Some Tax Tips 2018

Things you need to know

  1. Not everyone needs to file a tax return
    In 2017 1.6million filed their returns that did not have to. A taxpayer does not need to submit a return if their total employment income or salary before tax for the year of assessment (March 1, 2017 to February 28, 2018) was no more than R350 000. You do however have to file it if you want to claim for medical aid and retirement annuity benefits.

  2. Tax returns for the current year of assessment will take priority
    Tax returns for the current year of assessment will take priority over outstanding returns filed for prior years.

  3. Repeat audit cases will be restricted
    SARS will aim to limit repeat audit cases, thus lowering the amount of work needed.

  4. Deadlines
    The deadline for manual filing by post or at a SARS branch for provisional and non-provisional taxpayers is 21 September 2018. eFiling or electronic filing at a SARS branch for non-provisional taxpayers is 31 October 2018. The deadline to eFile for provisional taxpayers is 31 January 2019.

  5. Who is a provisional taxpayer?
    Any person who receives income (or to whom income accrues) other than a salary is a provisional taxpayer.

    Most salary earners are therefore non-provisional taxpayers, if they have no other sources of income.

    It is important to note that receiving exempt income, as follows, does not make you a provisional taxpayer:
    • If you receive interest of less than R23,800 if you are under 65; or
    • If you receive interest of less than R34,500 if you are 65 and older; or
    • You have income in a tax free savings account

If you need any assistance with your tax returns, please make use of Jeamyne Escorcio, she is fast efficient and very knowledgeable: jeamyne@prestigeaccounting.co.za or tel: 011 027 1002/3/4.