|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. For the 2020 tax year, this remains at R79 000 per year for taxpayers under the age of 65. 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.