Guys, it’s that time of the year again.
Officially opened on July 1, taxpayers can now begin the process of completing and submitting their personal income tax returns for the 2016/17 tax year.
But, if you haven’t enlisted the help of a professional yet and the process gets your head in every year, SARS tried to make it a little easier to comprehend and broke down the who, what and how.
And it’s all very exciting.
First, let’s see if you qualify.
You DON’T NEED TO submit your personal income tax returns if:
- Your total salary for the year before tax is not more than R350 000
- You only receive employment income from one employer for the full year of assessment
- You have no other form of income such as car allowance, business income, taxable interest, rent or income from another job
- You don’t have any additional allowable tax deductions to claim such as medical expenses, retirement annuity contributions and travel expenses.
If you are one of those having to file a tax income return, then you need to have the following documents ready:
- IRP5/IT3(a) from your employer or pension fund
- Tax certificates for investment income IT3(b)
- Tax Free Investments certificate(s) IT3(s)
- Financial statements (e.g. for business income), etc.
You also need to have proof of deductions such as:
- Medical aid contribution certificates and receipts
- Completed confirmation of diagnosis of disability form (ITR-DD) if you want to claim any disability expenses
- Retirement annuity contribution certificates
- Information relating to foreign tax credits withheld
- Travel logbook (if you receive a travel allowance or use a company car), etc.
- Proof of identity: ID, passport or driving licence if you visit a branch to submit your return.
Still confusing? Don’t worry.
Hook up with Galbraith | Rushby, and they will do all the difficult work for you.
Offering advisory services to individuals and business,they understands that in today’s environment, tax efficiency and compliance are critical factors which affect everyone.
So rather do it properly the first time than having to call a friend for assistance the second.
Oh, and if you are in the business of filing, here are some more dates to add to your calendar:
All you non-provisional taxpayers have until November 24 to file, either at a branch or via eFile, while provisional taxpayers who eFile have until January 31, 2018 to do so.
Good luck out there.
[source:businesstech]
