Edward Kieswetter told the South African public that thet ax threshold for those who have to submit returns will be increased this season. This is good new for some right? but here’s the catch.
The new threshold laws only apply to citizens if this set criteria is met:
- You must receive income from one employer only.
- You must have no other form of income, such as a car allowance, business income, taxable income or money made from renting.
- You must have no additional deductible allowances, such as medical expenses, travel expenses or retirement annuities.
Am I exempt from filing a tax return?
Instead of requiring tax returns from everyone who earns R350 000 a year, that minimum figure has been increased to R500 000 a year. In monthly terms, the parameters have shifted from R29 166 to R41 666.
The new tax chief was also keen to encourage more citizens to start using SARS’ e-filing systems. He revealed to tax-paying South Africans that the programme has gone through several updates, and more improvements will be in place.
One of the incentives for using the e-filing systems is that they help with time management. Yes, tax season will start on 1 August and end on 31 October, but electronic applications start at the beginning of July and remain open all the way through until the last day of January 2020. The App users will gave until 4 December.