Income Tax Returns for 2022
It is that time of the year again when taxpayers prepare their annual submissions for the individuals tax season. In preparation, The South Africa Revenue Services has published an official statement detailing which South Africans are required to complete income tax return submissions in 2022. Those required to submit these returns are advised to meet the outlined deadline to avoid penalties.
Who doesn’t need to file a return?
Natural persons or estates of a deceased person are not required to submit tax returns if their gross income consists of one or more of the following:
- Remuneration that does not exceed R500 000 from a single source, excluding additional benefits and allowances and employees’ tax has been withheld in respect of this remuneration.
- Interest from South African investments, excluding tax-free investments, not exceeding:
- R23,800 for persons younger than 65
- R34,500 for persons 65 or older
- R23,800 for a deceased person’s estate
- Dividends to an individual who was considered a non-resident for the assessment year.
- Income received or accrued from tax-free investments.
These exemptions exclude individuals who:
- Receive allowances relating to business accommodation, travel or subsistence.
- Are granted taxable fringe benefits from their employment.
- Received income in respect of foreign services rendered.
When are income tax submissions due?
Calling All Digital Nomads!South Africa continues to be a prime destination for remote work. Not only does our beautiful country offer a favourable climate that attracts digital nomads...
Navigating the Tax LabyrinthEvery year brings a slew of alterations to tax laws, making it a daunting task to stay up to date and comprehend the changing legal landscape. The South...
Buckling Down on Slow ResolutionsFrustrations continue to mount among taxpayers over the lengthy resolution time for disputes with the South African Revenue Service (SARS). These...