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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

  • Director’s fees

  • Investment income, such as interest and foreign dividends

  • Rental income or losses

  • Income from royalties

  • Annuities

  • Pension income

  • 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.

Filing deadlines:

  • 1 September to 16 November – taxpayers who file online

  • 1 September to 22 October – taxpayers who cannot file online can do so at a SARS branch by appointment

  • 1 September to 29 January 2021 – provisional taxpayers who file online

*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.


#Tax #SouthAfrica #SARS #2020Tax #NonProvisional