PERSONAL TAX SERVICES OFFERED TO YOU
- Submit Income Tax return
- Submit Provisional Tax assesment
|
- Apply for Tax Clearance Certificate
- Clearing Tax Clearance Issues
- Calculation of Capital Gains Tax
|
- Verification of Assessment
- Objection against assesment
|
WHEN DO I NEED TO SUBMIT A RETURN?
If you are registered for income tax, you will be required to submit an annual income tax return to SARS. The year of assessment (commonly referred to as a “tax year”) runs from 1 March to 28 February in the next year. Every year, SARS announces its Tax Season, a period during which you are required to submit your annual income tax return. The tax season for the 2014 tax year opens on 1 July 2014.
Where taxpayers receive remuneration which is less than R250 000 (For the 2014 tax year), they may elect not to submit an income tax return, provided the following criteria are met:
- Their remuneration is from a single employer;
- Their remuneration is for a full year of assessment (1 March – 28/29 February);
- No allowance was paid, from which employees’ tax was not fully deducted;
- No further deductions need to be claimed or income declared.
WHEN SHOULD PROVISIONAL TAX BE SUBMITTED?
- The first provisional tax submission and payment must be made within six months of the start of the year of assessment for 28 February or six months after the approved financial year end date .
- The second submission and payment must be made no later than the last working day of the year of assessment ending 28 February.
- The third submission and payment is voluntary and may be made –
- within seven months of the year of assessment, where the year of assessment ends in February, which is 30 September and
- within six months of the year of assessment, in any other case.
WHAT IS REQUIRED TO SUBMIT MY RETURN?
When completing your return, have your supporting documents at hand. You may need to refer to some of the supporting documents listed below, while completing your return; however, you must not submit them to SARS. You must keep them safely in your possession for at least five years in case SARS needs access to them in future.
- Your IRP5/IT3(a) certificate(s) which you will receive from your employer
- Medical certificates as well as documents required for amounts claimed in addition to those covered by your medical aid.
- Pension and retirement annuity certificates
- Your banking details
- Travel logbook (if you receive a travel allowance)
- Tax certificates that you received in respect of investment income (IT3(b))
- Completed confirmation of diagnosis of disability (ITR-DD), where applicable
- Information relating to capital gain transactions, if applicable
- The approved Voluntary Disclosure Programme (VDP) Agreement between yourself and SARS for years prior to 17 February 2010, where applicable
- Financial statements, e.g. business income, where applicable
- Any other documentation relating to income you received or deductions you want to claim.
