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Thread: Tax Return

  1. #1
    Bronze Member Alice Rain's Avatar
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    Tax Return

    Hi all

    Just a quick one, can I or is it worth my while to fill in a form for 6 months work where tax was deducted? If yes, I stopped working in Feb this year so when do I need to do this?

    Thanks a ton

    Regards Alice

  2. #2
    Platinum Member Mike C's Avatar
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    Hi Alice, the following excerpt should answer you queston:

    2.2 WHO IS NOT REQUIRED TO SUBMIT A RETURN?

    Although a taxpayer still has to register for income tax he/she is not liable to submit a return for the 2014 year of assessment if his/her gross income consists solely of gross income described in one or more of the following:

    ▫ Remuneration income that:
    Is for the full year of assessment
    Is paid or payable from one single source (i.e. one employer).
    Does not exceed R250 000 per annum
    Does not include any allowance or advance paid (example travel allowance, public office allowance)
    Employees’ tax has been deducted or withheld in terms of the deduction tables prescribed by the Commissioner.
    Interest income from a source in the Republic not exceeding: o R23 800 in the case of an individual below the age of 65 years; or o R34 500 in the case of an individual aged, or above the age of, 65 years.
    Dividends and the individual was a non-resident for the 2014 year of assessment
    An education isn't how much you have committed to memory, or even how much you know. It's being able to differentiate between what you do know and what you don't. - Anatole France

  3. #3
    Bronze Member Beancounter's Avatar
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    If you only worked for 6 months and tax was deducted, it would be wise to submit a return regardless of the requirements to file a return as set out by SARS as you may well have a refund due to you. Your taxable income will have been earned for only half a year but your tax liability would have been calculated on that monthly income at the prevailing tax rate specified by the 2014 tax tables. Calculate whether you should have a refund due using the taxable income on the IRP5 and all of your deductions and refer to the 2014 tax tables. File your return to receive your refund.

    E.g. Tax on R20k per month = R3 027.33 (no other deductions, person younger than 65)
    Earning R20k for only 6 months = taxable income of R120k for the year. Tax liability on R120k for a year = R9 520. Tax deducted = R3 027.33 x 6 = R18 163.98. Tax refund due = R18 163.98 - R9 520 = R8 643.98

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    Mike C (04-Aug-14)

  5. #4
    Platinum Member Mike C's Avatar
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    Because you did not work for the full year of assessment I would agree with Beancounter.

    In which case you should submit a return by the 26 Sept 2014 if you are posting it or dropping it off at a SARS drop box, or 21 November 2014 if doing it by eFiling.
    An education isn't how much you have committed to memory, or even how much you know. It's being able to differentiate between what you do know and what you don't. - Anatole France

  6. #5
    Bronze Member Alice Rain's Avatar
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    Thank you all for the advice. I will contact them for the forms and submit.

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