1 July 2015 announced the start of the 2015 filing season for Individuals.
During this 2015 filing season, you need to submit an ITR12 (which is your Income Tax Return) so SARS can calculate your tax on your income and the tax-deductible expenses for the assessment year (1 March 2014 – 28 February 2015), which may, in some cases, result in a refund.
The important deadlines are:
30 September 2015 – Manual submissions
27 November 2015 – At a SARS branch (non-provisional tax payers)
27 November 2015 – eFiling (non-provisional tax payers)
29 January 2016 – Provisional taxpayers via eFiling
Tax Tip #1 – Don’t file a tax return if you don’t need to
You don’t need to file if your total salary earned during 1 March 2014 – 28 February 2015 for the 2015 tax year 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, moonlighting income etc you do need to file even if the total is still under R350 000) or
- You have no car allowance or other income (e.g. interest or rent) or
- You are not claiming tax related deductions (e.g. medical expenses, retirement etc) or
- You received interest from a source in South Africa not exceeding –
- R23 800 if you are below the age of 65 years; or
- R34 500 if you aged 65 years or older or
- Dividends were paid to you and you were a non-resident during the 2015 year of assessment.
Still unsure if you need to file a tax return?
Do any of the following apply to you for the tax year 1 March 2014 to 28 February 2015?
- Did you conduct any trade* in South Africa?
- Did you have an allowance such as a travel, subsistence or Office Bearer Allowance? Check your IRP5/IT3(a) if unsure.
- Do you hold any funds or assets outside South Africa that have a value of more than R200 000?
- Did you have a local Capital Gain/Loss exceeding R30 000?
- Did you get any income or Capital Gain in a foreign currency?
- Do you hold any rights in a Controlled Foreign Company?
Tax Tip #2 – Be prepared
Have the applicable documents on hand to complete your tax return, such as:
- IRP5 or IT3(a) certificates from your employer or pension fund
- Financial statements (e.g. business income)
- Medical aid certificates and receipts
- Retirement annuity fund contribution certificates
- Tax certificates for investment income (IT3(b))
- Completed confirmation of diagnosis of disability form (ITR-DD)
- Information relating to capital gain transactions
- Travel logbook
Tax Tip #3 – Make accurate claims
To avoid penalties, make sure you have the correct documentation and proof for every claim you make.
- Only use info and figures that reflect on your supporting documents
- Use ONLY the amounts reflected on your contribution certificates from your retirement annuity fund, income protection scheme, medical aid etc.
- Make sure you keep an accurate logbook and do not fabricate kilometers travelled
- Don’t inflate the value of your vehicle.
Tax Tip #4 – Don’t lie on your tax return
Overstating the number of dependents or expenses for medical claims is a criminal offence.
Only claim for the actual number of dependents registered on your medical aid
Don’t overstate your out-of-pocket medical expenses because SARS will ask for your receipts
Medication that has not been prescribed may not be claimed for.
Tax Tip #5 – Don’t fall for scams
Don’t be fooled by emails asking for your personal info. During the last two filing seasons we had many clients forward SMS’s or emails to us, asking when they can expect the so-called refund mentioned in the SMS/ email.
SARS will never request your banking details or personal details in any communication that you receive by post, email, phone or SMS.
SARS will also not send you any hyperlinks to other websites – even those of banks