Once again Income Tax Season 2017 has opened for individuals, and whilst we can chuckle at jokes about the pain of paying taxes, they remain of course an integral part of life.
By now you should have already gathered all your supporting documentation. This is an important task as not getting your tax 100% correct can lead to queries and audits from SARS, which is clearly something to avoid. Whilst you won’t have to submit this with your tax return, you need to keep it available, for five years, in case SARS asks for it. Once an audit is open or if you must prove the item you need to retain documents for longer.
However, if you are going to do your return at a SARS branch, then bring all your documentation and your I.D. with you.
Documentation you will need for Income Tax Season 2017
Check that the tax certificates you receive are correct and if you find an error, go back to whoever sent you the documentation and get them to issue a corrected certificate. SARS populate your tax return with information received from third parties (IRP5, IRP 3 etc) and the only way to change the populated data on your tax return is to get the tax certificates re-issued. This can be a very cumbersome process.
Do you have to submit a tax return?
If you earn R350,000 or less –
Then you are one of the lucky people who don’t need to complete a tax return. There are a couple of exceptions here, so if in doubt speak to your accountant. If you submit a return where you were not required to, this may, due to the SARS systems, lead to an automatic imposition of penalties and this may in turn lead to unnecessary disputes with SARS.
Of course if you are due a refund, then you should submit a tax return anyway.
Important dates to file your tax returns for the 2016/2017 tax year:
Manual – by post or SARS branch drop box – 22 September 2017
efiling or electronic filing at SARS branch – 24 November 2017
efiling (provisional taxpayers) – 31 January 2018
Be honest when compiling your return. Check that everything is correct and accurate. Finally, be alert to the scammers out there who always seem to target SARS related transactions.
If you need assistance with Income Tax Season 2017 please contact us and one of our tax professionals will assist you
Courtesy – CA(SA)Dotnews