2018-tax-season

2018 Tax Season

The 2018 tax filing season is upon us and new submission deadlines have been implemented.

As per the South African Revenue Service the 2018 tax season, which starts on 1 July 2018, will be 18 business days shorter than usual to allow more time for verification prior to the December holiday period.

The following deadlines apply:

  • All manual tax return submissions have to be submitted by 21 September 2018;
  • Individual taxpayers will have to submit their tax return via SARS eFiling by 31 October 2018;
  • Provisional taxpayers who opt to file at a branch will have to submit their tax return by 31 October 2018;
  • Provisional taxpayers who use SARS eFiling will have until 31 January 2019 to submit their tax return.

Below are some important information and changes related to the filing season that taxpayers need to be aware of:

  • Not everyone has to file a tax return 

 

Acting Commissioner Mark Kingon says SARS has sent personalised and direct communication to taxpayers who may not have to submit a tax return, based on information submitted during the 2017 tax season.

A taxpayer does not need to submit a return if:

  • Their total employment income or salary before tax for the year of assessment (1 March 2017 to 28 February 2018) was no more than R350,000;
  • Their employment income or salary was received from a single employer and they have no other form of income (e. g. car allowance, company car fringe benefits, business income, taxable interest, rental income or income from another job);
  • They don’t want to claim additional deductions or rebates (e. g. medical costs that the employer hasn’t taken into account, retirement annuity contributions or travel expenses). 
  • SARS will introduce an auto-assessment pilot programme

 

SARS will be running a pilot to auto-assess taxpayer with view of issuing assessments to taxpayers who don’t need to submit returns in future.

According to Kingon, SARS would in the future like to issue assessments specifically to the segment below R350,000 so they know the result and need not go to a branch.

If successful, SARS could effectively prevent nearly a million people from going into its branches.

For more information on the above changes kindly click on the link provided,https://www.moneyweb.co.za/mymoney/moneyweb-tax/8-things-you-need-to-know-about-tax-season .

Our tax department, at LEAD, will keep you updated on any important notices to come.

  • Article by LEAD Tax Department

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