Tax return submission raised to R500 000

TAXPAYERS with an annual income not exceeding R500 000 will no longer be required to submit tax returns.

The announcement was made by the South African Revenue Service (SARS) Commissioner Edward Kieswetter during the launch of the 2019 tax season on Tuesday. This year’s tax season will begin on 1 July for submissions on digital platforms while walk-ins will commence on 1 August.

The deadline for digital submissions is 4 December while October 31 is the final day for walk-ins.

Read also: Tongaat-Hulett sets up task team to avert job losses

“We have decided to raise the threshold from R350 000 to an annual earning of R500 000. This means you are not required to submit,” he said. However, there are provisions.

These include that the taxpayer’s total annual income does not exceed R500 000. Taxpayers, said Kieswetter, should also only receive income from one employer for the full tax year.

“Three; they don’t have any other form of income such as car allowance, business income, and rental income, taxable interest or income from another job,” he said.

You may be interested: Task team to advise on sexual harassment in universities

Taxpayers in this category are also required not to have any additional allowable tax related deductions to claim such as medical expenses, retirement annuity contributions and travel expenses.

For more from Northglen News follow us on Facebook or Twitter. You can also follow us on Instagram