Are you capitalising on the tax season?

This according to Annemie Nieman, legal technical adviser at PSG, an independent financial services group in the Sandton area.

“Those excluded from having to submit a return are South Africans who earn an income from only one employer, and who earned less than R350 000 for the period from 1 March 2014 to 28 February 2015,” explained Nieman.

Additionally, one should also not have conducted any trade for the financial year, not have received any travel or accommodation allowances, not have had a capital gain or loss of more than R30 000. Also, one should not have received interest of more than R23 800 (for taxpayers below 65) or R34 500 (for taxpayers 65 and over) from a South African source, and not have any assets abroad.

“If you fall into this category you are correct in thinking that you do not have to submit a return,” she said.

“However, by not submitting, you give up the opportunity to claim back some of the tax you have already paid to the South African Revenue Service.”

She further explained that in many cases, taxpayers are unaware of the qualifying deductions that they can claim back. “This can even apply to those who earn more than R350 000 a year and have to submit tax returns in any case,” said Nieman.

She added that although it might sound like an enormous task, a basic return can be submitted within a matter of minutes using eFiling. “Taxpayers who are not fully comfortable completing their tax return online but do not feel up to travelling to the South African Revenue Service offices [and sometimes waiting in long queues], can contact the eFiling call centre on 0800 00 7277.

“A trained consultant will help you file your return electronically,” said Nieman.

“Alternatively, you can download useful South African Revenue Service guides on how to complete individual tax returns from their website.”

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