems to me contradicting). SAme applies for across border flights. Daily allowance for Angola is $191. If I just go to Luanda for the day can I claim $191? 2. If I do nightstop and return the next day do I just get s&t for the 1 nightstop or can I get s&t for 2 days? 3. If the company gives me an allowance that is greater than what SARS allowes, do I pay tax on the full amount or only the difference? Might seem to be stupid questions but the company I work for interprets the document different to what I do. Thanks |
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