SARS has just announced that if you earn less than R500 000 in a year, and fulfill a series of complicated criteria, you may not have to file a tax return for 2019.
Previously, SARS had communicated that if you earn less than R350 000 in a year you may not have to file a tax return.
However, we advise you to take GREAT CARE here, and understand your duties properly, because if you don't, you may suffer for it later on.
Here are the top 5 reasons why not to skip filing your tax return this season:
1. You miss out on your refund.
Why let SARS keep your money if you are due a refund? A refund is money you overpaid on your taxes and it belongs to you. You can only get a refund if you file a return. Something as simple as claiming Medical expenses or working for less than 12 months of the tax year
can trigger a tax refund, depending on your situation. See our refund calculator
2. You may not be able to borrow money.
If you wish to borrow money in the form of a mortgage for a home, or a long term loan of any kind in future, you may need a Tax Clearance Certificate. This can only be obtained if all your returns are up to date and filed appropriately.
3. SARS might change their mind.
If you normally submit, but this year you don't, SARS could administer administrative penalties later on down the line for not being compliant.
4. You can't access your retirement fund.
Filing a tax return each and every year means that should you receive a payout from a fund at any stage, then you will not have any hassle in getting the money. If you retire or are retrenched, or just need to take money out of your fund early, you need to be tax compliant.
5. A complete record stands in your favour
Having an unbroken filing record leaves SARS officials with no reason to suspect that you are hiding information from them. Filing a tax return means you are being a good citizen and contributing towards society!
Still unsure about filing? Click here
to find out if you need to file.Need help with your tax return? Start now
with easy tax returns from TaxTim.
We'll even help you to maximise your potential tax refund by showing you tax deductions you have never seen before.
This entry was posted in TaxTim's Blog
and tagged Salary / IRP5, Medical, Deductions, Rental Income, Retirement, Penalties, Audit / Verification, SARS & eFiling.
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