Note : This information is for employees, not for businesses or independent consultants.
Tax season is upon us, and we need to be ready to submit our tax returns as from 1 July 2018. This will be covering the period from March 2017 to February 2018.
It is not as hard as we think! SARS is, IMO, one of the most customer friendly departments!!
Over the next few days I will try to explain the information which is provided on the SARS website, and hopefully it will be of assistance as we all prepare to get our returns in.
First things first – who needs to submit returns? This is what SARS says:
You do not need to submit a return if ALL the criteria below apply to you:
1. Your total employment income / salary for the year (March 2017 to February 2018) before tax (gross income) was not more than R350 000; and
2. You only received employment income / salary for the full year of assessment (March 2017 to February 2018) from one employer; and
3. You have no car allowance/company car/ travel allowance or other income (e.g. interest or rental income); and
4. You are not claiming tax related deductions/rebates (e.g. medical expenses, retirement annuity contributions other than pension contributions made by your employer, travel).
You should have received an IRP5 document from your employer, so go back and check on it how much your gross salary was, and then come and answer the rest of the questions.
On the next post, I will talk about the documents that you need to get ready before submitting your returns.