Income Tax Returns - What is it

Income tax is the normal tax which is paid on your taxable income.Examples of amounts an individual may receive, and from which the taxable income is determined, include –

  • Remuneration (income from employment), such as, salaries, wages, bonuses, overtime pay, taxable (fringe) benefits, allowances and certain lump sum benefits
  • Profits or losses from a business or trade
  • Income or profits arising from an individual being a beneficiary of a trust
  • Director’s fees
  • Investment income, such as interest and foreign dividends
  • Rental income or losses
  • Income from royalties
  • Annuities
  • Pension income
  • Certain capital gains

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Income Tax Returns - Who is it for?

You are liable to pay income tax if you earn more than:

For the 2020 year of assessment (1 March 2019 - 29 February 2020) - see changes from last year

  • R79 000 if you are younger than 65 years.
  • If you are 65 years of age or older, the tax threshold (i.e. the amount above which income tax becomes payable) increases to R122 300.
  • For taxpayers aged 75 years and older, this threshold is R136 750.

For the 2019 year of assessment (1 March 2018 - 28 February 2019) -

  • R78 150 if you are younger than 65 years.
  • If you are 65 years of age or older, the tax threshold (i.e. the amount above which income tax becomes payable) increases to R121 000.
  • For taxpayers aged 75 years and older, this threshold is R135 300.

For the 2018 year of assessment (1 March 2017 - 28 February 2018)

  • R75 750 if you are younger than 65 years.
  • If you are 65 years of age or older, the tax threshold (i.e. the amount above which income tax becomes payable) increases to R117 300.
  • For taxpayers aged 75 years and older, this threshold is R131 150.

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Income Tax Returns - Complience Procedure

Step one: We can help you register for income tax
If you earn a taxable income which is above the tax threshold, you must register as a taxpayer with SARS.

If you are not yet registered, Our Qualified team of experts can assist you through the registration process.

Kindly note that the 'IT77 registration form for Individuals' was discontinued and that the only way to register is to visit a SARS branch where the friendly staff will register you on our system.

Important: Make sure you have all the supporting documents (relevant material) needed. We won't be able to register you unless all the documents are received.

Step two: We Will Submit A Return

Once registered for income tax, we will hen begin the process of submitting a annual income tax return to SARS. See the Tax Tables. The 2019 year of assessment (commonly referred to as a “tax year”) runs from 1 March 2018 to 28 February 2019. Every year, SARS announces its Tax Season, a period during which you are required to submit your annual income tax return. The Tax Season for 2019 opens on 1 August 2019 for branch filers and 1 July 2019 for eFilers. The income tax return which should be completed by individuals is known as the ITR12 form. The updated ITR12 Comprehensive Guide will be available once the Tax Season opens.


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Income Tax Returns - Deadlines

TJ Botha Spangengberg Inc.

Income Tax Returns Submission Dates

  • 31 October 2019 for branch filing.
  • 4 December 2019 for non-provisional taxpayers who use eFiling and the MobiApp.
  • 31 January 2020 for provisional taxpayers who use eFiling.

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

We have been serving the East Rand community with distinction since our establishment in the seventies. Our professional financial services, winning outcomes, hands-on approach and commitment to client satisfaction have earned us a loyal and growing client base. The partners are actively involved in the day-to-day running of the practice which translates into professional and personalised solutions responsive to the individual needs of clients, standards and trends. We serve private individuals, small and medium enterprise (SME’s) and large corporate enterprises.

Here at TJBothaSpangenberg Incorporated, we operate in terms of stringent quality management systems, high valueauditing and accounting, the best available modern technology, sustained client relations and on-call availability. We provide reasonable assurance, that the financial statements are presented fairly, in all material respects and give a true and fair view in accordance with the financial reporting framework. We GUARANTEE efficiency and integrity, coming from years of trusted service.

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