SARS recently published the annual notice to officially ‘open’ the 2017 Tax Season. Individuals are now able to file their annual income tax returns for the 2017 tax year, and the following timeframes apply within which individuals may do so:
Individuals (and trusts) are required to submit their returns at
the latest by:
Companies and close corporations are not subject to the above mentioned deadlines, such entities are required to submit its income tax returns 12 months after year-end.
Not all individuals are required to submit an income tax return. For example, natural persons are exempted from having to submit a tax return if the only income earned was in the form of a salary from a single employer during the year (not exceeding R350 000) and income from interest for that person was also less than R23 800 (or R34 500 if the person is older than 65). These exempted individuals may however still wish to submit a return in order to benefit from tax deductions which may need to be claimed on the return to be filed.