FAQ Blog Q&A Calculators Students Logbook Contact
Earn under R500,000?Click here to see why you still need to file to get your Tax Refund.

Clarifying the tax return threshold set by SARS

Posted 4 June 2019 under TaxTim's Blog


TaxTim
can help
you file your
Tax return!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →
Clarifying the tax return threshold set by SARS

You may have seen the latest announcement by the SARS commissioner to increase the qualifying threshold for certain taxpayers to submit a tax return from R350 000 to R500 000.

However as with all previous years, this only applies to certain taxpayers and so it is very important to check if you are one of these.

The threshold applies to you only if you meet ALL of the criteria below:

  • You have worked for a full 12 months for ONE employer only and received an IRP5;
  • You have no additional allowances or deductions to claim such as medical, retirement or donations;
  • You have no travel allowance nor do you make use of a company car;
  • Most importantly, you earned absolutely NO other income during the tax year;
  • You did not make any capital gains greater then R40 000 for the tax year. 

It is important to remember that this filing threshold, provided you meet ALL these conditions, is not the same as the threshold to actually pay tax or have PAYE deducted. This remains at R79 000 per year for under 65 years olds for the 2020 tax year. For the 2019 tax year this was R78 150.

At TaxTim we always advise you to file your tax return every year so as to maintain an unbroken filing history with SARS. Read here, to find out why this is so important.



This entry was posted in TaxTim's Blog Bookmark the permalink.


Get SARS Tax Dates and Deadlines in your Inbox
 

We'll tell you when you need to file, along with tax tips and updates.

Blog Categories


TaxTim
can help
you file your
Tax return!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started