The earnings threshold has changed. Check if you still need to complete a tax return
Tax season is open and you can now submit your income tax return (ITR12) to SARS.
But SARS has changed the earnings threshold on who should submit a tax return, and who should even pay taxes at all.
So make sure you know SARS' expectations and tax return deadlines to make sure you're compliant.
Here's what you need to know...
SARS will give you a tax discount for:
1. Your doctor's bill the medical aid doesn't want to cover.
2. Your donation to the Blind Dog Association.
3. Investment exemption, so you pocket even MORE of your investment income!
Read on to discover how...
Not everyone has to submit a tax return
SARS has set out guidelines for taxpayers in 2015.
Firstly, it says any person who earns a total income of R70 700 or less during the 2015 tax year (1 March 2014 to the end February 2015) doesn't have to pay any tax.
And if you're a taxpayer who earns R350 000 or less during the 2015 tax year, you don't need to submit an income tax return. But this does have the following exception.
• Earn a salary from more than one employer (i.e. you get more than one IRP5 or IT3A certificate);
• Have any other form of income (e.g. interest or rental income); and/or
• Want to claim any tax related deductions (e.g. medical expenses, retirement annuity contributions or business travel expenses);
Then you must submit your tax return.
Read on to find out about all the important deadlines…
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WARNING: The deadline for individual tax returns this tax season is 27 November 2015
We've published a report on the latest resource that'll help you save on tax and complete your tax return by yourself the right way the first time.
Get your hands on your copy here
Important deadlines to take note of
If you're a manual taxpayer, (that is, if you're going to submit your return via a SARS branch) you need to submit or post your return to your local SARS branch by 30 September 2015. You better hurry as you've got just over two months.
If you're submitting your return electronically via eFiling, you have until 27 November to do so. Here's how to make sure you complete your tax return correctly.
And if you're a provisional tax payer, you have until 29 January 2016. Here's how to make sure your provisional taxes are correct and don't pay any penalties.
There you have it. Now you can get your income tax return under way.
P.S. To take advantage of your 2015 tax saving opportunities, simply follow this link…