The SA Revenue Service announced on Tuesday that it has lifted the tax return threshold from R350 000 to R500 000.
This means that only people who earn more than R500 000 per year will need to file tax returns.
Criteria to be met are as follows:
1) Your total income for the year is not more than R500,000
2) You only receive income from a single employer.
3) You’ve no other form of income, such as a car allowance, business income, taxable interest, rental income or income from another job.
4) You’ve no additional deductible allowances such as medical expenses, travelling expenses or retirement annuities.
For further information please call Skytrax Accounting and Payroll Services on 066 234 3768 or email us at email@example.com. Please visit our website on www.skytraxaccounting.co.za.