If you are wondering whether you need to submit an income tax return, take a quick look at the list below. If you answer ‘yes’ to any of the following questions, or any of them are applicable to you for the tax year 1 March 2022 to 29 February 2023, then you will need to get started on your submission immediately.
- Did you conduct any trade* in South Africa, or if you are a South African tax resident, did you conduct any trade*?
- Did you receive an allowance such as a travel, subsistence or office bearer allowance? Check your IRP5/IT3(a) if unsure.
- Did you hold any funds in foreign currency or assets outside South Africa that have a combined total value of more than R225 000 at any stage during the tax year?
- Did you have Capital Gains or Capital Losses exceeding R40 000?
- Was any income or a Capital Gain from funds in foreign currency or assets outside South Africa attributed to you?
- Do you hold any rights in a Controlled Foreign Company?
Note: *The term ‘trade’ means every profession, trade, business, calling, occupation or venture, including the letting of any property but excluding any employment.
Filing deadlines:
- 7 July to 23 October 2023: non-provisional taxpayers
- 7 July to 24 January 2024: Provisional taxpayers
Take a look here for more information.