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personal tax income return in south africa

South African tax season has begun: What’s new?

The South African tax filing season for 2022 has begun with the deadlines already announced on media. Due to a number of technical issues that have arisen with the electronic tax filing platform (eFiling), the personal income tax return filing season in South Africa is getting off to a sluggish start. 

The country’s revenue authority has stated that there have been “significant changes” made to the filing process this year. Read our blog to learn what’s new this year.

Do you know your tax number?

If by any chance you have lost or don’t remember your tax number, you don’t have to worry. SARS (South African Revenue Service) has noted that taxpayers can find their tax numbers by registering through the SARS eFiling platform.

However, this is not the only way to find out what your tax number is.  You can also request it from SARS taking advantage of the options below:

Send a query and ensure your details match the SARS records.

You can get it on eFiling if you are registered as an eFiler. Just log on and find out your number. 

You can also request your notice of registration via MobiApp if you are a registered eFiler.

eFiling has been updated to allow taxpayers to request the Notice of Registration (IT150) under the ‘SARS Registered Details’ menu option.

Visit one of the SARS branches. We have to remind you that this can be done by appointment only. 

Who should submit a tax return?

SARS has created a specialised page that explains who is required to file a return and who is exempt from doing so for the current tax season.

People are required to pay income tax if their taxable income for the tax year is more than a certain amount, which is referred to as the “tax threshold” amount. This amount is used to determine who is required to pay tax.

The following should be used as the tax threshold for the year of assessment 2023:

If you are younger than 65 years old, the amount is R91,250.

The tax threshold, which is the point at which an individual is required to begin paying income tax and which increases with increasing age, is R141,250 for individuals aged 65 to 75.

This threshold is R157,900 for taxpayers who are 75 years old or older.

If your annual income is less than the amounts shown here, you will not have to pay any taxes.

SARS has provided a breakdown of some of the different types of income that an individual can be taxed on, including the following in order to assist individuals in determining whether or not their income falls below or above these thresholds.

Income from employment such as salaries, wages, bonuses, overtime, taxable benefits (fringe benefits) and allowances;
Severance benefits and certain lump-sum benefits;
Income from a business or trade;
Income or profits arising from an individual being a beneficiary of a trust;
Fees from companies or close corporations for services rendered;
Investment income such as interest, foreign dividends and dividends from a Real Estate Investment Trust (REIT);
Rental income;
Income from royalties;
Pensions; and
Certain capital gains.

Meet the new SARS auto-assessment programme

The SARS auto assessment programme brings about the most significant alteration. Data obtained from various sources, including employers, medical aids, banks, retirement annuity funds, and so on are used as the foundation for an auto assessment.

Once the auto assessment has been completed, SARS will send a notification to the taxpayer via SMS or email, and the taxpayer will be able to view it on the eFiling website or the SARS MobiApp. Taxpayers can inspect the data from a third party that was used to prepopulate their returns to ensure that the information is accurate.

There is no need for the taxpayer to take any action to “submit” the assessment if they are confident that the automobile assessment is accurate and includes all of the relevant info. 
If they are sure that it is accurate, but they are required to make a payment to SARS, they are required to do so by the date that is specified for the due date of the payment on the Notice of Assessment (ITA34).

Holborn Assets South Africa helps you with tax advice

The South African tax filing season started on July 1st with the deadline being Monday October 24th. Provisional taxpayers including Trusts may file via eFiling or SARS MobiApp until Jnuary 23rd 2023. 

Holborn’s advisers are prepared to design a financial plan specifically for you. Holborn Assets Africa has offices in Johannesburg, Cape Town, Durban, and the Winelands and one of the most experienced teams of advisers on the continent. If you would like to receive fully qualified tax advice, our advisers are ready to help you. Why don’t you give us a call right now to have a conversation about what we can do for you by submitting the contact form?

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