Friday, November 25 is the last day for taxpayers with no additional income but their salaries to file their annual tax returns. More than 5.3-million have already filed, which includes returns for prior years. Taxpayers who fail to file on time or who do not file at all will be subjected to fines that escalate with each month that they are late. The penalty regime — introduced three years ago — has jolted taxpayers into action and the number of returns filed late has been falling since its introduction. Those who do not have to file a return are people who earned less than R350,000 for the 2015-16 tax year, provided they have only one employer, have no car allowance, and are not claiming tax-related deductions such as medical expenses, retirement annuity contributions or travel expenses. People younger than 65 years, whose interest income does not exceed R23,800, do not have to file a return. The interest threshold if they are older than 65 years is below R34,500. The South African...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.