Season opens for tax submissions
All relevant taxpayers are encouraged to submit the correct documentation to avoid penalties.
THE tax season is open for submission of income tax returns to the South African Revenue Services (SARS) and the reconciliation of tax deductible expenses between last March and 29 February this year.
The tax season for individuals ends on 25 November and all relevant taxpayers are encouraged to submit the correct documentation to avoid penalties.
‘Provisional taxpayers who submit their tax returns via e-filing have until 31 January 2017 to complete this process,’ said Associate Director of Tax Compliance for accounting firm BDO Durban, Ilsa Groenewald.
‘All manual and postal submissions need to be completed by 23 September.
‘It is essential that every person retains all supporting documents for 2016 as SARS may request this information to validate and substantiate any tax deductible expenses.’
Groenewald said individuals whose total salary for the tax year was below R350 000 do not need to submit income tax returns, unless:
• Dividends were paid to the individual as a non-resident during the 2016 tax year
• The individual has only one employer
• The individual has no car allowance or any other passive income
• The individual is not claiming any tax-related deductions such as medical, retirement annuities contributions or travel expenses
• The individual’s interest income received in South Africa does not exceed R23 800 (for those younger than 65) or R34 500 (for those over the age of 65).
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