Natural persons do not need to submit a tax return*
for the 2021 tax year of assessment if their gross income consisted solely of:
- Remuneration , not exceeding R500,000, was paid from a single source and from which PAYE was deducted as prescribed;
- Interest from a source in South Africa (excluding from tax-free investment) less than R23,800 (if younger than 65) or less than R34,500 (if 65 or older);
- Dividends, and you were non-resident throughout the 2021 year of assessment;
- Amounts received from or accrued from tax-free investments.
*Exemption may not apply if:
- You received a travel, subsistence or office bearer allowance from employer (unless aligned with rates prescribed by Commissioner)
- Remuneration includes any taxable fringe benefits, or if part of remuneration is for services rendered outside South Africa
NB!
If you have a Medical Aid, Retirement Annuity, or are eligible to claim expenses from working from home, and fall under the above threshold, then I would encourage you to submit a Tax Return.
Natural persons who do not meet the exemption requirements listed above
must submit a return in the following instances:
- Resident taxpayers who:
- carried on a trade, other than as an employee;
- had capital gains or losses > R40,000 for the 2021 year of assessment;
- held any funds in foreign currency or owned assets outside South Africa and the value exceeded R250,000 at any point during the 2021 year of assessment;
- had income or capital gains attributed in terms of the Income Tax Act from funds in foreign currency or from foreign assets;
- either alone, or together with any connected person, hold at least 10% of the participation rights in a controlled foreign company;
- Non-resident taxpayers who:
- carried on any trade in South Africa, other than as an employee;
- had capital gains or losses that is subject to Capital Gains Tax in South Africa;
- Gross income included interest from a source in South Africa and which was not exempt under section 10(1)(h) of the Income Tax Act;
- If your gross income does not meet the requirements of the exemption above and exceeded the tax thresholds
i.e. R83,100 (under age of 65 years), R128,650 (65 years or older but under age of 75 years) and R143,850 (75 years or older).This does not apply if you are notified that you are eligible for automatic assessment and your tax position on SARS’ record is complete and correct when the automatic assessment is accepted.