The tax season opened on the 1st of July for individuals to submit their Income Tax returns.
The deadline dates differ according to the method of submission and is as follows:
- 2 September 2017 for manually submitted returns;
- 24 November 2017 for returns submitted electronically at a SARS branch or via e-filling; or
- 31 January 2018 for returns submitted by provisional taxpayers via e-filling.
Who must Submit Income Tax Returns for 2017 Year of Assessment
Both resident and non-resident companies, trusts or other juristic persons, who carried on a trade through a permanent establishment in the Republic, derived income from a source in the Republic, derived any capital gain or capital loss from the disposal of an asset to which the Eighth Schedule to the Income Tax Act applies, every company incorporated, established or formed in the Republic, but which is not a resident as a result of the application of any agreement entered into with the Government of any other country for the avoidance of double taxation, are liable to submit income tax returns for 2017 year of assessment.
All resident and non-resident natural persons, who:
- Carried on any trade (other than solely in his or her capacity as an employee);
- Was paid or granted an allowance or advance as described in section 8(1)(a)(i) of the Income Tax Act (other than an amount reimbursed or advanced as described in section 8(1)(a)(ii)) and whose gross income exceeded the thresholds set out in paragraph (4) below;
- Was granted a taxable benefit described in paragraph 7 of the Seventh Schedule to the Income Tax Act and whose gross income exceeded the thresholds set out in paragraph (4) below;
- Are residents and had capital gains or capital losses exceeding R40 000, and for non-residents who had capital gains or capital losses from the disposal of an asset to which the Eighth Schedule to the Income Tax Act applies;
- Is a resident who held any funds in foreign currency or owned any assets outside the Republic, if the total value of those funds and assets exceeded R225 000 at any stage during the 2017 year of assessment;
- Is a resident who had any income or capital gains from funds in foreign currency or assets outside the Republic;
- Is issued an income tax return form or who is requested by the Commissioner in writing to furnish a return, irrespective of the amount of income of that person;
- Is an estate of a deceased person that had gross income;
- Is a non-resident whose gross income included interest from a source in the Republic and is not subject to the exemptions contained in Section 10 (1) (h) of the Income Tax Act
- Is a representative taxpayer of any persons are all liable to submit and file income tax returns for 2017 year of assessment.
Who is Exempt from Submitting Income Tax Returns?
Natural persons and estates of deceased persons, if the gross income of that person consisted solely of gross income, such as remuneration paid or payable from one employer, which does not exceed R350 000 and employees’ tax has been deducted or withheld in terms of the deduction tables prescribed by the Commissioner, dividends received by, or accrued to natural persons who were non-residents throughout 2017 year of assessment; and amounts received or accrued from a tax-free investments, do not need to file income tax returns. In addition to this requirement, interest (other than interest from a tax-free investment) from a source in the Republic not exceeding:
- R 23 800 for natural persons below the age of 65 years;
- R 34 500 for natural persons aged 65 years, or older;
- R 23 800 for the estates of deceased persons is not subject to income tax.
Natural persons, who have received income not exceeding R 75 000 per year for persons under the age of 65 years; R 116 150 per year for persons older than 65 years, but under the age of 75 years and R 129 850 per year for persons older than 75 years will not be liable to submit and file income tax returns for 2017 year of assessment.
What Supporting Documents May be Required?
When completing your return, have your supporting documents at hand. You may need to refer to some of the supporting documents listed below, while completing your return; however, you must not submit them to SARS. You must keep them safely in your possession for at least five years in case SARS needs access to them in future.
- Your IRP5/IT3(a) certificate(s) which you will receive from your employer
- Medical certificates as well as documents required for amounts claimed in addition to those covered by your medical aid.
- Pension and retirement annuity certificates
- Your banking details
- Travel logbook (if you receive a travel allowance)
- Tax certificates that you received in respect of investment income (IT3(b))
- Completed confirmation of diagnosis of disability (ITR-DD), where applicable
- Information relating to capital gain transactions, if applicable
- The approved Voluntary Disclosure Programme (VDP) Agreement between yourself and SARS for years prior to 17 February 2010, where applicable
- Financial statements, e.g. business income, where applicable
- Any other documentation relating to income you received or deductions you want to claim.
Tax Return Services has a team of Consultants on hand and ready to handle any queries you may have regarding your Income Tax return.
Please feel free to contact them on the following number:
(011) 467 0810 or e-mail firstname.lastname@example.org