Finance minister pravin gordhan delivered his 2016 budget on 24 february, and surprised analysts by not hiking the personal income tax rate. Sars issued a statement before the opening of tax season that stated if you earned below r350 000 for the 2016 tax year, being 1 march 2015 to 29. Durban tax season opened on july 1 and, while sars has no doubt received a flood of tax returns already, another office is awaiting the inevitable complaints about filings. This free service allows taxpayers, tax practitioners and businesses to register free of charge and submit returns and declarations, make payments and perform a number of other interactions with sars in a secure online environment. Every year, sars announces its tax season, a period during which you are required to submit your annual income tax return.
Yes, the november tax season deadline is fast approaching, heaping pressure on accountants and bookkeepers across the land and potentially wreaking havoc on your companys christmas preparations. Tax rates for companies and vat were not increased either. A shorter filing season allows additional time for sars, taxpayers and the tax fraternity to deal with returns verifications before most taxpayers go on the december holiday break, said acting commissioner mark kingon. Tax return threshold increases to r500 000 but there. Taxpayers in brooklyn, sunnyside and the pretoria cbd are urged to be on the lookout for sars officials from 10. The new tax filing season, themed no sweat, is due to start on 01 july 2018 and will end on 31 october 2018.
The announcement of the shortened filing season, aimed at improving efficiency, allows additional time for sars, taxpayers and the tax fraternity in general, to deal with. Sars collected r389 billion in pit during the past financial year. Have a happy tax season 2020, it almost sounds like christmas for some it actually will be. Data are presented for select sources of income, deductions, credits, and individual income taxes. Travel elog book sars logbook used to claim a deduction on. For the rest tax break hopes to assist in making tax year 2020 better. Alternatively, taxpayers can get assistance from a sars registered tax practitioner. If you have your identity number and tax number you can now also call the sars contact centre on 0800 00 7277. With the 2016 tax season now underway, it is important that you gather together all the required supporting documentation as soon as possible so that your tax return can be submitted on time. For the bulk of personal income taxpayers, july to november is the period to complete and submit their tax returns. The important deadline dates in the 2015 tax season are. The closing dates sars deadlines for tax season are as follows. Last year during tax season, sars said it received 6.
Tax filing threshold increases from r350k to r500k the. For guidance on the taxreturn reporting for sales of shares acquired through stock compensation, including annotated diagrams of form 8949 and schedule d, see the section reporting company stock sales in our tax center. Income tax tables with rebates and car allowance fix cost tables for the 2016 tax year as provided by sars. I paid r452 income tax per month and paid r1152 on my december bonus. Tax withheld must be paid on or before the 7th day after the month in which remuneration was paid. It was announced on the 4 july 2018, that this years tax season will be shortened by 3 weeks, with the season running from the 1 july to 31 october 2018 to allow more time for verifications before the december holiday. We decided to write a page about the important tax dates for submission of various taxes in south africa. Sars confirmed that it had lifted the tax return threshold from r350,000 to r500,000, meaning only people who earn more than r500,000 per year will need to file their tax returns. Nov 28, 2016 sars commissioner tom moyane has praised the selfless men and women who made sas tax season a success. How south african businesses can avoid tax season stress.
I started working on 16 march 2015 to 31 march 2016. Sars efiling is a free, online process for the submission of returns and declarations and other related services. During this time all qualifying individuals have to submit an income tax return itr12. The first step is to submit an income tax return itr12 as this will allow sars to reconcile the tax on income with the taxdeductible expenses for the year of assessment, which is 1 march 2015 to 29 february 2016, says ilsa groenewald, associate director of tax compliance for bdo durban. The tax season for 2019 opens on 1 august 2019 for branch filers and 1 july 2019 for efilers. So brace yourself for the media flurry and the many advertisements by the south african reserve services sars encouraging you to submit your annual income tax return. The south african revenue service begins tax season for individuals on the 1 july each year with tax season usually closing the last friday of november of the same year. The statistics present data from the population of all forms 1040 processed in calendar year 2018 for tax year 2017. This enables sars to reconcile the tax on your income and the tax deductible expenses for the year of assessment 1 march 2015 29 february 2016. The tax season opened on 1 july 2017 for efilers, while it opened on monday for those filing their tax returns for the 201617 tax year at sars branches.
The south african revenue service sars said on monday that the tax filing season, which kicks off on july 1, has been shortened by three weeks, in a bid to improve efficiency. The benefit of owning a property in a personal capacity is that the income tax paid when selling for a profit on the holding, might be lower as little as 33. The south african revenue service sars said on monday. Tax season is the single biggest annual engagement between ordinary citizens and sars.
A shorter filing season allows additional time for sars, taxpayers and the tax fraternity to deal with returns verifications before most taxpayers go on the december. Tax return threshold increases to r500 000 but there are catches its not often that tax and good news appears in the same bracket for south africans, but sars have announced. Payasyouearn paye penalties are imposed on employers in terms of the fourth schedule to the income tax act of 1962 the act, read with chapter 15 of the tax administration act, 2011, where there is noncompliance with regard to an employers obligations. The income tax return which should be completed by individuals is known as the itr12 form. Tax return basics single filing status no dependents form 1040 personal return cpa strength tax season is just around the corner, and i want to try to teach people the basics of a tax return.
Paying taxes is hardly anyones idea of fun, but to help you survive the dreaded annual tax season, we have summarised what you need to know and provide to sars in respect of your. Tax season is the period in which taxpayers must complete and submit their tax returns to sars. Travel elog book sars logbook used to claim a deduction. These refunds a 26 percent increase on last year applied to returns filed for the 20162017 tax year submitted during the tax season from july 1. Tax season runs from 1st july to 25th november every year. For more information for other tax statistics, visit tax statistics produced by the statistics of income division and other areas of the internal revenue service. Article contributed by lucro auditing and consulting.
With tax return season nearing a close on 25 november, sars has warned against scam artists who may be exploiting the desperation of people to submit their returns in time. Johannesburg, wednesday, 22 june 2016 tax season is right around the corner, typically starting on the 1st of july every year. Tax season 2016 is due to kick off on 1 july, meaning it is time for taxpayers to submit their returns for income earned between 1 march 2015 and 29 february 2016. Check the status of your refund, and when you can expect to receive your refund. Sars cuts deadline for tax returns on monday, 04 june 2018, the south african revenue service sars announced some changes to the tax filing season. Jun 22, 2016 the first step is to submit an income tax return itr12 as this will allow sars to reconcile the tax on income with the taxdeductible expenses for the year of assessment, which is 1 march 2015 to 29 february 2016, says ilsa groenewald, associate director of tax compliance for bdo durban. Every employer in south africa must withhold paye payasyouearn from remuneration paid to an employee. The tax season for the 20 tax year opens on 1 july 20. To skip the queues and taxpayers were allowed to start filing via efiling and mobiapp from 1 july 2019. R7 794 r7 7 r7 479 r7 407 r7 407 r7 110 tertiary 75 and older r2 736 r2 601 r2 574 r2 493 r2 466. Our team of accountants are fully degreed and qualified to attend to any tax query you have.
Tax season make property work for you private property. Filing season statistics by year internal revenue service. The 2018 tax season for individuals is open on 1 july 2018 for efilers and our branches are open to assist you from 2 july 2018. Mar 01, 2020 the 2019 year of assessment commonly referred to as a tax year runs from 1 march 2018 to 28 february 2019. The deadline for nonprovisional taxpayers is 25 november 2016 and the deadline for payers of personal provisional tax is 31 january 2017. Sars will not provide your tax number to another person, unless the person is your tax practitioner or has power of attorney to conduct your tax affairs. Individual taxpayers, who submitted their returns manually or by post, had to do so by 30 september this year, nonprovisional taxpayers who submit at a sars branch have until 27 november 2015. R14 067 r 635 r 500 r 257 r12 726 secondary 65 and older r8 199. Alternatively, taxpayers can get assistance from a sarsregistered tax practitioner. Tax filing threshold increases from r350k to r500k the citizen. Calculate your claim based on the cost scale table which sars supplies youll find this table in the introduction section to the travel elogbook.
In an attempt to improve efficiency, the tax filing season will now be shortened by three weeks. Tax season 2019 started on 1 august 2019 for nonprovisional individuals. The closing dates sars deadlines for tax season are as. Tax return threshold increases to r500 000 but there are catches its not often that tax and good news appears in the same. Jul 03, 2017 the tax season opened on 1 july 2017 for efilers, while it opened on monday for those filing their tax returns for the 201617 tax year at sars branches. Personal tax archives fenns inc chartered accountants. Helpful tips as tax season officially opens sanews. The first tax walk will take place in tshwane on the 1 july 2016, when tax season officially opens. Elsewhere in the tax center, another section gathers our popular annotated diagrams of form w2. The rate of withholding is determined by the south african revenue service and is published in their emp10 guidelines. Provisional taxpayers have until 31 january 2020 to file via efiling. May 16, 2019 201617 logbook for the 1 march 2016 28 february 2017 assessment year and tax season starting 1 jul 2017. Should you want to verify any information or that of a sars employee, contact a sars branch to check the information is legitimate. The 2016 personal income tax filing season is expected to open at the beginning of july.
The rebate is not reduced where a person has taxable income for less than the standard south african tax year. Travel elog book sars logbook used to claim a deduction on personaltax. The 20 year of assessment commonly referred to as a tax year runs from 1 march 2012 to 28 february 20. Sars commissioner tom moyane has praised the selfless men and women who made sas tax season a success. Find weekly filing season statistics showing cumulative and comparative totals from the 2010 and 2009 tax return filing seasons, starting march 26, 2010. July deadline for sars to respond on delayed refunds. Determine what has to be reported as income on your personal income tax return. Individual tax season runs from july to november, however, provisional taxpayers who submit via sars efiling have until january 2016. On monday, 4 june, acting sars commissioner, mark kingon, announced that the 2018 tax filing season will open on 1 july 2018, but will be shorted by three weeks. Claim tax deductions, credits, and expenses to reduce the amount of tax you must pay. The 2019 year of assessment commonly referred to as a tax year runs from 1 march 2018 to 28 february 2019.
530 322 415 860 1024 38 916 381 1512 206 1072 1224 4 1368 1078 1514 2 522 949 117 676 1567 883 1360 1262 162 1014 768 578 195 807 517 1121 587 511 590 1015