In a recent Business Talk with Michael Avery, Sage Senior Compliance Specialist Bazil Marema delves into the intricacies of tax compliance for South African side hustles.
Marema, a registered member of the South African Institute of Tax Practitioners (SAIT), brings extensive expertise in tax compliance to the discussion. With a focus on payroll tax, VAT, corporate and individual tax, as well as international payroll taxes, Marema’s insights are invaluable for individuals navigating the complexities of running a side business.
Having joined Sage in January 2023, Marema previously held the role of Senior Tax Associate at PwC South Africa. His educational background includes an Advanced Diploma in Accounting Sciences from the University of South Africa and a Certificate of Competence as a tax technician from The Tax Faculty.
During the interview, Marema meticulously breaks down the tax implications associated with operating a side hustle in South Africa. He addresses pertinent questions such as the necessity of registering with the Companies and Intellectual Property Commission (CIPC) and the obligations of being a provisional taxpayer. Additionally, he advises on the optimal timing for declaring side hustle income and elucidates on deductible expenses.
Furthermore, Marema sheds light on the potential consequences of failing to declare side hustle income and provides guidance on the process of submitting a tax return. He underscores the advantages of engaging in a side hustle while emphasizing the importance of tax compliance for individuals in this endeavor.
With South Africans increasingly turning to side businesses to supplement their income, Marema’s expertise serves as a crucial resource for ensuring tax compliance. By offering practical tips and insights tailored to the local context, he equips aspiring entrepreneurs and established side hustlers alike with the knowledge needed to navigate the intricacies of taxation.
In conclusion, Marema’s interview underscores the significance of maintaining tax compliance in the realm of side hustles. As individuals seek to capitalize on opportunities in the gig economy, understanding and adhering to tax regulations is essential for both financial stability and legal integrity. With Marema’s guidance, South African side hustlers can confidently pursue their entrepreneurial endeavors while staying on the right side of the taxman.
