Annual Tax season is here, and Income Tax return submissions began 1 July 2017. We’ve taken the liberty of answering frequently asked questions individuals may have. The South African Revenue Service (SARS) has allocated different submission deadlines dependant on the manner of the submission.
What are the submission deadlines for Income Tax Returns?
Please pay careful attention to the deadline applicable to you:
Companies are exempt from the above-mentioned dates, as they are required to submit their returns within 12 months of their financial year-end, via e-filing.
Who is required to submit their income tax returns?
The threshold in respect of individuals required to submit a return is provided below:
Who is excempt from submitting a tax return?
A natural person, or a deceased’s estate is exempt from submission if their gross income consists solely of any one or more of the categories below;
What are the necessary supporting documents?
To curb penalties and interest related to late submission, we strongly recommend collating the respective documents in preparation for submission to SARS as soon as possible. Should you require assistance with your Income Tax return, please contact our offices.
For further information regarding South African Taxation, please get in touch with us via the contact information below.
This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)