Viewing Blog #47

• 2018-06-21 13:13:11

You might not have to submit a tax return

Employers submitted their payroll reconciliations to SARS earlier this year, now individual taxpayers need to file their returns.

Tax Season 2018 will be shortened by three weeks this year and individuals need to submit their returns between 1 July and 31 October to avoid penalties and interest.

However, not all individuals have to submit a tax return. SARS released a Media Release on 4 June that highlights a few important points.

A taxpayer does not need to submit a return if ALL the following criteria apply:

• The taxpayer’s total employment income / salary for the year of assessment (March 2017 to February 2018) before tax  was no more than R350 000
• Employment income / salary for the year of assessment was received from one employer
• The taxpayer has no other form of income (e.g. car allowance, company car fringe benefit, business income, taxable interest or rental income or income from another job)
• The taxpayer does not want to claim for any additional allowable tax related deductions or rebates (e.g. medical expenses, retirement annuity contributions, travel expenses, etc.)  

If individuals comply with all these criteria, then they do not need to complete a tax return. Employers can assist in the process by informing their staff of this requirement.

If there’s anything you’re unsure about, give us a call on 010 591 2080 and we’ll either assist where we can or direct you to the relevant resources.

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