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Submit your 2017 Income Tax Return #submityourreturn #avoidpenalties

Submit your 2017 Income Tax Return #submityourreturn #avoidpenalties

23 Jun 2017

The tax season for individuals to submit their Income Tax returns begins on 1 July 2017. We provide below answers to some of the most common queries individuals may have.

What are the Deadlines for the Submission of Income Tax Returns?

It is important for taxpayers to note that the South African Revenue Service (“SARS”) has implemented different deadline dates for the submission of Income Tax returns depending on the manner of submission of the return. The deadline dates are as follows:

  • 22 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.

However, the abovementioned deadlines do not apply to companies, as they are required to submit their returns within 12 months of their financial year end via e-filing.

Who is Required to Submit an Income Tax Return and Who is Not?

A highlight of the threshold changes in respect of who is required to submit a return is provided below.

  • Every individual who is a resident and had capital gains or losses that exceeded R40 000;
  • Individuals whose gross income exceeded R75 000 (if under 65 years), R116 150 (if older than 65 but under 75 years) or R129 850 (if older than 75)

If a natural person or deceased’s estates gross income consists solely of any one or more of the categories below they will not be required to submit a return. If their:

  • remuneration does not exceed R350 000 from a single source (including allowances);
  • they did not receive a car allowance or other income;
  • they received interest income from a source within South Africa that does not not exceed R23 000 ( if you are younger than 65 years) or R34 500 (if you are 65 years and older);
  • they received dividends and was a non-resident during the 2017 year of assessment; and
  • received or accrued an amount from a tax free investment.

What Supporting Documentation is Necessary?

  • IRP5/IT3(a) certificate(s) from your employer or pension fund;
  • IT3(b) certificates for investment returns; such as interest and/or dividends
  • Financial statements (if applicable);
  • Medical aid contribution certificates and receipts for out-of-pocket medical expenses
  • ​Completed confirmation of diagnosis of disability form (ITR-DD) (if applicable)
  • Retirement fund certificates (pension, provident and retirement annuities);
  • Logbook and other documents in support of business travel expenses;
  • Bank account details; and
  • Any other relevant income and deduction information.

Should you be required to submit a return to SARS, we suggest that you begin collating your information and attend to the submission as soon as possible to avoid penalties and interest in respect of the late submission.

Please feel free to contact our offices should you need assistance with the submission of your Income Tax return.

For further information or advice concerning South African taxation please contact us via the contact information below.

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