Not sure how to register, submit or complete your income tax return or provisional tax return to SARS or Receiver of Revenue, or having problems with e-filing? We shall submit or complete your tax return from R250 online through e filing and do all the tax preparation correctly first time through efiling or online filing in a professional way with all the applicable and necessary deductions.
Just click here at raimond@swellendamaccountants.com and send us your details.
Who should submit an Income Tax Return (ITR12)?
Not sure whether you should submit an Income Tax Return (ITR12)? If you fall into any of the following categories, you should submit a tax return:
• If you are under 65 years of age and received an income of more than R59 750 from one or more sources or received more than R120 000 from a single source of employment, during the year of assessment 1 March 2011 to 29 February 2012
• If you are 65 and under 75 years of age and received an income of more than R93 150 from one or more sources or received more than R120 000 from a single source of employment, during the year of assessment 1 March 2011 to 29 February 2012
• If you are 75 years and over and received an income of more than R104 261 from one or more sources or received more than R120 000 from a single source of employment, during the year of assessment 1 March 2011 to 29 February 2012
• If you:
• Carried on any trade
• Received a travel, subsistence or office bearer allowance
• Hold any funds or assets outside South Africa that have a value of more than R50 000
• Received a local Capital Gain/Loss exceeding R20 000
• Hold any rights in a Controlled Foreign Company
• Received any income or Capital Gain in a foreign currency
• Received interest income from a source in South Africa
• Earned an income through the letting of any property
• Received an Income Tax Return (ITR12) from SARS or were requested to submit an Income Tax Return for the year in question
Please note: Taxpayers who previously paid Standard Income Tax on Employees (SITE) only may also be required to submit Income Tax Returns (ITR12)
1 March 2011 saw the start of the phasing out of Standard Income Tax on Employees (SITE). SITE taxpayers, who received more than one Employee Income Tax certificate [IRP5/IT3(a)] resulting in combined income of more than the tax threshold for that tax year will be required to submit an Income Tax Return (ITR12) as of the 2012 year of assessment onwards.
To ease the impact to affected taxpayers a phasing-out process over the next two years of assessment has been introduced. Administrative relief measures are provided for to limit any potential hardship to affected taxpayers.
Taxpayers who received more than one IRP5/IT3(a), from which only SITE (source code 4101) has been deducted, will now be liable to pay income tax for the first time on their combined income. The income tax payable will be at a reduced amount which will be calculated as:
• For the 2012 year of assessment you will pay the calculated SITE amount and one third (1/3) of the additional tax calculated
• For the 2013 year of assessment you will pay the calculated SITE amount and two thirds (2/3) of the additional tax calculated
• As of the 2014 year of assessment you will be liable for the full tax amount calculated.
For more information contact us on raimond@swellendamaccountants.com or on telephone numbers
028-5143914 / 0823771953
