Who needs to submit an income tax return?

it12 In order for you not to submit an income tax return, you have to comply with the following conditions:

  • Income for the year was less than R500 000
  • Income was only received from one employer, ie only one IRP5 received.

If you had any of the following forms of income, you have to submit an income tax return:

  • Trading as a sole proprietor.
  • Received a travel or subsistance allowance.
  • Capital gains or losses totaling R40 000 or more.
  • Held funds in foreign currency or assets exceeding R225 000 at any stage during the year.

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I am a registered tax practitioner with more than 10 years' experience with tax and accounting.  Thank you for reading my content, I hope you find it helpful.  Be sure to contact me with your tax related questions.