Tax season has come around again, and we have put together FAQs to help you through various stages during your tax return. These are our top 10 most FAQs about income tax.
Our clients are reminded that they can contact us for further advice or assistance on any of these questions.
Any natural person or entity who receives taxable income above the tax threshold (i.e., the amount above which income tax becomes payable) must register for income tax. If you would like to register, but are not sure how, click here to view our short video.
An income tax return is a declaration of all income earned, capital gains or losses realised, and allowable deductions claimed in a tax year by an individual or entity. The income tax return SARS issues to individuals is called an ITR12 return, whilst the income tax return SARS issues to companies is called an ITR14 return.
If you are registered for income tax, you will be required to submit an annual income tax return to SARS. For more tax tips like these, click here.
1 July to 24 October 2022
1 July to 23 January 2023
During this period, you will need to submit an income tax return to SARS (unless you have been auto assessed* and accepted the outcome of the assessment). * Auto assessments covered in Question 8
You must first register as a taxpayer via SARS eFiling. Once you are registered, you can submit your return via eFiling. If you experience any issues in your tax registration via eFiling, you may register at your nearest SARS branch. Click here to access all the necessary documents you will need to register as a taxpayer
In most circumstances (see below), you have an obligation to pay tax and submit a tax return to SARS if you earn taxable income above the tax threshold.
Examples of income an individual may receive (from which the taxable income is determined) include:
The tax threshold is the amount of income below which you do not pay any income tax. These thresholds are also determined by the age of the taxpayer and change by tax year. If your annual income is above this amount, you must pay income tax, and if you are permanently employed, your employer will deduct your tax from your salary or wages in the form of PAYE (pay as you earn). Even if the income amount is below the income threshold it is still very important to submit your tax returns.
During July, SARS will assess a significant number of taxpayers automatically. Taxpayers who are auto assessed will be notified via SMS in July, so there will be no need for you to call SARS or visit a SARS branch. If you are notified by SARS that you have been selected for auto-assessment, do not accept or decline the request, contact us immediately.
No. Certain financial institutions submit a third-party data file of all your taxable income derived from products held with that financial institution directly to SARS.
Non- residents are taxed on income they receive from a South African source, which may further also be subject to the application of a double taxation treaty.
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