2018 Tax Deadline

31.10.2018

Days
Hours
Minutes
Seconds

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

Who is it for?

You are liable to pay income tax if you earn more than:
 For the 2019 year of assessment (1 March 2018 – 28 February 2019) – see changes from last year
  • 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

What do you need to submit?

-Efiling

You will need a SARS efiling log in and password.

If you have forgttoen your log in details you can contact SARS on 0800 00 SARS (7277) and they will help you retrieve them.

NOT Registered for efiling? No problem we will register you at no additional fee.

 

 

 

 

Documents Required

  • IRP5: This is the employees’ tax certificate your employer issues to you. 
  • Certificates you received for local interest income earned. 
  • Any other documentation relating to income received or accrued, such as remuneration that has not been reported to SARS by your employer, or business or investment income, etc.
  • Details of medical expenses paid and medical scheme contributions made.
  • The relevant certificates reflecting your retirement annuity fund contributions made.
  • A logbook and other documents in support of business travel expenses (if the travel allowance is part of your remuneration or if you have the right of use of a company car taxable benefit).
  • Any other documentation relating to the allowable deductions you wish to claim.

Directors and Sole Props

  • Personal Bank statements for the year of assessment
  • Certificates you received for local interest income earned. 
  • Any other documentation relating to income received or accrued, such as remuneration that has not been reported to SARS by your employer, or business or investment income, etc.
  • Details of medical expenses paid and medical scheme contributions made.
  • The relevant certificates reflecting your retirement annuity fund contributions made.
  • A logbook and other documents in support of business travel expenses (if the travel allowance is part of your remuneration or if you have the right of use of a company car taxable benefit).
  • Any other documentation relating to the allowable deductions you wish to claim.

Do My 2018 Tax Now