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The 2017 tax season closes in a week, have you submitted yours?
The 2017 tax season for individuals will close on 24 November 2017.
Tax season is a frustrating period but the sooner you get it done, the better.
eFilers will be first in line and can file from 1 July while our branches will be open to assist you from 3 July 2017.
Story regards of Bosveld Review.
The following deadlines have been set:
Filing your tax returns is easy if you have all the correct supporting documents.
Here is what you will need:
To get ready to submit your tax return, you will need to gather all your supporting documents which include the following:
- IRP5/IT3(a) certificate(s) from your employer or pension fund
- IT3(b) certificates for investment returns
- Financial statements, if applicable e.g. business income
- Medical aid contribution certificates and receipts
- Retirement annuity fund certificates
- Certificates you received for local interest income earned
- Logbook and other documents in support of business travel expenses
- Completed confirmation of diagnosis of disability form (ITR-DD), if applicable
- Any other relevant income and deduction information.
- Bank account details
Remember, if you’re filing at a SARS branch, you have to bring all the documents applicable to you, plus original proof of identity (ID, temporary ID, passport or driver’s licence).
It is also important to check your IRP5 and verify if all the information is correct before attempting to submit your return. If you notice any errors which might need to be corrected, you have to advise your employer for them to rectify it.
It is also important to note the following:
You don’t need to file your return if your total salary earned during 1 March 2016 – 29 February 2017 for the 2016/2017 year of assessment is not more than R350 000 (before tax), provided:
- You only have one employer (but remember if you have two employers or income sources e.g. late spouse / partner pension income, exam markings income, rental income, moonlighting income etc you do need to file even if the total is still under R350 000)
- You have no car allowance or other income (e.g. interest or rent)
- You are not claiming tax related deductions (e.g. medical expenses, retirement annuity contributions, travel expenses etc)
- You received interest from a source in South Africa not exceeding –
- R23 800 if you are below the age of 65 years;
- R34 500 if you aged 65 years or older
- Dividends were paid to you and you were a non-resident during the 2017 year of assessment.
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