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Seth Rotherham
  • Tax Season Has Arrived – Here’s What Everyone Needs To Know

    28 Jun 2016 by Sloane Hunter in Finance, Galbraith Rushby, Partners, South Africa
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    Yes, it is back.

    Once again, the tax season is underway as of 1 July. After last year’s historical revenue collection of R1 trillion for the 2014/15 financial year, SARS is encouraging taxpayers to submit their annual income tax returns.

    During tax season, more than four million taxpayers submit their income tax returns. The season runs until November this year, and only those who have earned more than R350 000 during 1 March 2015 – 29 February 2016 for the 2015/2016 year of assessment need to file an income tax return.

    More on when you DON’T need to file an income tax return from SARS:

    You only have one employer (but remember if you have two employers or income sources e.g. late spouse / partner pension income, exam markings income, rental income, moonlighting income etc you do need to file even if the total is still under R350 000)
    You have no car allowance or other income (e.g. interest or rent)
    You are not claiming tax related deductions (e.g. medical expenses, retirement annuity contributions, travel expenses etc)
    You received interest from a source in South Africa not exceeding –
    R23 800 if you are below the age of 65 years;
    R34 500 if you aged 65 years or older
    Dividends were paid to you and you were a non-resident during the 2016 year of assessment.

    Or, you know, get hold of the pros and let them do the hard yards.

    Here’s what you need on supporting documents that must accompany your tax return:

    Supporting Documents

    To get ready to submit your tax return, you will need to gather all your supporting documents which include the following:
    • IRP5/IT3(a) certificate(s)  from your employer or pension fund
    • IT3(b) certificates for investment returns
    • Financial statements, if applicable e.g. business income
    • Medical aid contribution certificates and receipts
    • ​Retirement annuity fund certificates
    • Certificates you received for local interest income earned
    • Logbook and other documents in support of business travel expenses
    • Completed confirmation of diagnosis of disability form (ITR-DD), if applicable
    • Any other relevant income and deduction information.
    • Bank account details

    Top Tip: If that is just all over your head, then you should look to getting someone who knows what they are doing to help you out. Galbraith Rushby is one such accounting firm, who provide services from auditing and secretarial to tax advisory and compliance, so you really cannot go wrong.

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