SARS recently announced on their website that the 2018 tax season for individuals opens on the 1st of July 2018 for people doing e-filing. The SARS branches will open for assistance from the 2nd of July 2018.
The deadlines for the 2018 tax season for individual non-provisional taxpayers are as follows:
- E-filing or electronic filing at one of the SARS branches – 31st of October 2018.
- Manual filing via post or delivery at one of the SARS drop boxes – 21st of September 2018.
Provisional taxpayers doing e-filing have until the 31st of January 2019 to submit their tax returns for the 2018 tax season. SARS recommends not to file unless you have to. If all the criteria as discussed below apply to you, then you do not have to file your tax return for the 2018 season.
If you earned less than R350 000 before tax for the period March 2017 to February 2018, and the earnings came from one employer for the full year of assessment, you do not have to file a tax return. This is provided that you had no other form of income, such as business income, rental income, or income from other employment, vehicle allowance, or taxable interest. If you want to claim additional allowable tax related deductions, you will still need to file your tax return for the 2018 tax season. Such deductions include travel expenses, medical costs, and annuity contributions, etc.
How do you know if you qualify for income tax?
If you received taxable income during the period March 2017 to February 2018 as an individual, then you qualify for income tax. Income tax is thus the tax that you must pay on taxable income. Income from employment, profits from business, profits from being a beneficiary of a trust, investment income, rental income, director’s fees, pension income, royalties’ income, annuities, and some capital gains form part of taxable income.
The above said, you are liable to pay tax on your income if you earn more than the minimum threshold amount. It is best to visit the SARS website for the latest tax tables or simply to call us or make use of our services in calculation of taxes to determine if you are liable for income tax payment for the 2018 tax season. The rate of tax payable for individuals is set on a sliding scale, with tax payable increasing according to income.
Make sure you comply with all the regulations and have your income tax returns completed by professionals by making use of our accounting and tax services, offered at exceptionally affordable rates.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Contact us for advice, rather than relying on the information herein to make any decisions. The information is relevant to the date of publishing – May 2018.