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Tax Season Starts

01 July 2013   (0 Comments)
Posted by: Author: Ingé Lamprecht
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Author: Inge Lamprecht (MoneywebTax.co.za)

Annual income threshold for non-submission raised. 

Tax season starts on July 1.

One of the most significant changes for non-provisional taxpayers is that the South African Revenue Service (Sars) has raised the annual income threshold for submitting a tax return. Only individuals who earn more than R250 000 per annum (2012: R120 000) are required to submit a tax return, provided these individuals meet certain requirements.

Piet Nel, project director for tax at the South African Institute of Chartered Accountants (Saica), explains that these requirements include that an individual may only earn salary income from one employer. In principle they would only have one IRP5 (a tax certificate from his or her employer), he says.

To read the full article on the MoneywebTax webpage please click here:


WHY REGISTER WITH SAIT?

Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

MINIMUM REQUIREMENTS TO REGISTER

The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

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