https://www.engineeringnews.co.za

Time to file tax returns

Time to file tax returns

Photo by Bloomberg

30th June 2015

By: Chanel de Bruyn

Creamer Media Senior Deputy Editor Online

  

Font size: - +

Tax filing season is due to start in less than 12 hours, and although thousands of taxpayers are already prepared, others have not yet given a thought to filing their tax returns when the South African Revenue Service (SARS) opens its eFiling system at midnight on Tuesday.

The filing period is for the period of March 1, 2014 to February 28, 2015.

"Although taxpayers are keen to file early to get a refund from SARS, they need to ensure that they have all the required supporting documentation before filing, and confirm whether they are legally required to file," warned Stiaan Klue, CE of the South African Institute of Tax Professionals.

Subject to some exceptions, this year certain taxpayers are not required to file a tax return if their total salary for the year before tax is not more than R350 000.

Klue pointed out that the "R350 000 exemption" is not applicable to taxpayers earning income from more than one employer.

"Also, taxpayers with more than one employer must file even if the salary is minimal. Taxpayers claiming tax-related deductions, such as car allowance or medical expenses, are not exempted from filing either," said Klue.

The most common required documentation a taxpayer needs to file includes:

- IRP5 issued by employer;
- Proof of medical expenses, i e medical aid and other invoices (if applicable);
- Interest received certificate, i e IT3(b) (if applicable); and
- Travel logbook (if undertaking business travel on behalf of employer).

Klue advised taxpayers to seek help from the SARS call centre on 0800 00 SARS (7277) if they are uncertain about anything. Alternatively, taxpayers can get assistance from a SARS-registered tax practitioner.

The important deadline dates in the 2015 tax season are:

September 30 2015: Manual/postal submissions
November 27 2015: At a SARS branch (non-provisional)
November 27 2015: eFiling (non-provisional)
January 29 2016: Provisional taxpayers via eFiling

News24.com

Edited by Creamer Media Reporter

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Actom image
Actom

Your one-stop global energy-solution partner

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.295 0.35s - 157pq - 2rq
Subscribe Now