Streaming issues? Report here
CapeTalk logo 2017 1500 x 1500
Weekend Early
03:00 - 06:00
volume_up
volume_mute

Up Next: Weekend Breakfast with Africa
See full line-up
Weekend Early
03:00 - 06:00

Why you should still file your tax return

6 June 2019 1:27 PM
Tags:
Tax
Associate Professor of Taxation Herman Viviers explains why it's important to submit even if you are eligible for the exemption.

Last week South African Revenue Service Commissioner (Sars) Edward Kieswetter announced that those who earn less than R500,000 a year will be exempt from filing tax returns this season.

But while this may seem like a welcome move from Sars, freeing many people from the burden of filing, Prof Herman Viviers at North West University says even those who are eligible for the exemption should still file.

It's very important that taxpayers don't blindly look at this R500,000 threshold alone, but they must consider and evaluate their own unique tax position to say, don't have I extra contributions that I made through the year.

Prof Herman Viviers, Associate Professor of Taxation - North West University

He says it's important to note that the exemption only applies to someone who earns a salary from one employer, works for a full 12 months and has no deductions, no travel, no medical, no retirement.

Viviers says by failing to file, you risk missing out on any refunds or tax credit benefits due to you.

Sars needs to assess you. All these deductions and benefits you get upon assessment could result in a tax refund.

Prof Herman Viviers, Associate Professor of Taxation - North West University

The best advice to the taxpayer is to always submit your return to make sure everything is up to date and you are in good standing with Sars.

Prof Herman Viviers, Associate Professor of Taxation - North West University

Read: Earn less that R500K per year? Wave goodbye to tax filing

Previously only those taxpayers who earned R350,000 per year or more would have to submit a tax return to Sars.

Listen to the full interview below:


6 June 2019 1:27 PM
Tags:
Tax