All you need to know for the 2014 tax season

The 2014 tax season starts on 1 July 2014 and ends on 21 November 2014. During this time you will need to submit your income tax return to the South African Revenue Service (SARS). To help you with your tax submission, we have put together the answers to some frequently asked questions.

Who needs to register for income tax?

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

What are the tax thresholds?

For the 2013/2014 tax year, the taxable income thresholds for individuals are as follows:

  • Below age 65 – R67,111
  • Age 65 and below 75 – R104,611
  • Age 75 and over – R117,111

How to register for income tax?

You will need to complete the SARS IT77 form. This is available from the SARS website ( or by contacting SARS. Once completed, you will need to hand the form in at your local SARS branch together with the following information:

  • A certified copy of your ID, passport or drivers licence
  • Your bank details (either a cancelled cheque, a certified and original copy of your account statement or an original letter from the bank confirming your bank details)
  • Income details for the last three years (e.g. copies of your IRP5)
  • Proof of your residential address (e.g. your rates/electricity bill not more than three months old)

What is an income tax return?

This is a declaration of income earned and capital gains or losses realised in a tax year.

Who is required to submit an income tax return to SARS?

If you earned an income greater than R250 000 for the tax year (i.e. from 1 March 2013 to 28 February 2014) you are required to submit a completed and signed income tax return to SARS. However, this is not applicable if: you earned under R250 000 for the full tax year from one employer (that’s your total salary income before tax); you have no other sources of additional income (e.g. interest or rental income); and you have no deductions that you want to claim (e.g. medical expenses, travel or retirement annuities).

How do you submit an income tax return?

There are various ways to submit your income tax return. You can:

  • Submit your submission online via eFiling or via your mobile device using the SARS app
  • Submit your return manually by going into a SARS branch and requesting assistance from a SARS consultant
  • Post your submission to SARS
  • Place your submission in the drop box at a SARS branch

The easiest and most efficient way is directly via eFiling or the SARS app. For more information on eFiling, please visit

What happens if you do not submit your income tax return by the SARS deadline?

SARS will charge you non-compliance penalties for each month that your return is outstanding. If you do not submit your income tax return and pay your penalty, SARS may deduct the penalty from your salary/income or bank account.

What information does Allan Gray report to SARS?

To verify the information that tax payers provide SARS and to prepopulate certain sections on tax payers’ income tax returns, SARS requires third parties (including Allan Gray) to provide it with certain information. We report the following client information to SARS twice a year:

  • Investment income (e.g. dividends and interest)
  • Capital gains/losses
  • Living annuity income
  • Retirement annuity fund contributions

How do you use your Allan Gray tax certificate(s) when completing your income tax return?

Depending on the product you are invested in, we will send you a tax certificate at the end of each tax year (before the 2014 filing season starts) if there is information about your Allan Gray investment that you need to include on your income tax return. The table below highlights the different tax certificates that we issue for each product.

Tax certificate or statement

Tax certificate description


IRP5 / IT3(a) This certificate reports all annuity income and lump sums payments. An IRP5 is issued when tax was deducted and an IT3(a) is issued when tax was not deducted.
  • Allan Gray Living Annuity
  • Allan Gray Pension and Provident Preservation Funds
  • Allan Gray Retirement Annuity Fund
IT3(b) This certificate reports interest and dividends for local and offshore investments.
  • Allan Gray Unit Trust
  • Allan Gray Local Investment Platform
  • Allan Gray Offshore Investment Platform
IT3(c) This certificate reports capital gains and losses for local and offshore investments.
  • Allan Gray Unit Trust
  • Allan Gray Local Investment Platform
  • Allan Gray Offshore Investment Platform
Offshore annual statement This statement can be used to calculate capital gains and losses. It is issued to investors who cannot receive an IT3(c) because of insufficient information supplied from their transferring company regarding their weighted average unit cost.
  • Allan Gray Offshore Investment Platform
Retirement annuity fund contribution certificate This certificate reports all retirement annuity fund contributions made during the tax year.
  • Allan Gray Retirement Annuity Fund

How will you receive your tax certificates?

We will send you your tax certificates according to your communications preference (i.e. email or post). Alternatively, you can access your tax certificates from the secure section of our website (under the ‘Tax certificates’ tab).

Who to contact for more information?

For more information regarding your tax submissions, please contact SARS directly on 0800 007 277 or visit If you require assistance with your Allan Gray tax certificate, please contact our Client Service Centre on 0860 000 654 or

Tagged with: , ,
Posted in News, Press Room

The Allan Gray-Orbis Global Equity Feeder Fund remains fully invested in global equities. The objective of the Fund is to outperform the FTSE World Index at no greater-than average risk of loss in its sector.