A Few Things That You Need to Know About South Africa’s 2016 Tax Season
We hope you are prepared, because tax season in South Africa is well underway. In fact, from July 1, 2016, taxpayers were able to start completing and submitting their income tax returns for the year. Taxpayers are critical role players in South Africa’s tax system and it is important for Government and the public to work together to keep the system running smoothly. There are more than 4 million tax contributors in the country and in order to submit your return correctly, you need to follow the correct process.
Below are a few things that you should know about tax season in our country:
- Not all South Africans have to submit tax returns. Those who earn less than R350 000 before tax from one employer and receive no other income (among other conditions) do not have to submit a tax return, but still have to pay tax, said tax being deducted as PAYE by the employer.
- Not all taxpayer deadlines are the same. Non-provisional taxpayers who use eFiling have until November 25, while manual and posted submissions must be done before September 23. Provisional tax payers using eFiling must submit their returns before the end of January.
- You must only use registered tax practitioners to assist you. It is vital that your tax practitioner is registered with SARS as well as any of the recognised controlling bodies. This has been compulsory for the past few years.
- You need to keep your supporting tax return documentation for no less than 5 years after your submission. These documents include IRP5 certificates, IT3(b) certificates and related documents. Consult with your practitioner on which documents are vital.
Below is a list of the supporting documentation and information that you will need to provide for your tax return:
- IRP5/IT3(a) certificate.
- IT3(b) certificates for investments.
- Medical aid receipts.
- Financial statements.
- Certificates for retirement annuities.
- Logbook and documents for business travel costs.
- Proof of additional income.
- Local interest income earned certificates.
- Bank account details.
We dedicate our time and attention to being a strategic partner to our clients. Our aim is to help secure our clients’ financial future and well-being. We promise our clients our best attention at all times and if you are looking to ensure that you are on time with submissions this tax season and calculate your contributions accurately, we are just the financial team to assist you.
For more information and advice on South Africa’s tax season 2016, take the time to contact us at Tax Leaders. Simply give us a call or send us an email and we will advise and assist you further.
