Tick tock for tax returns
There are only two weeks left to file your income tax returns.
THERE are only two weeks left of the tax filing season before the South African Revenue Service (SARS) closes the gate on 21 November.
And if taxpayers do not submit their returns by the closing date, they could be slapped with a monthly minimum penalty of R250 per month.
‘If you’ve earned an income greater than R250 000 for the tax year (1 March 2013 to 28 February 2014), you are required to submit a completed and signed income tax return to SARS,’ said Legal and Tax Manager Johan Swart.
‘However, this is not applicable if you earned under R250 000 for the full tax year from one employer, have no other sources of additional income and if you have no deductions that you want to claim such as medical expenses, travel or retirement annuities.’
Swart urges taxpayers with complicated returns to ensure all supporting documentation are in order to avoid any issues raised by SARS later on.
‘For some, especially business owners, filing a tax return is not always a straightforward task as it involves a lot of paperwork and takes more time and effort than most think,’ said Swart.
‘Yet, those who are clued up and tax savvy are well aware that things don’t have to be like this.’
Get fit to file
Taxpayers can submit their returns using the online option, eFiling, or going straight to a SARS branch for assistance from a consultant.
Swart suggests preparing all relevant tax documents, including the IRP5 tax certificate from employers, travel logbook, tax certificates from medical aid schemes and retirement annuity fund, as well as receipts of medical expenses not covered by the medical aid scheme.
‘Never lie about your income or inflate your expenses,’ warned Swart.
‘The penalties for false declarations on tax returns are steep.’
