What is income tax?
Income tax is the normal tax that is paid on your taxable income. Examples 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
- Director’s fees
- Investment income, such as interest and foreign dividends
- Rental income or losses
- Certain capital gains
Do I need to submit an income tax return?
You do not need to submit a return if ALL of the following criteria apply:
- You only received an employment salary from one employer
- Your total employment salary for the year was not more than R500 000
- You have no car allowance/company car/ travel allowance or other income (e.g. interest or rental income)
- You are not claiming tax related deductions/rebates (e.g. medical expenses, retirement annuity contributions other than pension contributions made by your employer, travel)
Short answer: if you receive any income besides a salary, then you need to submit a tax return and possibly be registered for provisional tax (a way to pay over any tax due that is not deducted by an employer).
Creative CFO can help you check if you need to submit a tax return and what returns are outstanding to SARS by:
- Setting up an e-filing profile and running a tax status report
- Confirming what returns SARS sees outstanding
- Advising you on how to compile the relevant data to complete any outstanding submissions with possible tax optimisations
- If any returns are required giving you guidance on the best ways to submit and a proposal from our side to complete this.
The outcome of this analysis is to know how many, if any, returns are outstanding and what is the best approach to collate the info and submit it.
Please choose how many entities are involved, just you, or you and your businesses and then checkout with a quantity of 1, then we'll get in touch with a confirmation of what information we'll need from you to get started. One analysis covers 2.5 hours of work. If more sessions are needed, we will let you know.
