Topical Issues

Tax return filing season for individuals – 2017

The 2017 tax season for the filing of individual income tax returns with the South African Revenue Service (“SARS”) for the tax year ended 28 February 2017 opens on the 1st of July 2017. The deadlines for the submission of the returns are as follows:

  • Manual filing with SARS for non-provisional and provisional taxpayers – 22 September 2017
  • eFiling or electronic filing at a SARS branch for non-provisional taxpayers – 24 November 2017
  • eFiling for provisional taxpayers – 31 January 2018

Depending on your particular level of income, you may need to submit an income tax return to SARS, who will then calculate the tax that is due on your income and determine the tax-deductible expenses you are entitled to claim for the 2017 year of assessment, which may, in some cases, necessitate the payment of additional tax to, or result in a refund from, SARS.

Income tax is the normal tax which is paid on your taxable income. Examples of amounts of income that an individual may receive, and from which taxable income is derived, include:

  • Remuneration such as salaries, wages, bonuses, overtime pay, taxable (fringe) benefits, allowances and certain lump sum benefits;
  • Trading profits or losses from a business or trade;
  • Income or awards from a trust;
  • Director’s fees;
  • Investment income, such as interest and foreign dividends;
  • Rental income or losses;
  • Income from royalties;
  • Income from annuities;
  • Pension income; and / or
  • Certain capital gains on the disposal of assets such as shares or interests in a business.

You are liable to pay income tax for the 2017 year of assessment if you earned more than:

  • R75,000 if you are younger than 65 years of age;
  • If you are 65 years of age or older until age 75, the tax threshold increases to R116,150; and
  • For taxpayers aged 75 years and older, the tax threshold is R129,850.

Please note that you don’t need to file a tax return if:

  • Your total salary for the 2017 tax year before tax is not more than R350,000 and employees’ tax has been deducted from your salary;
  • You only have one employer;
  • You have no car allowance or other income (interest or rent); and
  • You are not claiming tax related deductions (medical expenses, retirement, travel etc).

If you require any further information or assistance, please do not hesitate to contact me by telephone on (011) 516 9803 and / or (073) 229 8974 or by email at graeme@jnsfinancialservices.co.za.