SARS requires you to disclose any other streams of income
If you have any other forms of income, a side hustle, then you are required to declare these incomes to SARS.
It's tax season, leaving most people with a lump in their throat.
It's like when you are a kid and didn't do anything wrong, but when someone of authority is around, you feel like you are doing something wrong.
Perhaps it is just how we were brought up, a cultural phenomenon. So, naturally, when it comes to the South African Revenue Services (SARS), people feel a bit uneasy. This could be because they are known for investigating people who are dishonest about their revenue and other streams of income.
There is no reason to be nervous if you are doing everything legitimately.
READ MORE: SARS is making a big tax deduction change
Side hustles have become prominent in many South African households over the past few years.
Many people consider this source of income a saving grace, but these forms of income are also generally not declared to SARS when submitting your tax returns. This income is regarded as a 'free' source for many people who don't see the value in disclosing this information to SARS.
But if you are a taxpayer in South Africa, then you should know that if you have a second income stream, you must disclose this income when filing your taxes.
"This warning comes from Tax Consulting SA, which said that failing to do so can lead to significant consequences, including criminal prosecution. This transparency ensures taxpayers meet their legal obligations and contribute somewhat to the country's revenue collections. When taxpayers fail to disclose secondary income, they not only breach legal requirements but also risk severe penalties and criminal prosecution" (IOL)
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