The SA Revenue Service has increased the tax return threshold from R350, 000 to R500, 000. This means that individuals earning less than R500, 000 per year will not need to file a tax return.

However, there are other conditions that must be met before you are excused from filing a return:

• Your remuneration was paid from one employer or one source (if you changed jobs during the tax year, or have more than one employer or income source, you must file);
• You had no car or travel allowance, a company car fringe benefit, which is considered as additional income;
• You did not have any other form of income, such as interest, rental income or extra income from a side business; and
• PAYE has been deducted or withheld by the employer.

The tax return threshold should not be confused with the tax threshold (the amount of income below which you do not pay any income tax).

The tax threshold for individuals below the age of 65 during the 2019 tax year of assessment, is R78, 150. Persons earning above this amount must pay income tax.

Sars eFiling opens on 01 July 2019 and closes on 04 December 2019. Provisional taxpayers have until 31 January 2020 to file via eFiling.

SOURCE: SARS, PERSONAL FINANCE