Tax filing season is here again! And we have put together some brief information that may be beneficial to you to know.
SARS has announced that taxpayers will be able to file their tax return as of 1 July 2022. The final day to submit your tax for 2022 is 24 October 2022.
The tax threshold for the 2023 year of assessment is:
- R91,250 if you are younger than 65 years.
- If you are 65 years of age to below 75 years, the tax threshold (i.e. the amount above which income tax becomes payable) is R141,250.
- For taxpayers aged 75 years and older, this threshold is R157,900.
If you earn below these amounts, you are not liable to pay tax.
What Income Is Liable For Tax?
Herewith a breakdown of some of the different kinds of income that you can be taxed on:
- Income From Employment (Salaries, Wages, Bonuses, Overtime, Taxable Benefits (Fringe Benefits) And Allowances)
- Severance Benefits.
- Certain Lump-Sum Benefits.
- Income From a Business Or Trade.
- Profits From an Individual Being A Beneficiary Of A Trust.
- Fees From Companies or Close Corporations For Services Completed.
- Investment Income (Interest, Foreign Dividends And Dividends From A Real Estate Investment Trust (REIT))
- Rental Income.
- Income From Royalties.
- Annuities.
- Pensions.
- Certain Capital Gains.
Tax Filing – What Documents Are Required?
- IRP5 Employee Tax Certificate.
- IT3(B) And (C) Certificates From Financial Institutions In Respect Of Interest, Dividends And Capital Gains.
- Retirement Annuity Fund or Pension Fund Contribution Certificate.
- Medical Aid Certificate.
- Travel Logbook (If Travel Allowance Was Received)
Can Outsourcing Solutions Help Me With My Tax Return?
Yes! We most definitely can. Contact us at info@outsol.co.za or vanessa@outsol.co.za and we will send you our tax submission fee.