Individual Tax Returns
Tax season is upon us once again. Let a professional Tax practitioner handle your SARS tax return to avoid unintended errors or misstatements which can result in excessive taxes as well as penalties.
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Do you need to submit a tax return. if you answer YES to any of the below then you need to submit a tax return.
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 receive an allowance such as a travel, subsistence or office bearer allowance? 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 any income or a Capital Gain from funds in foreign currency or assets outside the Republic attributed to you?
Do you hold any participation 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?
If you are a South African tax resident with a micro business, did you have a taxable turnover for turnover tax?