Tax Return Threshold increased from R350 000 to R500 000
On Tuesday, 4 June, the SARS Commissioner, Edward Kieswetter announced that SARS has increased the tax return threshold from R350,000 per annum to R500,000 per annum.
This means that only people whose total employment income before tax is more than R500,000 per year will need to file their tax returns.
However, there are other elements to consider meeting the criteria. For this threshold to apply, ALL of the following criteria must be met:
- The total employment income for the year before tax is not more than R500 000.
- You only receive employment income from ONE EMPLOYER for the full tax year.
- You have no other form of income, e.g. car allowance, business income, and rental income, taxable interest or income from another job.
- You don’t have any additional allowable tax-related deductions to claim, e.g. medical expenses, retirement annuity contributions and travel expenses.
Taxpayers who file their income tax returns at a SARS branch, can do so from 1 August 2019.
Taxpayers who are registered for eFiling or have access to the MobiApp can file their income tax returns from 1 July 2019.
The closing dates for Tax Season are as follows:
- 31 October 2019 for branch filing.
- 4 December 2019 for non-provisional taxpayers who use eFiling and the MobiApp.
- 31 January 2020 for provisional taxpayers who use eFiling.
Contact our legislation team at info@crs.co.za if you require any additional information.
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