How do I declare income earned outside SA and put into offshore acc?

By Marc Sevitz · Updated 3 September 2013

I act as a local consultant for a European company and earn regular income, which is paid into a offshore account and no tax deducted. I live in SA, working full time and earning a salary. What are the tax liabilities on the income earned in Europe and how is it declared?

TaxTim Marc said:
5 September 2013 at 0:32

You would declare it on your ITR12 under Foreign Services income or just as income received under Other Amounts. You would need to convert this income into the Rand amounts at the SARS prescribed conversion rates (see their website for this). The tax would be the net income from the consulting work x your marginal rate of tax and will be included in your overall tax burden.

Salary / IRP5

Deductions

Dividends