Simple guide to SARS Tax return

Tax return accountants

 

Simple guide to SARS Tax return

 

Here is a very simple guide to how much tax you will have to pay and when. We’ll also show you what you must do and how you must do it.

How much?

It’s simple you pay tax when you begin to earn income of more than the agreed amount that year and you pay it all your working life up to the age of 65. This tax is worked out on a sliding scale.

 

And when?

Tax works in tax years. The year starts 1st March and ends 28th February. (Except of course in a leap year when it will be 29th February). You need to submit a return in Tax Season.

 

What about other income?

Yes, you do pay tax on other income you may have. So, for example, tax applies on:

  • Income from business activities
  • Income from directorships
  • Income from trusts
  • Investment income
  • Rental income
  • Royalties income
  • Certain capital gains
  • And when you are older on annuities and pensions

 

Employer taxes you throughout the year  triangle You submit your tax return from 1 July  triangle SARS assesses your return  triangle You either pay more or get a refund  triangle If you pay your tax late. You get a penalty for late payment  
     triangle        triangle      
    If you forget there are penalties       62% get a refund      

 

Once off or annual tax services

  • Annual Income Tax Return for Individuals
  • Annual Income Tax Return Assessment for Individuals
  • Annual Income Tax Return for Commission Earners
  • Assets and Liabilities Statement for Individuals (members/directors)
  • Annual Income Tax Return for Registered Entities (IT14)

 

Year of assessment ending 28 February 2017
Taxable income (R) Taxable rates
0 – 188 000 18% of each R1
188 001 – 293 600 33 840 + 26% of the amount above 188 000
293 601 – 406 400 61 296 + 31% of the amount above 293 600
406 401 – 550 100 96 264 + 36% of the amount above 406 400
550 101– 701 300 147 996 + 39% of the amount above 550 100
701 301 and above 206 964 + 41% of the amount above 701 300

 

About us

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