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  • SARS exemptions: Here’s who DOES NOT have to file a tax return for 2022

    SARS exemptions: Here’s who DOES NOT have to file a tax return for 2022

    The financial experts at Price Waterhouse Copper (PWC) say that they have been notified of SARS’ intentions to declare the start of ‘filing season’ this week – and South Africans will be expected to start submitting their tax return from July 2022 onwards.

    However, there’s a significant cohort of our fellow citizens who won’t have to lift a finger.

    When does the 2022 tax filing season start in South Africa?

    According to PWC, the taxman will make an announcement this Friday, encouraging millions of income-earning residents to get their tax returns in order. The economic specialists revealed this information in a recently-released media statement:

    “SARS has published a notice to appear in the Government Gazette on 3 June 2022, to notify taxpayers to submit income tax returns for the 2022
    year of assessment, as well as the periods within which the returns must be furnished. Filing season will open in July 2022.”

    PWC statement

    SARS list exemptions for 2022 tax returns

    There are exemptions though: Some people don’t meet the thresholds required by SARS, meaning that their tax affairs require zero intervention. An individual is not required to submit a return if their gross income consists solely of ONE OR MORE of the following:

    • Remuneration not exceeding R500 000 from a single source. This must not include additional benefits or claimable allowances.
    • Dividends where the individual was a non-resident throughout the year of assessment
    • Amounts received or accrued from tax-free investments.
    • Interest income from South Africa that DOES NOT exceed R23 800 for a person younger than 65.
    • Interest income from South Africa that DOES NOT exceed R34 500 for a person aged 65 or older.
    • And finally, interest income from South Africa that DOES NOT exceed R23 800 for a deceased person’s estate.

    Warning: SARS are ‘closing the e-filing window’

    For those of us who don’t qualify, it’s a case of getting back on our e-filing systems, and sending over the details required as promptly as possible. PWC also warn that the deadline for tax return submissions in 2022 has been ‘significantly reduced’:

    “It should be noted that SARS has significantly reduced the deadlines for filing returns from those that applied in previous years in certain circumstances. Taxpayers should ensure that they meet the deadlines in order to avoid the potential imposition of any penalties.”

    PWC statement

    View the full article


    Khamisi
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