Tax Returns - Must you submit this year
Category Newsflash
If you earn no more than R250,000 gross per annum (sharply up from R120,000 last year)
you don’t need to lodge an income tax return provided that:
you don’t need to lodge an income tax return provided that:
- You earn a salary from one employer only, and PAYE has been deducted correctly
- You have no other source of taxable income such as rental income, or interest exceeding the annual interest exemptions (R22,800 if you are under 65 or R33,000 if 65 or older)
- You aren’t claiming deductions like business travel expenses, medical expenses or retirement annuities.
This is a simplified summary of SARS’ requirements – take advice in doubt, you face substantial penalties and even prosecution if you need to lodge a return but don’t.
Author: Bisset Boehmke Mc Blain
