Tax Season for Non-Provisional Taxpayers started 1 September 2020 and ends 16 November 2020
Personal Income Tax, What is it?
Income tax is the normal tax which is paid on your taxable income.
Examples of amounts an individual may receive, and from which the taxable income is determined, include –
Remuneration (income from employment), such as, salaries, wages, bonuses, overtime pay, taxable (fringe) benefits, allowances and certain lump sum benefits
Profits or losses from a business or trade
Income or profits arising from an individual being a beneficiary of a trust
Investment income, such as interest and foreign dividends
Rental income or losses
Income from royalties
Certain capital gains
Who is it for?
You are liable to pay income tax if you earn more than:
For the 2020 year of assessment (1 March 2019 - 29 February 2020)
R79 000 if you are younger than 65 years.
If you are 65 years of age or older, the tax threshold (i.e. the amount above which income tax becomes payable) increases to R122 300.
For taxpayers aged 75 years and older, this threshold is R136 750.
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 40 000?
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?
What can I do before I complete my tax return?
Gather your supporting documents, for example your IRP5/IT3(a)s, medical scheme certificates, pension and retirement annuity fund certificates and travel logbook. You don't need to submit them but you will need them to check the pre-populated part of your return and to complete the other sections. Remember, you need to keep these for five years in case SARS verifies or audits your tax return.
1 September to 16 November – taxpayers who file online