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What return must I submit?

Posted 3 February 2016 under Tax Questions



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Merle says:
3 February 2016 at 11:05

I owned a business for portion of the year and made drawings from the business. Then I leased out my business for the remainder of the year and received rental. Do I fill out an ITR12 tax return. If not, what form do I complete?

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TaxTimTaxTim says:
3 February 2016 at 15:57

You would need to complete a tax return (ITR12) if your earnings for the year exceeded R73,650 which is the current tax threshold.

It sounds like you should be registered too, as a provisional taxpayer. Please read our blog on What is Provisional Tax? How and when?

Am I a Provisional taxpayer?

if you did not make provisional payments for the year, then you can just submit an ITR12 and declare all your earnings this way.

Please Register for TaxTim and let us assist you to complete and submit your ITR12.


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