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2016 TAX SEASON - NON-PROVISIONAL TAXPAYERS


Tax Season for Non-Provisional Taxpayers started July and ends November, time is running out!

Please submit on time and avoid having to pay penalties. Tax returns for the 2016 financial year (1 March 2015 - 28 February 2016) must be submitted on or before 25 November 2016 if the return is submitted electronically on eFiling

image: freedigitalphotos.net

Who does not need to submit Tax Returns: If one's gross income consists only of remuneration and:

  • does not exceed R 350 000.00

  • is paid from one single source (one employer only)

  • no allowance was paid out

  • PAYE (employees tax) has been deducted on your IRP5 or payslip

  • not claiming tax deductions (e.g. medical expenses, retirement annuity, travel allowance etc.

If the following apply to you, you have to submit a tax return:

  • Did you conduct any trade in South Africa?

  • Did you receive an allowance such as a travel, subsistence or office bearer allowance? Check your IRP5/IT3(a) if unsure.

  • Do you hold any funds or assets outside South Africa that have a value of more than R 225 000?

  • Did you have a local Capital Gain/Loss exceeding R 30 000?

  • Did you receive any income or have a Capital Gain/Loss in a foreign currency?

  • Do you hold any rights in a Controlled Foreign Company?

  • Did you receive an Income Tax Return or were you asked to submit an Income Tax Return for the tax year?

Key Note! Even though a Tax Practitioner completes and submits a return on your behalf, it is your responsibility to make a true declaration of any outstanding returns, payments and penalties.

Need help with your return? Call us or pay us a visit. Best Wishes Courtney Consulting Team