Tax Season for year ending 28 February 2017 is here!

SARS requires everyone who receives taxable income above the tax threshold to register for income tax.

Do any of the following apply to you for the tax year 1 March 2016 to 28 February 2017?

• Did you conduct any trade* in South Africa?
• Did you receive an allowance such as a travel, subsistence or office bearer allowance? Check your IRP5/IT3(a) if unsure.
• Do you hold any funds or assets outside South Africa that have a value of more than R225 000 at any stage during the tax year?
• Did you have Capital Gains or Capital Losses exceeding R40 000?
• Was any income or a Capital Gain in foreign currency or assets outside the Republic attributed to you?
• Do you hold any rights in a Controlled Foreign Company?
• Did you receive an Income Tax Return or were you asked to submit an Income Tax Return for the tax year?

Examples of amounts an individual may receive, and from which the taxable income is determined, include the following:

• remuneration (income from employment), such as, salaries, wages, bonuses, overtime pay, taxable (fringe) benefits, allowances and certain lump sum benefits
• profits or losses from a business or trade
• income or profits arising from an individual being a beneficiary of a trust
• director’s fees
• investment income, such as interest and foreign dividends
• rental income or losses
• income from royalties
• annuities
• pension income
• certain capital gains

What are the tax thresholds?

For the 2017 year of assessment (1 March 2016 to 28 February 2017) the tax thresholds are as follows:

• R75 000 if you are younger than 65 years
• R116 150 if you are 65 years of age or older (and younger than 75)
• R129 850 if you are 75 years and older

More information is available on the SARS website.

Our integrated wealthcare approach is based on your personal priorities and aspirations. This process is designed to give you a clear course of action for pursuing your goals that span various time horizons and life stages to empower you to do extraordinary things with your wealth, both now and in the future.

I look forward to talking with you again soon.

Regards,

Shane Thom, CFP^® GTP(SA)™
Managing Partner: Integrated Wealthcare Advisor