SARS issued a public notice stating who must submit a tax return declaring their income for the 2024 year of assessment. If you answer “Yes” to any of the following, you must submit a tax return
1. An individual who, during the 2024 year of assessment:
- Was a South African tax resident and carried on any trade;
- was a non-resident and carried on any trade (other than solely in the capacity of an employee) in the Republic;
- was a South African tax resident and had capital gains or capital losses exceeding R40 000;
- was a non-resident and realised a capital gain or capital loss from the disposal of an asset;
- was a South African tax resident and held any funds in foreign currency or owned any assets outside the Republic if the total value of those funds and assets exceeded R250 000 at any stage during the 2024 year of assessment
- was a South African tax resident to whom any income or capital gains from funds in foreign currency or assets outside the Republic was attributed in terms of the Income Tax Act;
- was a South African tax resident and held any participation rights in a controlled foreign company;
- was a South African tax resident and had taxable turnover;
- was under the age of 65 and whose gross income exceeded R91 250;
- was 65 years or older (but under the age of 75) and whose gross income exceeded R141 250; or
- was 75 years or older and whose gross income exceeded R157 900.
2. A company or other juristic person who was a South African tax resident during the 2024 year of assessment that:
- derived gross income of more than R1 000;
- held assets with a cost of more than R1 000 or had liabilities of more than R1 000 at any time;
- derived any capital gain or capital loss of more than R1 000 from the disposal of an asset; or
- had taxable income, taxable turnover, an assessed loss or an assessed capital loss.
3. A company, trust or other juristic person who was a non-resident during the 2024 year of assessment that:
- carried on a trade through a permanent establishment in the Republic;
- derived income from a source in the Republic; or
- derived any capital gain or capital loss from the disposal of an asset
4. A company incorporated, established or formed in the Republic but that was a non-resident during the 2024 year of assessment as a result of the application of any agreement entered into with the Government of any other country for the avoidance of double taxation
5. A non-resident whose gross income during the 2024 year of assessment included interest from a source in the Republic which is not exempt;
6. If the Commissioner requests you in writing to furnish a return, irrespective of the amount of income or nature of receipts or accruals of the person;
7. A trust that was a South African tax resident during the 2024 year of assessment;
8. An estate of a deceased person with gross income during the 2024 assessment year, subject to certain exclusions.
9. Every representative taxpayer of any person referred to in paragraphs 1 to 8 above
If you have any doubts about whether you are required to submit a tax return or whether you are a South African resident or not, consult your tax advisor.