Below are some of the most frequently asked questions that we receive at DMG:
Do I need to submit a tax return?
Do any of the following apply to you for the tax year, then you need to submit a tax return?
- Did you conduct any trade* in South Africa or if you are a South African tax resident did you conduct any trade*?
- Did you receive an allowance such as a travel, subsistence or office bearer allowance? Check your IRP5/IT3(a) if unsure.
- Did you hold any funds in foreign currency or assets outside South Africa that have a combined total value of more than R225 000 at any stage during the tax year?
- Did you have Capital Gains or Capital Losses exceeding R40 000?
Was any income or a Capital Gain from funds in foreign currency or assets outside the Republic attributed to you? - Do you hold any rights in a Controlled Foreign Company?
Did you receive an Income Tax Return or were you asked to submit an Income Tax Return for the tax year?
Am I a provisional taxpayer?
If any of these apply to you, you are a provisional taxpayer and must submit bi-annual provisional tax returns.
- Any person who receives income other than a salary, for example rental from letting fixed property or income earned from a business trading as a sole proprietor.
- Any person who receives allowances or advances from their employer.
- Any person who receives income from an employer who is not registered for employees’ tax.
- Anyone who’s interest or dividend income is over R30,000 per annum,
- And All companies are automatically provisional taxpayers.
What will happen if I already accepted my auto assessment, but I have done so without submitting my travel log book? Am I able to correct this?
Yes – If you accept the auto-assessment and you omitted to submit logbook claims for business kilometres against travel allowances, you will be able to correct it. You can use the Request Correction facility on SARS eFiling and resubmit the tax return with the full information
SARS has issued a penalty. Can I request for them to reverse this?
If this is a ‘first time’ offence and the amount is below R2000, then SARS may remit a penalty under section 217 of the Tax Administration Act.
