Useful tips for the tax season

The 2014 tax season started on 1 July 2014 and will end on 21 November 2014.

During this time you will need to submit your income tax return to the South African Revenue Service

(SARS) to avoid any unforeseen penalties and interest.

If you earned an income greater than R250 000 for the tax year ( from 1 March 2013 to 28 February 2014) you are required to submit a completed and signed income tax return to SARS.

However, this is not applicable if: you earned under R250 000 for the full tax year from one employer (that’s your total salary income before tax); you have no other sources of additional income (interest or rental income); and you have no deductions that you want to claim (medical expenses, travel or retirement annuities).

For some, and especially business owners, filing a tax return can be a stressful and daunting task which involves a lot of paper work and takes more time and effort than most think.

According to Johan Swart, Tax Manager at Legal and Tax, “If you do file early, early returns are usually processed fast. That means you’ll get your money quickly if you’re owed a refund from SARS. And, if you have underestimated your tax contribution, you may be able to save substantially on interest payable if you do submit early.”

There are also various ways to submit your income tax return:

– Submit your submission online via eFiling or via your mobile device using the SARS app

– Submit your return manually by going into a SARS branch and requesting assistance from a SARS consultant

– Post your submission to SARS