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income tax

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?

Non-provisional taxpayers utilising the eFiling service or taxpayers submitting their returns at the SARS office or manually are required to do so on or before the 24th of October 2022. Provisional taxpayers using eFiling can do so on or before the 23rd of January 2023. Companies must submit their income tax returns within 12 months of their financial year-end.
Taxpayers should aim to submit accurate income tax returns on or before their deadline approaches. At MMS Group, we offer professional tax consultancy services for assistance with tax returns. Our guidance and accuracy throughout this process will help you achieve complete compliance with SARS. For more information on our services, please reach out to us here.

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