Month: June 2021

When is Individual & Trusts Filing Season opening?

For the 2021 Filing Season, please diarise the following dates and criteria:

• From July: Over 3 million taxpayers identified for auto-assessment will receive text messages to either accept or edit their auto-completed returns on eFiling by 23 November 2021.
• 1 July 2021 – 23 November 2021: Non-provisional taxpayers who were not auto-assessed may file digitally via eFiling. (Contact us for assistance)
• 1 July 2021 – 23 November 2021: Non-provisional taxpayers who were not auto-assessed and do not have access to digital services may contact us for assistance.
• 1 July 2021 – 31 January 2022: Provisional taxpayers, including Trusts, may file via eFiling. (Contact us for assistance)

Not sure whether you must submit an Income Tax Return (ITR12)?

You do not need to submit a return if ALL the criteria below apply to you:

• Your total salary for the year before tax was not more than R500 000 and employees’ tax has been deducted or withheld in terms of the deduction tables prescribed by the Commissioner.
• You only received employment income for the full year of assessment (March 2020 to February 2021) from one employer.
•  You have no car allowance/company car/ travel allowance or other income (e.g. interest or rental income); and
• You are not claiming tax related deductions (e.g. medical expenses, retirement annuity contributions other than pension contributions made by your employer, travel).

Do any of the following apply to you for the tax year 1 March 2020 to 29 February 2021?

• Did you conduct any trade* in South Africa?
• If you are a South African tax resident, did you conduct any trade or employment outside South Africa?
• Did you earn interest exceeding the annual exempt amount? (Interest earned of R23 800 by an individual below the age of 65 years and interest earned of R34 500 by an individual aged 65 years or older is exempt from income tax.)
• Did you receive an allowance such as a travel, subsistence, or office bearer allowance or a company vehicle fringe benefit? Check your IRP5/IT3(a) if unsure.
• Did you hold any funds in foreign currency or assets outside South Africa that have a combined total value of more than R250 000 at any stage during the tax year?
• Did you have Capital Gains or Capital Losses exceeding R40 000?
• Was there any income or a Capital Gain from funds in foreign currency or assets outside the Republic attributed to you?
• 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?
• *The term “trade” for finding out whether to submit a return means every profession, trade, business, calling, occupation or venture, including the letting of any property but excluding any employment.

Disclaimer:  What is contained in this questionnaire is intended as a guide only and is not considered to be a legal reference nor is it a binding ruling. The questionnaire does not replace legislation and readers who are in doubt regarding any aspect of the information displayed in the questionnaire should refer to the relevant legislation, or seek an opinion from a suitably qualified individual. If you are uncertain whether you should file a return or not, then it is recommended that you file a return.