Find out, if, when and what rates of income tax apply.
If you have an income (see the list below) you must have an income tax number and be registered as a tax payer with SARS. You may not necessarily have to submit a tax return – it depends on the source of your income and how much it is.
Sources of income
- Your salary
- Commission you earn or a referral fee you are paid
- Money you earn after hours from a part-time job, a hobby or a small business
- Rental income on a property which you rent out
- Money you earn from operating a business under your own name
- Interest from bank accounts, investments, unit trusts and share portfolios
- Capital gain – money you make when you sell property, shares or investments
- Dividends from listed companies, unit trusts or shareholdings
- Annuities like retirement annuities and endowments
- Retirement lump sums
- Foreign income
- Money or property you inherit (inheritance)
- Income from any other source
You should know where all your money (income) has come from. If you receive an income from a source that is not listed above, and you are unsure whether or not it should be declared on your income tax return, please contact our office.
The tax year runs from 1 March to the last day of February the following year. You have until the last Friday in November to submit your personal income tax return (IT12 Return) if it is submitted electronically on SARS e-filing.
According to the South African Income Tax Act, individuals pay tax on a pay-as- you-earn (PAYE) basis – the more you earn, the higher the percentage of tax you pay. All your income is added together to determine your final payable tax amount.