Tuesday, June 16, 2015
The South African Revenue Service (SARS) issued a Notice on June 12 regarding the tax returns to be furnished for the 2015 year of assessment, which ended on February 29, 2015.
The Notice specifies the various categories of resident taxpayers who are required to complete tax returns, including those carrying on any trade in the country, having capital gains or capital losses exceeding ZAR30,000 (USD2,420), and holding any funds in foreign currency or owning any assets outside South Africa if the total value exceeded ZAR200,000 at any time.
A return is also required for individuals under the age of 65 and with a gross income exceeding ZAR70,700; 65 years or older (but under the age of 75) with a gross income exceeding ZAR110,200; or 75 years or older with a gross income exceeding ZAR123,350.
However, an individual is not required to furnish a tax return if his or her gross income consisted solely of remuneration paid from one single source that did not exceed ZAR350,000 and from which employees' tax has been deducted or withheld.
Returns in respect of the 2015 year of assessment must be furnished, in the case of companies, within 12 months from the date on which its financial year ends; or, in the case of all other persons (including natural persons and trusts), on or before September 30, 2015, if the return is submitted manually.
That cut off date is extended to on or before November 27, 2015, if the return is submitted using SARS eFiling, or on or before January 29, 2016, if the return relates to a provisional taxpayer and is submitted using SARS eFiling.
Companies must submit their returns electronically using SARS eFiling.