Simple guide to SARS Tax return
How much?
It’s simple you pay tax when you begin to earn income of more than the agreed amount that year and you pay it all your working life up to the age of 65. This tax is worked out on a sliding scale.
And when?
Tax works in tax years. The year starts 1st March and ends 28th February. (Except of course in a leap year when it will be 29th February). You need to submit a return in Tax Season.
What about other income?
Yes, you do pay tax on other income you may have. So, for example, tax applies on:
- Income from business activities
- Income from directorships
- Income from trusts
- Investment income
- Rental income
- Royalties income
- Certain capital gains
- And when you are older on annuities and pensions
| Employer taxes you throughout the year |  |
You submit your tax return from 1 July | |
SARS assesses your return | |
You either pay more or get a refund | |
If you pay your tax late. You get a penalty for late payment | |
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| If you forget there are penalties | 62% get a refund |
Once off or annual tax services
- Annual Income Tax Return for Individuals
- Annual Income Tax Return Assessment for Individuals
- Annual Income Tax Return for Commission Earners
- Assets and Liabilities Statement for Individuals (members/directors)
- Annual Income Tax Return for Registered Entities (IT14)
INCOME TAX: INDIVIDUALS AND TRUSTS
|
Tax rates for the period from 1 March 2019 to 29 February 2020 |
|
| Taxable income (R) | Taxable rates |
| 0 – 195 850 | 18% of taxable income |
| 195 851 – 305 850 | 35 253 + 26% of taxable income above 195 850 |
| 305 851 – 423 300 | 63 853 + 31% of taxable income above 305 850 |
| 423 301 – 555 600 | 100 263 + 36% of taxable income above 423 300 |
| 555 601 – 708 310 | 147 891 + 39% of taxable income above 555 600 |
| 708 311 – 1 500 000 | 207 448 + 41% of taxable income above 708 310 |
| 1 500 001 and above | 532 041 + 45% of taxable income above 1 500 000 |
Trusts other than special trusts: rate of tax 45%
Rebates
Primary R14 220
Secondary (Persons 65 and older) R7 794
Tertiary (Persons 75 and older) R2 601
Age Tax Threshold
Below age 65 R79 000
Age 65 to below 75 R122 300
Age 75 and older R136 750
