SARS increases tax return threshold

Tax expert and columnist Barbara Curson's experience includes a stint at the South Africa Revenue Service. Courtesy #DStv403

JOHANNESBURG – The South African Revenue Service has increased the tax return threshold from R350, 000 to R500,000.

Taxpayers earning less than half a million rand a year will no longer have to submit tax returns.

Tax expert and columnist Barbara Curson says increasing the tax threshold is a good decision but has cautioned against those who might try to split their income.

“It will save SARS time where less people will have to file,” Curson said.

“That is a good decision to up the threshold now.

"By upping the threshold you always get those trying to split their income to come below the threshold but that always be the risk but then again those are small amounts.”

The tax season will start on 1 August for in-branch filling and 1 July for online.

SARS Commissioner Edward Kieswetter will give an update on his first month in office. Courtesy #DStv403

Source
eNCA