Tax season, the time of the year when I most feel like curling up into a ball, rocking back and forth and sobbing myself to sleep.
Unless you have a friend in the know this is always a daunting task so we’ll break it down simply and see if we can help you out. Strap on your thinking caps and let’s throw some facts and figures at your face.
The 2015 tax season starts from July 1 (tomorrow), so here’s what you need to know about filing for the past 12 months. First up is the tax threshold which has seen an increase from last year. This from Moneyweb:
An individual taxpayer whose total annual salary from one employer did not exceed R350 000 during the 2015 tax year and who did not have any allowances, deductions or additional income (for example interest, dividends or rental) do not have to file a tax return.
So if you’re earning above that amount then you will need to get your hands dirty. Time for the important dates:
…natural person non-provisional taxpayers (most taxpayers fall into this category) who submit their tax returns manually or via the post, have to do so by September 30 2015. The deadline for non-provisional taxpayers who use the Sars eFiling system or who file electronically at a Sars branch is November 27.
Natural persons liable for provisional tax and are eFilers have until January 29 next year to submit their returns.
Good, it isn’t panic stations just yet but this isn’t something you want to be leaving until the last minute. If you’re anything like me you’ll want all the help you can get, and the South African Revenue Service (SARS) has changed the regulations regarding this too:
The regulatory changes was an effort to ensure that practitioners have certain minimum qualifications and experience, update their knowledge and that clients have recourse if improper advice was given. Sars envisaged that this would improve compliance.
The good news is that there are still those we know we can trust, those who have been in the game for years and have proven themselves trusty steeds. If it’s sound accounting and tax advice you’re after get in touch with the folks at Galbraith&Rushby, they offer a full range of services to suit both individual and business needs.
Of course you could always spend hours, days and weeks of your life tearing out your hair and doing it yourself but let’s be real here – ain’t nobody got time for that.
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