Taxpayers…Did you know?
Not everyone needs to file an income tax return (ITR12).
1 July 2014 marked the beginning of Tax Season. From this date on, taxpayers can submit their Income Tax Return (ITR12) to the South African Revenue Service (SARS). The annual income threshold for submitting a tax return is R250 000.
What does this mean?
If you as a taxpayer are earning R250 000 or less before tax during a tax year (1 March to the end of February the next year), you may not have to submit an income tax return as long as you also meet the requirements listed below:
- You earn a salary from only one employer (i.e. you get only one IRP5 or IT3A certificate)
- You don’t have a car allowance, the right of use of a company car fringe benefit or any other form of income (e.g. interest or rental income)
- You don’t want to claim any additional tax deductions (e.g. medical expenses, retirement annuity contributions or business travel expenses)
Good News
According SARS records from last year you may be one of those taxpayers who no longer need to submit a tax return to SARS – If nothing has changed in your tax affairs since last year, (and your income is still under R250 000) – you may not have to complete and submit a return to SARS this year! To check if this is you, visit www.sars.gov.za and use the wizard on the Tax Season page. If you have any queries or you don’t have access to the internet you can call the Contact Centre on 0800 00 SARS (7277).
*Tip
It’s 2014 and everything is done online now, (come on join the other 4.2 million efilers). You can do your efiling at any time and can do it on your mobile phone too. Register today at www.sarsefiling.co.za and follow the steps on how to do it on your mobile here. You will receive your own personal profile to deal with all your SARS business – including completing your pre-populated tax return, checking the outcome with the tax calculator and of course, submitting it. You will receive your assessment within minutes. You will also have access to a personal inbox where all notices and letters pertaining to your personal income tax will be available.
For any queries on your tax returns or any other enquiries please do not hesitate to contact PATC (Professional Accountants & Tax Consultants).
