Page 59 - SAIT Compendium 2016 Volume2

Furnishing returns INCOME TAX ACT: REGULATIONS ANd NOTICES Furnishing returns
(ii) to whom an allowance or advance was paid or granted as described in section 8(1)(a) of the Act (other than an amount reimbursed or advanced as described in section 8(1)(a)(ii) and whose gross income exceeded the thresholds set out in item (viii);
(iii) who had capital gains or capital losses exceeding R30 000;
(iv) who is a resident and held any funds in foreign currency or owned any assets outside the Republic, if the
total value or those funds and assets exceeded R200 000 at any stage during the 2015 year of assessment;
(v) 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;
(vi) who is resident and held any participation rights, as referred to in section 72A of the Act, in a controlled
foreign company;
(vii) to whom an income tax return is issued or who is requested by the Commissioner in writing to furnish a
return, irrespective of the amount of income of that person; or
(viii) who, subject to the provisions of paragraph 3, at the end of the year of assessment—
(aa) was under the age of 65 and whose gross income exceeded R70 700;
(bb) was 65 years or older (but under the age of 75) and whose gross income exceeded R110 200; or (cc) was 75 years or older and whose gross income exceeded R23 350;
(e) 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
(f) every representative taxpayer of any person referred to in subparagraphs (a) to (e) above.
3. A natural person is not required to furnish a return for the 2015 year of assessment in terms of paragraph 2(d) (viii) if the gross income of that person consisted solely of gross income described in one or more of the following
subparagraphs;
(a) remuneration, other than an allowance or advance referred to in paragraph 2(d)(ii) above, paid or payable from
one single source, which does not exceed R350 000 and employees’ tax has been deducted or withheld in terms
of the deduction tables prescribed by the Commissioner; (b) interest from a source in the Republic not exceeding—
(i) R23 800 in the case of a natural person below the age of 65 years; or (ii) R34 500 in the case of a natural person aged 65 years or older; and
(c) dividends and the natural person was a non-resident during the 2015 year of assessment.
4. Returns in respect of the 2015 year of assessment must be furnished within the following periods:
(a) in the case of any company, within 12 months from the date on which its nancial 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 30 September 2015 if the return is submitted manually;
(ii) on or before 27 November 2015 if the return is submitted by using the SARS eFiling platform or electronically through the assistance of a SARS of cial at an of ce of SARS;
(iii) on or before 29 January 2016 if the return relates to a provisional taxpayer and is submitted using the SARS eFiling platform; or
(iv) where accounts are accepted by the Commissioner in terms of section 66(13A) of the Act in respect of the whole or portion of a taxpayer’s income, which are drawn to a date after 28 February 2015, but on or before 30 September 2015, within 6 months from the date to which such accounts are drawn.
5. The forms prescribed by the Commissioner for the rendering of returns are obtainable via the internet at www. sarse ling.co.za or on request or on application from any of ce of SARS, other than an of ce which deals solely with matters relating to customs and excise.
6. Returns must—
(a) in the case of a company, be submitted electronically by using the SARS eFiling platform; and
(b) in the case of all other persons (which include natural persons, trusts and other juristic persons, such as
institutions, boards or bodies), be—
(i) submitted electronically by using the SARS eFiling platform, provided the person is registered for
eFiling;
(ii) forwarded by post to SARS;
(iii) delivered to an of ce of SARS, other than an of ce which deals solely with matters relating to customs and excise; or
(iv) delivered to such other places as designated by the Commissioner from time to time.
7. If a person is required to render a return fails to do so within the period mentioned in paragraph 4 above, that person is liable on conviction to a ne or to imprisonment for a period not exceeding two years. SARS may also estimate that person’s taxable income, impose a penalty in respect of the failure to submit the return within the required
period or both.
8. A taxpayer who knowingly and wilfully makes any false statement in a return or evades or attempts to evade
taxation, or a person who assists a taxpayer to do so, is liable on conviction to a ne or to imprisonment for a period
of up to ve years. A penalty up to two times the amount of tax which was evaded may also be imposed.
9. No person is exempted from any penalty merely by reason of the fact that the person may not have been called upon
personally to furnish a return.
10. For purposes of this notice, any word or expression to which a meaning has been assigned in the Act bears the
meaning so assigned, and ‘2015 year of assessment’ means—
(a) in the case of a company, the nancial year of that company ending during the 2015 calendar year; and
(b) in the case of any other person, the year of assessment commencing on 1 March 2014 or ending on 28 February
2015.
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