You do not need to submit a return if ALL the criteria below apply to you:
- Your total employment income / salary for the year (March 2017 to February 2018) before tax (gross income) was not more than R 350 000; and
- You only received employment income / salary for the full year of assessment (March 2017 to February 2018) from one employer; and
- You have no car allowance/company car/ travel allowance or other income (e.g. interest or rental income); and
- You are not claiming tax related deductions/rebates (e.g. medical expenses, retirement annuity contributions other than pension contributions made by your employer, travel).
Yesterday, Mr. Kieswetter newly appointed commission of SARS, announced that this threshold is to increase from R 350 000.00 to R 500 000.00 for all individual tax payers.
However tax payers must please take extra care when calculating whether you fall within this category or not, it could save you a lot of money making the right decision.
For assistance please feel free to contact us, if at all unclear on the matter. At Accusum accounting services w pride ourselves with accurate and professional accounting services
