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:
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.
[imagesource: Anthony Molyneaux] The fire that tore through UCT, before making its way ...
[imagesource: Rupert Wines] We can bless the rains down in South Africa, for it has yie...
[imagesource: Associated Press / Fulton Sun] Each week, I’ll be putting together a wr...
[imagesource: Ernest Porter] Last week, Africa Geographic announced the finalists in th...
[imagesource: Google Maps] Google Maps Street View is like a museum of time past. Th...