Who must submit a tax return?

  • if you received R120 000 from a single source of employment during the 2012 tax year.
  • if you are under 65 years & received income > R59 750 from one or more source
  • if you are between 65 and 74 years and received an income > R93 150 from one or more source
  • if you are 75 years & older and received an income > R104 261 from one or more source
  • if you carried on a trade
  • received travel, subsistence or office bearer allowance
  • hold any funds or assets outside RSA that have a value of > R50 000 if you carried on a trade
  • received a local Capital Gain/Loss of > R20 000
  • received any income of Capital Gain in a foreign country received a local Capital Gain/Loss of > R20 000
  • hold any rights in a Controlled Foreign Company
  • received any income of Capital Gain in a foreign country
  • received investment income from a source in RSA above the exemption limits (R22 800 if below 65 years or R33 000 if 65 years and older)
  • earned an income through the letting of any property
  • received an IT12 from SARS or were requested to submit such a return.

The 2012 tax season started on 1 July 2012.

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