SARS presented its plan this week for the forthcoming tax season. Interestingly, the dates for submission have been changed from the normal deadlines.
Filing season opens for submissions on the 1st August. If you file online then you can do so from the 1st July.
According to SARS, you do not have to file a return if your total taxable income is not more than R500 000.
This is subject to receiving income from one employer only and provided you do not receive income from:
- a car allowance
- a business
- rent
- interest
- capital gains under R40 000
Furthermore, this applies to taxpayers who do not have any deductions such as:
- a retirement annuity
- medical aid
- travel expenses
- expenses incurred with your business
Whilst the new ceiling will free up SARS you may do well to still submit your return. This way you will keep your continuity of submissions and a possible refund if your company overtaxed you in the year.
There is a cool app that SARS is finalising which lets you submit on your cell phone. The demo of the new app makes your submission very easy as you simply verify and submit. This technology is most welcome as it helps avoid visiting a SARS branch and waiting for hours to be attended to.
I reckon you should submit your return sooner than later even if you are under the new threshold and take full advantage of e-filing and the online options.