Do you need to file a tax return for 2016?

2016-11-22 06:01

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It is that time of the year where everyone is talking about doing their tax returns before the 25 November 2016 deadline for regular taxpayers (i.e. not provisional taxpayers). Should you be one of them? Should you be rushing to make sure that your tax information is in order?

SARS issued a statement before the opening of tax season that stated if you earned below R350 000 for the 2016 tax year, being 1 March 2015 to 29 February 2016, you need not worry about filing a tax return. This information has been misunderstood by some taxpayers leading to many believing they do not need to file a tax return when, in fact, they should. This is because apart from the R350 000 amount, there are several other criteria you need to satisfy in order to be excused from filing a tax return.

The Risks of Not Filing a Tax Return

The danger of not filing a tax return, when you should, is that this leads to a record of non-compliance with SARS and can result in penalties. Also, should you file a tax return in a later year and be due a refund from SARS, this amount will often not be paid out until your outstanding tax returns are filed. Another consideration is a possibility of needing a tax clearance certificate at some point, be it for a home loan application, substantial personal loan or retirement fund pay-out. It basically creates an administrative nightmare that could have been avoided had your filed a tax return even if you were not obliged to, based on the SARS communication.

If you are unsure of whether you should file a tax return this year, use the flowchart below to get your answer.

Filing your taxes can be complicated and many people struggle with understanding what needs to be declared, how and where. TaxTim is here to help by offering the ease of online filing (in your own time) with the assistance of a tax expert named ‘Tim’! This incredibly useful website is your own digital tax assistant that helps you complete your tax return quickly, easily and correctly, by guiding you step-by-step through a series of questions in plain English. TaxTim is specifically designed to uncover all your available tax deductions, which helps to reduce your tax liability and maximise any refund due to you. Get handy how-to’s, convenient tax calculators and answers to any tricky tax questions too. Register now and file your tax return before the 25 November deadline.

Read more on:    taxtim  |  tax  |  taxes

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