News

Tax threshold increased to R500k for this season

Newly appointed South African Revenue Service Commissioner Edward Kieswetter announced on Tuesday that anybody who earns less than R500,000 an annum will be exempt from filing a tax return this season.

During the briefing at SARS headquarters in Pretoria the Commissioner said he had increased the tax threshold from R350,000 to R500,000 yearly income and urged taxpayers to complete their returns either via the eFiling website or the new SARS MobiApp from July 1.

The new SARS model is designed to assist taxpayers and remind them of their obligations.

Those who prefer to file manual returns at a branch will be introduced to the eFiling and MobiApp.

Kieswetter warned that any taxpayers who make false declarations will face serious implications of fraud.

The criteria to meet for the exemption is:

  • You earn R500,000 or less.
  • You only receive income from a single employer.
  • You do not receive any other form of income such as car allowance,, business income, taxable interest, rental income or income from another job.
  • There are no additional deductible allowances like medical expenses, travelling expenses or retirement annuities.

EWN reported that Kieswetter said while staff morale is low, they are willing to discuss matters such as intimidation, racial tension and other matters to boost morale again.