New tax threshold: What this means for taxpayers

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SARS commissioner Edward Kieswetter announced  that taxpayers earning below R500,000 are now no longer required to submit returns.

However, SARS said that taxpayers still need to meet the following criteria:

  • Income can only be received from one employer;
  • There must be no other income such as from a car allowance, business income, taxable income or money made from renting;
  • There must be no additional deductible allowances, such as medical expenses, travel expenses or retirement annuities.

Tax season will officially start on 1 August for all taxpayers, while digital platforms will be available for e-filing from 1 July. Mr. Taxman is set to be especially hard on those that miss their payment deadlines.

“People should be very wary and not simply ignore filing their normal tax returns as there is always the possibility of getting a tax refund due to additional tax deductions and/or tax credits only allowed upon assessment.”- Prof Herman Viviers of North-West University.

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