Tips for Tax Season
Tax Season is in full swing again. But before you panic, you have until the 29th of February 2017 to submit your personal income taxes, if you file via eFiling. We know that although SARS made things a lot easier with eFiling, completing your tax returns is still a daunting task and not everyone wants to go to a professional to submit their taxes. Hence, we’ve found some easy tips and advice to assist you with your taxes.
Do you have a tax number?
If it’s your first time paying taxes and you don’t have a tax number yet, you need to complete an IT77 registration form, which you can download from the SARS website. You will then receive a lifetime 10‑digit tax number, which you can use to create and register your eFiling profile.
Do you need to pay taxes?
Not everyone needs to pay taxes, ask yourself the following questions and if you answer yes to any of them you need to submit your tax returns.
- Do you earn more than R350 000 per annum before tax?
- Do you have more than one employer?
- Do you have more than one source of income, such as rent?
- Do you have a car allowance or taxable interest?
- Do you need to claim for deductions such as medical or travel expenses?
- Do you make contributions to a retirement annuity?
- Do you support a certified charity financially?
What is the difference between provisional and non-provisional tax payers?
Provisional and non-provisional taxpayers have different deadlines and different sections to complete, hence it is very important to know in which category you fall. The main difference is that provisional taxpayers only receive a salary. But if you want to be absolutely sure, here is a fun and quick game by TaxTim you can play.
What do I need to submit my taxes?
In order to submit your taxes, you will be asked to submit certain documents and information, where they are applicable. You will need the following:
- Your bank details
- An IRP5 or IT(3) certificate – your employer will source this
- Your medical aid certificate and receipts for additional medical expenses
- Certificate of your annuity fund contributions
- Certificate of your charity contributions
- Certificates for interest earned on your income
- A travel logbook or any documents you need as proof for allowable deductions or expenses
Remember that you should also keep your documents as SARS can audit you at any given time within a five-year period.
Do you need more assistance?
If you’ve misplaced your login details and can’t remember all the answers to the security questions, just click on the corresponding link and you’ll receive an email or SMS to assist. If you need assistance while you’re busy eFiling, just click on the Help-You-eFile icon. Alternatively, you can call 0800 00 7277.