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:
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 2021 tax year this is R83 100.
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.