Tax questions answered: Who has to file a return?
With SARS auto-assessments already sent out to millions, these are the taxpaying salary earners that do not have to file a return in 2024.
Take note that you do not have to file a return in 2024 if you fall into the categories listed below. That’s correct, AI-generated SARS auto-assessments are en route to millions as we speak. And the start of tax season for the rank and file is imminent (less than two-weeks away). But not every salary earner needs to file a return in 2024, reports Business Tech.
Firstly, that’s revisit important tax season dates for 2024:
- Individual taxpayers (non-provisional): 15 July 2024 to 21 October 2024.
- SARS auto-assessments: 1 to 14 July 2024.
- Provisional taxpayers: 15 July 2024 to 20 January 2025.
- Trusts: 16 September 2024 to 20 January 2025.
YOU DO NOT HAVE TO FILE A RETURN IN 2024 IF …
However, even if you’re a taxpaying salary earner, you do not have to file a return in 2024 in the following instances:
- If your salary does not exceed R500 000 annually from a single source (R41 666 per month). This does not include a retirement lump sum.
- Income generated from interest in South Africa not exceeding R23 800 (less than 65 years old), and R34 500 (older than 65 years of age (this excludes any tax-free investment).
- Tax exempt dividends where the individual was a non-resident throughout the year.
- Amounts received or accrued from tax-free investments throughout the year.
- A single lump sum payout received from a pension fund, provident fund or retirement annuity fund where tax has already been deducted in terms of a tax directive.
EXCEPTIONS TO THE RULE
However, the above may not apply in the following circumstances:
- If you’re paid any allowances for business travel, accommodation or subsistence.
- If you receive any taxable benefits through your employment.
- If you accrued any salary/income outside of South Africa.
HOW TO PROCEED WITH AUTO-ASSESSMENTS
The tax experts at Taxtim advise that you do not have to file a return in 2024 if you receive and accept a SARS auto-assessment. However, the firm warns that accepting an AI-generated auto-assessment for convenience sake could negatively impact your chance of a tax refund.
If South African taxpayers do not accept an auto-assessment as received, they will be required to file a tax return through the usual SARS eFiling and SARS MobiApp means. SARS has not announced any notable changes to auto-assessments for the 2024 tax season.