If you earn less than R500,000 you no longer have to submit tax returns

The latest announcement about tax returns has elicited divergent views.

SARS commissioner Edward Kieswetter presented his plans for the 2019 tax season on Tuesday morning (4 June), including the announcement that taxpayers earning below R500,000 are now no longer required to submit returns.

This is an increase from the previous threshold of R350,000. However, SARS said that taxpayers still need to meet the following criteria:

  • Your total employment income for the year before tax is not more than R500,000;
  • You only receive employment income from one employer for the full tax year;
  • You have no other form of income, such as car allowance, business income, rental income, taxable interest or income from another job; and
  • You don’t have any additional allowable tax related deductions to claim, such as medical expenses, retirement annuity contributions and travel expenses.

Kieswetter said that the tax season will officially start on 1 August for all taxpayers, while digital platforms will be available for e-filing from 1 July.

He added that the taxman would be especially hard on those that miss their payment deadlines.

“Taxpayers who insist on filing online should not be surprised when they are encouraged to utilise the e-filing system to avoid queues,” he said.

“We continue to encourage taxpayers to convert to online filing. This makes the submission of returns simpler and convenient but also facilitates our overall objective of improving voluntary compliance.”

View image on Twitter

SA Gov News

@SAgovnews

WATCH: Kieswetter announces that taxpayers earning below R500 000 are now no longer required to submit returns. This is an increase from the previous threshold of R350 000 pic.twitter.com/qO50CR1lsY

BUSINESSTECH

Loading...

0 thoughts on “If you earn less than R500,000 you no longer have to submit tax returns”

Write a Reply or Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.