Taxpayers earning less than R250 000 a year may not have to submit a tax return this year
1 July marks the beginning of Tax Season. As from this date taxpayers can submit their Income Tax Return (ITR12) to the South African Revenue Service (SARS). The good news this Tax Season is that the annual income threshold for submitting a tax return has been raised from R120 000 to R250 000.
This means that any taxpayer earning R250 000 or less during a tax year (1 March to the end February the next year) may not need to submit an income tax return as long as they also meet the requirements listed below.
|·||You earn a salary from only one employer (i.e. you get only one IRP5 or IT3A certificate)|
|·||You don’t have any other form of income (e.g. interest or rental income)|
|·||You don’t want to claim any tax deductions (e.g. medical expenses, retirement annuity contributions or business travel expenses).|
And according to our records from last year you may be one of those taxpayers who no longer needs to submit a tax return to SARS! So if nothing has changed in your tax affairs since last year – and your income for the year is still under R250 000 – you don’t need to complete and submit a return this year.
To double check whether you need to submit a tax return visit www.sars.gov.za and use the wizard on our Tax Season page. If you don’t have internet access you can call our Contact Centre on 0800 00 SARS (7277) or consult your own tax advisor.
SOUTH AFRICAN REVENUE SERVICE