The tax filing requirements for the tax year 2023 have been Gazetted on 14 June 2023. The tax filing season will open on 7 July 2023 at 8pm.
Date of submission:
Income tax returns must be submitted within the following periods:
(a) in the case of any company, within 12 months from the date on which its financial year ends; or
(b) in the case of all other persons (which include natural persons, trusts and other juristic persons, such as institutions, boards or bodies)—
(i) on or before 23 October 2023;
(ii) on or before 24 January 2024 if the return relates to a provisional taxpayer and is submitted by using the SARS eFiling platform; or
(iii) where accounts are accepted by the Commissioner in terms of section 66(13A) of the Income Tax Act in respect of the whole or portion of a taxpayer’s income, which are drawn to a date after 28 February 2023 but on or before 30 September 2023, within 6 months from the date to which such accounts are drawn
Who must submit a return:
The following persons must submit an income tax return:
(a) Every company or other juristic person, which was a resident during the 2023 year of assessment that—
(i) derived gross income of more than R1 000;
(ii) held assets with a cost of more than R1 000 or had liabilities of more than R1 000, at any time;
(iii) derived any capital gain or capital loss of more than R1 000 from the disposal of an asset to which the Eighth Schedule of the Income Tax Act applies; or
(iv) had taxable income, taxable turnover, an assessed loss or an assessed capital loss;
(b) Every trust that was a resident during the 2023 year of assessment;
(c) Every company, trust or other juristic person, which was not a resident during the 2023 year of assessment, that—
(i) carried on a trade through a permanent establishment in the Republic;
(ii) derived income from a source in the Republic; or
(iii) derived any capital gain or capital loss from the disposal of an asset to which the Eighth Schedule to the Income Tax Act applies;
(d) Every company incorporated, established or formed in the Republic, but that was not a resident as a result of the application of any agreement entered into with the Government of any other country for the avoidance of double taxation during the 2023 year of assessment;
(e) Every natural person who during the 2023 year of assessment─
(i) was a resident and carried on any trade (other than solely in his or her capacity as an employee);or
(ii) was not a resident and carried on any trade (other than solely in his or her capacity as an employee) in the Republic;
(f) Every natural person who during the 2023 year of assessment—
(i) was a resident and had capital gains or capital losses exceeding R40 000;
(ii) was not a resident and had capital gains or capital losses from the disposal of an asset to which the Eighth Schedule to the Income Tax Act applies;
(iii) was a resident and held any funds in foreign currency or owned any assets outside the Republic, if the total value of those funds and assets exceeded R250 000 at any stage during the 2023 year of assessment;
(iv) was a resident and to whom any income or capital gains from funds in foreign currency or assets outside the Republic was attributed in terms of the Income Tax Act;
(v) was a resident and held any participation rights, as referred to in section 72A of the Income Tax Act, in a controlled foreign company; (vi) was a resident and had taxable turnover; or
(vii) subject to the provisions of paragraph 3, at the end of the 2023 year of assessment—
(aa) was under the age of 65 and whose gross income exceeded R91 250;
(bb) was 65 years or older (but under the age of 75) and whose gross income exceeded R141 250; or (cc) was 75 years or older and whose gross income exceeded R157 900;
(g) every estate of a deceased person that had gross income during the 2023 year of assessment;
(h) Every non-resident whose gross income during the 2023 year of assessment included interest from a source in the Republic to which the provisions of section 10(1)(h) of the Income Tax Act do not apply;
(i) Every person who is requested by the Commissioner in writing to furnish a return, irrespective of the amount of income or nature of receipts or accruals of the person; and
(j) Every representative taxpayer of any person referred to in subparagraphs (a) to (i) above.
Who does not need to file a return:
(1) A natural person or estate of a deceased person is not required to submit an income tax return in terms of paragraph 2(f)(vii) or (2)(g) if the gross income of the person during the 2023 year of assessment consisted solely of gross income described in one or more of the following subparagraphs:
(a) Remuneration paid or payable from one single source, which does not exceed R500 000 and employees’ tax has been deducted or withheld in terms of the deduction tables prescribed by the Commissioner;
However the R500 000 remuneration excludes an individual who –
- was paid or granted an allowance or advance as described in section 8(1) (a)(i) of the Income Tax Act other than an amount reimbursed or advanced as described in section 8(1)(a)(ii) or an allowance or advance referred to in section 8(1)(b)(iii) that does not exceed the amount determined by applying the rate per kilometre for the simplified method in the notice fixing the rate per kilometre under section 8(1)(b)(ii) and (iii) to the actual distance travelled;
- who was granted a taxable benefit described in paragraph 7 of the Seventh Schedule to the Income Tax Act; or (c) who received any amount or to whom any amount accrued in respect of services rendered outside the Republic.
(b) Interest (other than interest from a tax free investment) from a source in the Republic not exceeding—
(i) R23 800 in the case of a natural person below the age of 65 years at the end of the year of assessment;
(ii) R34 500 in the case of a natural person aged 65 years or older at the end of the year of assessment; or
(iii) R23 800 in the case of the estate of a deceased person;
(c) Dividends and the natural person was a non-resident throughout the 2023 year of assessment;
(d) Amounts received or accrued from a tax-free investment; and
(e) A single lump sum received from a pension fund, provident fund, pension preservation fund, provident preservation fund or retirement annuity fund, and tax has been deducted or withheld in terms of a directive issued by the Commissioner
A natural person is not required to submit an income tax return in terms of paragraph 2(f)(vii) if—
(a) the person is notified by the Commissioner in writing that he or she is eligible for automatic assessment; and
(b) the person’s gross income, exemptions, deductions and rebates reflected in the records of the Commissioner are complete and correct as at the date of the assessment based on an estimate to give effect to automatic assessment.