Tax Season 2018

Personal Income Tax Filing Season 2018 starts on 1 July 2018.

Contact Lilla van der Merwe Accountants for assistance with your income tax return.

You must complete a 2018 Income Tax Return if for the year 1 March 2017 to 28 February 2018 …

• You received an Income Tax Return or were requested by SARS to submit an Income Tax Return for the year 2018
• You received salary income from 1 employer only and it exceeded R350 000
• You received salary income from various employers (even if the combined income was less than R350 000)
• You received salary income from 1 employer that was less than R350 000 as well as interest income in excess of R23 800 (R34 500 if you were 65 or older on 28 February 2018)
• You conducted any trade* in South Africa
• You received an allowance such as a travel, subsistence or office bearer allowance. Check Section 8(1)(a) of the Income Tax Act if unsure.
• You held any funds or assets outside South Africa that have a value of more than R200 000
• You had a local Capital Gain/Loss exceeding R30 000
• You received any income or Capital Gain in a foreign currency
• You held any rights in a Controlled Foreign Company

*Trades may comprise but are not limited to:

• Renting out property
• Consulting services rendered
• Rendering of any other services whatsoever
• Farming
• Buying and selling of any goods / supplies

Tax Season will conclude on 31 October 2018 for non-provisional tax payers and on 31 January 2019 for provisional tax payers