Do I need to Submit a Tax Return?

Do I need to submit a tax return?  ….. This is a question asked frequently by our clients. 

You do not need to submit a tax return for the 28 February 2018 tax efiling season if you earned less than R 350,000 per annum. 

There are some conditions though: 

• Only one employer for the tax period
• You did not receive a travel allowance or any other business related income
• You did not receive interest from a South African Source that exceeds R 23,800 (R 34,500 if you are 65 years of age or older)  

You can however still submit an income tax return if you had any of the following: 

• Retirement annuity
• Medical aid

It is very important to submit an income tax return before the due date, if you need to.Administrative penalties of R 250 can be levied per month for each year outstanding. 

Hope this article assisted you in find your answer. 

Contact us here if you need assistance with you income tax return.