Tax Season 2021 – WHO MUST SUBMIT AN INCOME TAX RETURN

SA Residents:

  • Every SA resident Trust;
  • Every SA resident Company or juristic person who:
    • derived gross income of more than R1,000; 
    • held assets of more than R1,000; 
    • had liabilities of more than R1,000; 
    • derived any capital gain/capital loss of more than R1,000 from the disposal of an asset;
    • had any taxable income;
    • had any taxable turnover; or
    • had any assessed loss or had an assessed capital loss
  • Every SA resident Company that was not a resident as a result of the application of any agreement entered into with the Government of any other country for the avoidance of double taxation;
  • Every natural person (individual) who:
    • Carried on any trade;  
    • Had capital gains or capital losses exceeding R40,000;
    • Held any funds in foreign currency or owned any assets outside the Republic, exceeding R250,000, at any stage during the year;
    • Any income or capital gains from funds in foreign currency or assets outside the Republic was attributed in terms of the Income Tax Act;
    • Held participation rights in a controlled foreign company*;
    • Had taxable turnover;
    • Was under the age of 65 and whose gross income exceeded R83,100;
    • Was 65 years or older (but under the age of 75) and whose gross income exceeded R128,650;
    • Was 75 year or older and whose gross income exceeded R143,850;
    • Every estate of a deceased person that had gross income;
    • Every person that is issued an income tax return or who is requested by the Commissioner in writing to furnish a return (irrespective of the amount of income or nature of receipts or accruals of the person); or
    • Every representative taxpayer of any person that falls in any one of the above catagories

Non SA Residents:

  • Every company, trust or other juristic person that: 
    • carried on a trade through a permanent establishment in the Republic;
    • carried on any trade in the Republic;
    • derived income from a source in the Republic; 
    • derived any capital gain or capital loss from the disposal of an asset;
    • gross income included interest from a source in the Republic to which section 10(1)(h) of the Income Tax Act do not apply

* A foreign company where more than 50% of the total participation rights in that foreign company are directly or indirectly held, or more than 50% of the voting rights in that foreign company are directly or indirectly exercisable, by one or more SA residents.  

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