Its that time of the year again, when we need to complete and submit income tax returns (ITR12) to Sars.

WHO SHOULD SUBMIT ITR12:

* If you are under the age of 65 and received an income of more than R59,750 from one or more sources or received more than R120,000 from a single source of employment, during the year of assessment 1 March 2011 to 29 February 2012;

* If you are aged between 65 and 75 and received an income of more than R93,150 from one or more sources or received more than R120,000 from a single source of employment, during the year of assessment 1 March 2011 to 29 February 2012;

* If you are over the age of 75 and received an income of more than R104,261 from one or more sources or received more than R120,000 from a single source of employment, during the year of assessment 1 March 2011 to 29 February 2012;

* If you:

– Conducted any trade in the Republic of South Africa (“Trade” is summed up as, including every profession, trade, business, calling, occupation or venture, including the letting of any property, but excluding any employment income.);

– Received an allowance such as travel, subsistence or office bearer allowance as per section 8(1)(a) of the Income Tax Act;

– Hold any funds or assets outside South Africa that a value of more than R50,000;

– Have a local capital gain/(loss) exceeding R20,000;

– Received any income or capital gain in a foreign currency;

– Held any rights in a controlled foreign company;

– Received an income tax return or you have been requested to submit ITR12 for the year in question.

METHODS OF SUBMISSION

There are various ways in which you can complete and submit your return;

1. eFiling: The most convenient and quickest way of completing and submitting tax (www.sarsefiling.co.za )

2. Branch: Filing electronically at a Sars branch (check www.sars.gov.za to locate a Sars branch nearest to you);

3. Post/ Drop box: Complete your return in writing and post yo Sars or drop it off in a Sars drop box.

DEADLINES FOR SUBMISSION AND PAYMENT OF TAX

* The deadline for all taxpayers who submit their tax return manually, by posting it or droping it off in a Sars drop box; is 28 September 2012;

* The deadline for all taxpayers who submit their tax returns electronically at a Sars branch; is 23 November 2012;

* Non-provisional tax payers who submit their returns via eFiling have until 23 November 2012;

* Provisional taxpayers who submit their returns via eFiling have until 31 January 2013.

If you should require further information or seek clarification, please call either Mr. Japhta Nkwana or Mr. M Kalaluka from our office on +27(0)11 312 3149 or email us: secretarial@iabcgroup.co.za