The 2015 tax season (March 2014 to February 2015) opens on 1 July 2015 and this raises the annual question of which individuals are required to submit an IT12 annual tax return.

As per Government Gazette 38874 dated 12 June 2015 the following is the requirement to submit a 2015 tax return.

a) Every natural person

  1. Who carried on any trade in the Republic (other than solely in his or her capacity as an employee);
  2. To whom an allowance or advance was paid or granted (excluding reimbursive allowances);
  3. Who had capital gains or capital losses exceeding R30 000;
  4. Who is a resident and held any funds in a foreign currency or owned any assets outside the Republic, if the total of these funds and assets exceeded R200 000 at any stage during the year;
  5. Who is a resident and to whom any income or capital gains from funds in foreign currency or assets outside the Republic could be attributed in terms of the Act;
  6. Who is a resident and held any participation rights, as referred to in section 72A of the Act, in a controlled foreign company;
  7. To whom an income tax return is issued or who is requested by the Commissioner in writing to furnish a return; or
  8. Who, subject to paragraph B below, at the end of the year of assessment-
    1. Was under the age of 65 and whose gross income exceeded R70 700;
    2. Was 65 years or older (but under the age of 75 and whose gross income exceeded R110 200; or
    3. Was 75 years or older and whose gross income exceeded R123 350;
  9. Every non-resident whose gross income consisted of interest from a source in the Republic to which the provisions of section 10(1)(h) of the Act do not apply; and
  10. Every representative taxpayer of any person referred to above.

b) A natural person is not required to furnish a return for the 2015 year if the gross income of that person consisted solely of gross income described in one or more of the following subparagraphs:

  1. Remuneration, other than an allowance or advance referred to in paragraph A2 above, paid or payable from one single source, which does not exceed R350 000 and employees tax has been withheld;
  2. Interest from a source in the Republic not exceeding-
    1. R23 800 in the case of a person below the age of 65 years; or
    2. R34 500 in the case of a natural person aged 65 years or older; and
  3. Dividends and the natural person was a non-resident during the 2015 year of assessment.

Should you require any clarity on this matter please call us as some of these issues are fairly technical and require in depth analysis on a case by case basis.