The South African Revenue Service has issued an updated version of its “Guide on Income Tax and the Individual 2014/15” on 28 August 2015. The purpose of this guide is to inform individuals who are South African residents of their income tax commitments under the Income Tax Act 58 of 1962 (the Act).
The guide does not attempt to reflect on every scenario that could possibly exist, but does attempt to provide clarity on the majority of issues that are likely to arise in practice. It specifies that an individual who becomes liable for any income tax or who must submit an income tax return must, within 21 business days of becoming liable, apply to SARS for registration in the prescribed form and manner. The income tax return applicable to individuals is known as the ITR12 form. The tax season for the 2015 year of assessment opened on 1 July 2015. The tax threshold amount for the 2015 year of assessment is R70 700 for individuals below the age of 65; R110 200 for individuals aged 65 years but under 75; and R123 350 for individuals aged 75 years and older.
