Tax season can be a stressful time of year for many people, especially if you are not entirely clued-up on tax returns and how to do them. On 1 July 2017, tax season for 2016/2017 officially opened for those making payments by SARS eFiling. For manual payments at a SARS branch, the date was 3 July 2017. Taxpayers were required to make their tax contributions for the year that runs from 2016 to 2017. For most personal income taxpayers, the time to complete and submit tax returns is from July to November.
When you consider just how involved the process of calculating and collecting tax is, you will realise that SARS has to go to a great deal of trouble to get their sums right. As do you. The SARS national offices actually received over R6,31 billion income tax returns last year alone!
If a taxpayer’s income during the tax season is less than R350 000, no ITR12 needs to be submitted and if they earn less than R75 750 for the 2018 season, no tax return has to be completed. Of course, there are terms and conditions and it is best to discuss your specific personal situation with a tax specialist to find out whether you are required to make a payment or not for the current year of assessment.
What Is Required to Complete a Tax Return?
To keep things simple during tax season, SARS advises taxpayers to have the following available when completing their return:
- Proof of income: This includes IRP5/IT3 (a) from employer, tax certificates for investments IT3 (b), tax-free investment certificates IT3 (s), and financial statements.
- Proof of deductions: This includes medical aid contributions and receipts, disability certificates and expenses, retirement annuity contributions, foreign tax credits, and travel log books.
Hire A Professional to Prepare You for Tax Season
To keep the process of calculating and submitting your return during tax season manageable, it is advised that you hire a professional tax specialist or accountant to assist you with your return. This means that all documentation and paperwork will be handled correctly, calculations will be correct, and your return will be submitted promptly, on time, every time.
We can assist you with your preparations for tax season. Whether you need some advice and guidance or a complete service for your tax returns, we are the financial specialists to assist you. We will treat your return with discretion and ensure that you understand everything that is required, every step of the way. To learn more about our tax services or to book a consultation, simply contact us via email or telephone at Tax Leaders today.