July 1st is a reminder that that SARS Tax season has officially begun. But what does that mean for you and your tax affairs?
Who pays Tax?
Anyone who carries on a trade (employed or self-employed), earns income from different sources must submit an Income Tax Return. The period under review by SARS is 1 March 2016 to 28 February 2017. Persons earning more than R 75 000 and younger than 65, or earning more than R 116 150 and older than 65, for the 2017 year of assessment, is liable for income tax.
Should I submit a return?
If your taxable income is not more than R 350 000 for the year of assessment, from one employer, with no car allowances and other income received, and no deductions such as medical expenses and travel expenses are claimed, and no dividends were received as a resident of South Africa. However, if you don’t comply with one of the above, then you must submit an Income Tax Return.
When should it be submitted?
SARS opens the period to submit your Income Tax Returns on the 1st of July. Manual submissions close on the 22nd of September 2017, while e-filling for non-provisional taxpayers closes on the 24th of November 2017. E-filling for provisional taxpayers closes on the 31st of January 2017.
What do I need to submit my return?
There are certain documents that need to be submitted to accompany your Income Tax Return. These include your proof of income ( IRP5/IT3(a) from your employer or pension fund, IT3(b) from investment income, IT3(s) from Tax-free investments) and proof of deductions such as medical scheme contributions and retirement annuity fund contributions.
Need help with your return? Contact Tinyeleti Consulting on 011 568 2371, or email us at email@example.com.