The 2017 Tax Season opens 1 July 2017, which means it’s time for you to get your income tax return information ready for the year ended 28 February 2017
Submitting your tax return can sometimes be a daunting task as uncertainty plays a major role when completing your information. Many people are unsure if they are allowed to claim certain expenditure or not. We can help take out this stress and advice you what is allowed and what not.
Not everyone needs to submit a tax return.
You don’t need to file your return if your total salary earned during 1 March 2016 – 28 February 2017 for the 2016/2017 year of assessment is not more than R350 000 (before tax), provided:
- 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 2017 year of assessment.
If you are still unsure if you fall in this category, go do the test on the SARS website by clicking HERE
Below is a list of IRP5/IT3(a) Certificates that you need to get ready to make sure your tax return gets submitted easily and on time:
- Certificates of interest earned, both local and foreign.
- Certificates for retirement annuity fund contributions paid.
- Certificate of medical aid contributions paid and a schedule of expenses not covered by medical aid scheme, as well as copies of these invoices and proof of payment thereof.
- Details of dividends received, both local and foreign.
- Rental income and any other income, both local and foreign. Please also include details of expenditure incurred in the production of rental income.
- Include a certificate of bond interest paid and levy statements if claiming this expenditure. SARS will not allow this expenditure without this interest paid on bond certificate.
- If you received a travel allowance or a company car or claim travel expenses against business income, details pertaining to your motor vehicle ( a comprehensive log book of all business and private mileage, vehicle purchase date, purchase price, registration number and odometer reading at the beginning and end of the tax year).
- Details of any investments made or redeemed.
- Details of any fixed property purchased or sold.
- Any other information pertaining to your tax return.
- Should you receive business income, SARS will require a statement of assets and liabilities. We will request this from you if needed.
If you would like us to assist you in completing your income tax return, be sure sure to get in touch and we would gladly help you out.
Don’t leave it until the very last minute as strict interest and penalties will be imposed on you by SARS.