Personal Income Tax


This is a friendly reminder to all Wealth Masters that the deadline to submit your personal income tax returns for the 2018 year of assessment is around the corner.

In this article, the following frequently asked personal income tax questions will be answered:

When do you qualify as a provisional taxpayer?

When do you become liable for personal income tax?

When do you need to submit a return?

In the past, the deadline used to be at the end of November, but SARS has moved up the deadline by a month to 31 October 2018 to submit your personal income tax return via eFiling.  This is only applicable to non-provisional personal income taxpayers.  If you are a provisional taxpayer, you have time until 31 January 2019 to submit your personal income tax return via eFiling.

When do you become liable for personal income tax?

 

You become liable for personal income tax in the 2018 year of assessment (1 March 2017 to 28 February 2018) if the following occurs:

  • If you are younger than 65 years and your personal income exceeds R75,750.
  • If you are 65 years or older, but younger than 75 years, and your personal income exceeds R117,300.
  • If you are 75 years or older and your personal income exceeds R131,150.

These are called the personal tax thresholds.

Please note:  Your age is determined as at 28 February 2018.  This means that, for example, if you turn 65 before or on 28 February 2018, you qualify for the higher tax threshold, but if you turn 65 after 28 February 2018, the lower tax threshold of R75,750 is still applicable to you.

When do you need to submit a return?

If you meet ALL of the following criteria, you do NOT need to submit an income tax return:

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