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Aaahhh SARS….what can we say

It is almost that time of the year again and for many of our readers a trying and stressful event.  No need to be – keep to our simple guidelines and SARS just could end up being your next best friend. 

Don’t ever:

• Be dishonest with SARS
• Not submit a return when you need to submit a return;

Do:

• Be honest
• Submit your return on time
• Provide all your financial information, ie. Income received
• Communicate with SARS within times requested by them if involved in audits
• Make use of all the necessary steps available to object if you do not agree with SARS’ calculations, audit outcome etc.

Submission for basic tax payers’ 2015 Income Tax Returns opened on 1 July 2015

Link to SARS eFiling

Our tax system works very much on a trust basis.  This does not mean that SARS will never query your information, especially deductions, supplied.  Audits are done at random and you could be the one at any time.  Do not panic, if you were honest, you have nothing to worry about, SARS just wants the proof of all the expenses/deductions claimed.  If you weren’t honest you have a problem.

Basics of Income Tax:

  1. If you earned less than R250 000 and received no allowances for the year, was employed for the full 12 months and only worked for one employer, you are not required to submit an Income Tax Return to SARS unless you have medical expenses that you want to claim back;
  2. All other income earners are required by law to submit an Income Tax Return every year.
  3. Do keep proof of all your legitimate medical expenses to provide to SARS if need be:
    a.   Any fees paid to Dr, Specialist, Hospital, physiotherapist, dentist etc and not paid by your medical aid;
    b.    All medicines bought on prescription and not paid by your medical aid
    c.    You can not claim for everyday over the counter medicine’s bought unless it is put on prescription by your pharmacist.

Document needed to submit your Income Tax Return for the 2015 Tax Year:

* IRP5 Certificate from your employer;
* Tax Certificate from your Medical Aid (if you have a medical aid)
* Total of medical expenses not covered by medical aid
* Tax Certificate for Retirement Annuity Contributions; and
* Tax Certificate for Income Protection Premiums paid.

And that is that, submit the information on your efiling site and wait for SARS to issue your assessment.

If you do not agree with the assessment, say your legitimate medical expenses were not taken into account, do the necessary objection available on the efiling site.  Please note that you only have 30 days from issue of assessment to lodge an objection.

SARS article img1

Next month:

1. We will take a look at travel allowances and
2. Other deductions allowed by the South African Tax Law. 
3. There are many deductions allowed by SARS that the average taxpayer is not aware off….watch this space

 

 – Keep smiling –

Monmouth-Rabbit

 

 

 

Your Tax Auntie

 

     

10 Do’s, Don’ts and Basics of Income Tax
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