Time to do your tax return

2014-07-06 15:00

Your quick guide to everything you need to know about getting your income tax affairs in order

The tax filing season opened this week so pull out your diary and make a date to complete your tax return before the cutoff date?–?or incur penalties.

If you are filing electronically, you have until Friday, November 21, to submit your return. Provisional taxpayers, taxpayers who have additional income like rental or business income, have until Friday, January 30 next year, to submit their returns.

If you still prefer to file the old-fashioned way by filling in a paper form, then you only have until Friday, September 26.

Get those documents in order IRP5: Your employer or anyone you have done work for who has deducted tax from your pay needs to issue you with an IRP5.

Certificates from investments: Check that you have received tax certificates from your investments, including your bank account. These certificates will stipulate any interest you have earned or any capital gains profits you made if you sold any investments during the tax year.

Medical scheme certificate: You need to provide details of medical expenses paid and medical scheme contributions made to receive your tax credit.

RA certificate: If you have a retirement annuity, make sure you have received your certificate confirming your contributions.

Logbook: If you receive a travel allowance or have the use of a company car, you will need to provide a logbook and other documentation to support your business travel expenses.

Other income: If you have received other income like rental income from a property, you will need to declare this in your tax return.

Complete a tax return?

You are liable to pay income tax if you earn more than R70?700 in the 2014 year of assessment and are younger than 65 years of age.

If you are 65 years or older, the tax threshold (ie. the amount above which income tax becomes payable) increases to R110?200. For taxpayers aged 75 years and older, this threshold is R123?350.

Where taxpayers receive remuneration which is less than R250?000, 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 (March 1?–?February 28/29);

.?No allowance was paid, from which employees’ tax was not fully deducted; and,

.?No further deductions need to be claimed nor income declared.


Personal inbox: This year, the SA Revenue Service (Sars) has created a personal inbox for you on your eFiling profile where you will find all notices and letters relevant to you. The inbox is available on the individual, organisation and tax practitioner profiles.

How to eFile via your tablet or smartphone: As an eFiler, you can choose to complete and submit your income tax return (ITR12) via your PC, laptop or download the Sars eFiling app from your app store.

Once you have done that, just log onto your eFiling profile with your preferred device and you will be prompted for the next steps.

Password reminder: If you have forgotten your login name and password, simply click on the question mark icon from the login page and you will be able to request your login name and then reset your password.

Remember to push the submit button: eFiling allows you to work on your return and to save your work until you are ready to submit.

But be aware that your return has not been sent to Sars until you hit the “Submit Return to Sars” button and your profile is updated to show that the return has been submitted.

Remember to always check for correspondence once you have submitted your return to Sars. Your return might have been stopped for an audit requiring you to provide Sars with your supporting documents, so make sure those documents are in order.

Help with eFiling: Click on the Help-You-eFile icon displayed on the eFiling login page and follow the prompts. It gives you access to contact centre agents while you’re completing your return online with eFiling. With your permission, the agent is able to see exactly what you are doing on your screen and will help you. According to Sars, the agent cannot see any sensitive information like your banking details.

File your return early: Don’t wait for the last minute to submit your tax return. The earlier you do it, the better and quicker you will receive any refunds due to you. Nonprovisional taxpayers who submit their returns using eFiling have until Friday, November 21 this year. Provisional taxpayers (those taxpayers who have additional income like rental or business income) who submit their returns via eFiling have until Friday, January 30 next year.

Changing your banking details: If you need to change your banking details, you can do it on eFiling when you are completing and submitting your ITR12.

To protect you against fraud, any changes that you make to your banking details will be verified by Sars before updating your banking profile.

Any refunds due to you will be processed after your banking details have been verified.

You will be required to visit a Sars branch with the relevant supporting documents if Sars fails to validate the banking details changed via eFiling.

Beware of scams: Sars will never request your banking details in any correspondence that you receive via post, email or SMS.

Sars will also not send you hyperlinks to other websites, even those of banks, and the Sars website does not have links to any banks.

If you are not sure about the legitimacy of correspondence from Sars, then call the Sars contact centre on 0800?00?SARS (7277).

Can’t meet your payments?: If you are unable to make payment in full to Sars, it will, in certain circumstances, reach an agreement with you to defer your tax debt for later payment or for payment by instalments.

You need to be honest with Sars and be prepared to discuss your financial situation openly and honestly.

Make sure your tax practitioner is registered: All tax practitioners are now required to be registered with a recognised controlling body, as well as with Sars.

You can ask your tax practitioner for their Sars and controlling body registration details to verify that you are working with a registered and a reputable practitioner.

Who to call?

SA Revenue Service contact centre: 0800?00?SARS (7277)

HOURS: Operating hours are between 8am and 5pm on weekdays, except on Wednesdays, when the operating hours are from 9am to 5pm

Source: www.sars.gov.za

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