SARS LIFTS TAX RETURN THRESHOLD FROM R350 000 TO R500 000
SARS recently announced that the threshold for submitting tax returns for salary earners be increased to R500 000.
We however are of opinion that it is still advisable to submit your tax return annually to avoid administrative penalties or a future request for submission of outstanding returns.
The 2019 TAX SEASON opens on 1 July 2019. Make sure you send all your relevant documents to us on info@cmv.co.za or contact us on 012 9914400.
Please also read through the following extract from the article from Fin24.com:
“The SA Revenue Service announced on Tuesday, 4 June 2019, that it has lifted the tax return threshold from R350 000 to R500 000.
This means that people who earn less than R500 000 per year, and meet certain other criteria, will not need to file tax returns, commissioner Edward Kieswetter said at a media briefing in Pretoria.
SARS explained that taxpayers who meet the following criteria will not need to file returns.
- Their total employment income for the year before tax is not more than R500 000;
- They only receive employment income from one employer for the full tax year;
- They have no other form of income, such as car allowance, business income, rental income, taxable interest or income from another job; and
- They don’t have any additional allowable tax related deductions to claim, such as medical expenses, retirement annuity contributions and travel expenses.
“I must warn taxpayers that making false declarations is fraud and has serious implications,” added Kieswetter on Tuesday.”
If you have any queries regarding this article, or any other tax queries, please do not hesitate to contact us on info@cmv.co.za or 012 991 4400.
This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)