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Invoices – A must do when creating invoices

South Africa operates a VAT system whereby businesses (vendors) are allowed to deduct the VAT incurred on business expenses (input tax) from the VAT collected on the supplies made by the business (output tax). The most important document in such a system is the tax...
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What is Non-Taxable or Exempt Income?

“Non-Taxable Income” or “Exempt Income” is income which you receive which you are allowed to exclude from your Gross income and in so doing you do not get taxed on it. Some Examples include: Dividends received from a South African source South African interest...
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SARS VAT Audits – Tax Administration Act

The Tax Administration Act (TAA) Section 41 allows SARS to select you for an audit by: 1.       By random selection; 2.       On a cyclical basis; or 3.       With an audit/verification.
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Vat Categories

Category A: Bi-Monthly - Un-even Months 2 month period ending on uneven months (January, March, etc). Applicable to vendors with taxable supplies not exceeding R 30 million in a 12 month period, or farmers with taxable supplies that exceed R 1.5 million in a 12 month...
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Our Tax service offerings vary from individuals to large companies, including alternatives such as provisional tax and capital gains tax (CGT).

Managing your taxes shouldn't be a nightmare and a dreaded event of the year. Rather check out the different sections below about some specifically mentioned services or Contact us today to assist and manage it for you

Individual Tax Returns

Individuals are liable to register as a taxpayer when:

  • An individual younger than the age of 65 earns more than R 67 111 in the 2014 year of assessment, and R 70 700 for 2015.
  • An individual aged between 65 — 74 years who earns more than R 104 611 in the 2013 year of assessment, and R 110 200 for 2015.
  • An individual of 75 years and older who earns more than R 117 111 in the 2013 year of assessment, and R 123 350 for 2015.

Registration Documents Required

  • A SARS IT77 Registration form should be completed to register as a taxpayer if you are liable to pay tax as set out in the criteria above.
  • Original letter of your Bank account with a Bank Stamp
  • Certified copy of Identity Document (ID)
  • Certified copy of Municipal Account for address verification, alternatively a SARS CRA01 Completed document
  • Visit your nearest SARS Branch Office after completing the IT77 Registration form accompanied with a certified copy of your ID document.

After registration you will be issued with your tax number.

Once you have your tax number, you can Register as an e-filer.

Form Links:

SARS IT77 Form – Application for Registration as a Taxpayer or Changing of Registered Particulars Individual – External (Form)

Who must complete and submit a return?

All taxpayers earning remuneration in excess of R 250 000 per annum

Who can skip their current return?

  • Only individuals (Provisional and non-provisional taxpayers) qualify for this exclusion.
  • All taxpayers earning remuneration less than R 250 000 per annum (2015)
  • All taxpayers earning remuneration less than R 350 000 per annum (2016)
  • Income received was only from 1 (one) employer
  • No additional Income was received for the year of assessment (eg: rental income)
  • No Vehicle fringe benefits was received (Travel Allowance / Right of use of a company vehicle)
  • No other deductions will be claimed on the return (Medical expenses, travel, retirement annuities)

What is needed to complete the ITR12?

  • If your employer did not submit the information to SARS in order for your return to be prepopulated the IRP5
  • Details of your banking particulars
  • An IT3(b) certificate in respect of investment income
  • Information regarding whether you as individual are married in community of property or out of community of property
  • Whether you are a director of a company or a member of a close corporation
  • Whether any asset were disposed of during the year which attracts a capital gain or loss
  • Information regarding learnership agreements
  • Information regarding subsistence allowances
  • Any assets used by yourself for business purposes which attracts a depreciation deduction allowed
  • Home office expenses if your business is carried out from home
  • Pension fund certificates for pension contributions
  • A retirement annuity certificate for income tax purposes
  • Your medical aid certificate for income tax purposes and a list of proven medical expenses qualified for deductible purposes
  • Income protection policy information
  • Information regarding travel claims against a travel allowance received:
    • A logbook indicating:
      • Date of travel
      • Destination to and from
      • Kilometers traveled
      • Reason for travel
    • The cost price or cash value of your vehicle
    • Vehicle registration number
    • Start and end dates of usage of your motor vehicle
    • Opening and closing kilometer readings (odometer reading)
    • Business kilometers traveled
    • Private kilometers traveled
  • Travel claims against a travel allowance:
    • Fuel and oil expenditure
    • Maintenance and repairs
    • Insurance and licence fees
  • Commission income deductible expenses:
    • Pension contributions
    • Retirement annuity contributions
    • Legal expenses
    • Wear and tear allowances
    • Insurance policies
    • Home Office expenses
  • Fringe benefits received (example motor vehicle provided by company)
  • Information with regards to donations made to public benefit organisations (section 18 A certificate)

Managing your taxes shouldn't be a nightmare and a dreaded event of the year. Rather Contact us to assist and manage it for you.