As we come to the close of the tax season, more and more people will try to meet the deadline and just make it to the finish line. Here are a few tips and reminders:
- This tax season was cut off by a month to Oct. It was usually open until end of November.
- You must submit a tax return if you earn more than R350 000 a tax year.
- However you do not necessarily need to submit if you earn less than R350 000 per tax year, unless:
- You receive an allowance such as travel allowances
- You receive fringe benefits
- You qualify for deductions and want a refund e.g retirement annuity
NB: If you are not sure you need to contact a tax practitioner or see this SARS questionnaire.
If you are submitting, you need to gather and ensure that you have all the documents to support your tax return and any deductions that you may be claiming. The documents you may need will include:
- IRP5s or ITa, which documents the salaries and lump sum amounts received and PAYE, where applicable
- IT3b, which discloses interest and dividends income received
- IT3c, which documents any capital gains/losses
- If you contributed to a retirement annuity fund, you should have a retirement annuity fund certificate for those contributions.
- If you contributed to a medical aid fund, you should also have a medical contribution fund certificate
- An IT3(s), which is a Tax Certificate received from an institution such as a bank or financial services institution. It is a summary of all the details of your Tax Free Savings account for the year (e.g. interest, dividends, etc) that you will require when you complete your Tax Return.
- Travel logbook and purchase agreements for the vehicle, proving that it is in your name.
- Schedules of other income and expenses you which to claim.
- A statement of assets and liabilities.
You can read more here