HomeHome SearchSearch MenuMenu Our productsOur products

Not sure if you're liable to pay income tax this tax season? Here's the answer

by , 30 June 2014
The 2014 tax-filing season for individual taxpayers officially gets underway tomorrow (1 July). It'll come to an end on 21 November 2014.

If you're not sure whether you have to complete and submit an Income Tax Return (ITR12) to SARS, we've got you covered.

Continue reading to find out if you're liable to pay income tax this tax season.

*********** New release ************

Avoid costly tax issues

Don't pay another cent on expensive tax consultant or lawyer fees.

**************************************

If you meet the following requirements, you'll have to account for income tax during the 2014 tax season

SARS explains on its website that you're liable to pay income tax if you earn more than R70 700 in the 2014 year of assessment and are younger than 65 years of age.

If you're 65 years old or above, the tax threshold (i.e. the amount above which income tax becomes payable) increases to R110 200. If you're 75 years old or above, this threshold is R123 350.

If you receive remuneration less than R250 000, you can opt NOT to submit an income tax return. But you have to meet these requirements first:

  • Your remuneration must be from a single employer;
  • Your remuneration must be for a full year of assessment (1 March – 28/29 February);
  • You must not have been paid an allowance from which employees' tax wasn't fully deducted; and
  • You don't need to claim further deductions or declare income.

If you're liable to pay income tax, the easiest and quickest way to file your Income Tax Return is online by making use of SARS eFiling.

Remember, failure to submit your income tax return on time comes with consequences.

*********** New ************

Every South African tax law explained by our experts

The Practical Tax Loose Leaf Service offers you:

  • All the definitions and legal regulations, useful advice, exceptions to the rules that help you slip through the legislative jungle of taxes.
  • Case studies and practical examples that show you what elements you should consider for your taxes to be perfect.
  • Red flags you need to watch out for and the penalties you'll face if you don't respect them.
  • Sample templates at your disposal, ready to be filled in, customised and printed.

Click here for more details.

****************************

If you don't submit your income tax return on time, you may be liable for penalties

In this article, experts behind the Practical Tax Loose Leaf Service warn that SARS will impose criminal and percentage based penalties if don't submit your individual tax returns on time.

Don't take SARS on.

Make sure you submit your Income Tax Return (ITR12) before the 21 November deadline.



Related articles




Related articles



Related Products



Comments
0 comments


Recommended for You 

  Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance



Here are all the most interesting, thought-provoking and common tax questions
asked by our subscribers over the last tax year – everything from A to Z!

To download Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance click here now >>>
  Employees always sick? How to stop it today



Make sure you develop a leave policy to regulate sick leave in your company.

BONUS! You'll find an example of the leave policy and procedure in this report.

To download Employees always sick? How to stop it today click here now >>>
  Absenteeism: Little known ways to reduce absenteeism



This FREE e-report will tell you how you can reduce absenteeism in your workplace while avoiding the CCMA and without infringing your employees' labour rights.

To download Absenteeism: Little known ways to reduce absenteeism click here now >>>
  7 Health & safety strategies to save you thousands



Don't let a health and safety incident cost you one more cent. Implement these seven
strategies in your company today.

To download 7 Health & safety strategies to save you thousands click here now >>>