If you are graduating from university at the end of this year and starting your first job next year, the following information pertaining to your taxation will come in very handy. An individual's tax year runs from March 1 until the end of February. The 2018 tax year runs from March 1 2017 until February 28 2018. Let's assume that you start work early in January next year. In this case, your first major income (presuming you have not earned large amounts while studying) will come in your pay cheque at the end of January. Let's say that your salary is R15,000 a month. Your employer will probably tax you as if you had been working for the entire tax year. You will then pay tax of R1,563 a month for January and February. You should not, however, be liable for this tax. This is explained below. For an individual under the age of 65 years, the tax threshold is R75,750. This means that if your taxable income does not exceed this amount for the tax year, you should not be paying any income...
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