1 July marks the start of the Tax Season 2014 for Individuals.
The annual Tax Season is when you need to complete and submit an Income Tax Return (ITR12) to SARS.
During Tax Season, taxpayers need to submit an ITR12 (which is your Income Tax Return) so we can calculate your tax liability based on your declared income and the tax-deductible expenses incurred for the assessment year (1 March – 28/29 February), which may, in some cases, result in a refund.
The Tax Season runs from July to November every year and for provisional taxpayers who submit via eFiling, until January of the next year.
Here are some handy tax tips to help you easily and honestly submit your ITR12 on time:
Tax Tip #1
Who needs to submit an Income Tax Return (ITR12)?
Not everyone needs to file an ITR12.
Are you:
- An individual (Provisional or non-provisional taxpayers)?
- Who earns up to R250 000 for the full tax year?
- From one employer (that’s your total salary income before tax) and
- You don’t have a car allowance, the right of use of a company car fringe benefit or any other form of income (e.g. interest or rental income) and
- Have no deductions that you want to claim for (for example like medical expenses, travel or retirement annuities)?
If you answered yes to all of the statements above, then you don’t need to submit a return.
Still unsure whether you need to submit? We’ll help you to see whether you need to submit a tax return or not.
Top Tip: Trusts are required to submit an annual Income Tax Return (IT12TR), as well.
Tax Tip#2
What do I need to complete my Income Tax Return (ITR12)?
When completing your ITR12, have your relevant material to hand. You may need to refer to these, while completing your return; however, you must not submit them to SARS.
Top Tip: Keep your relevant material (supporting documents) safely in your possession for at least five (5) years in case SARS needs access to them in future.
- Your Employee Tax Certificates [IRP5/IT3(a)s] which you will get from your employer/pension fund
- Medical certificates as well as documents for amounts claimed in addition to those covered by your medical aid.
- Pension and retirement annuity certificates
- Travel logbook (if you receive a travel allowance or use a company car)
- Tax certificates that you get from investment income [IT3(b)]
- Completed Confirmation of Diagnosis of Disability (ITR-DD), where applicable. See more information on our Tax and Disabilitywebpage.
- Information relating to capital gain transactions, if applicable
- If you have signed up to our Voluntary Disclosure Programme (VDP) then your VDP agreement between yourself and SARS for years prior to 17 February 2010, where applicable
- Financial statements, e.g. business income, where applicable. You may for example have a property which you rent out, so you will need to declare this income.
- Any other documentation relating to income you received or deductions you want to claim.
Remember if you need to change your banking details additional relevant material (supporting documents) may be needed.
Top Tips:
- Find out more of the important changes which have been made for Tax Season 2014.
- If you are visiting a SARS branch for an agent to help you submit your ITR12, you will need to take along proof of identity. Make sure you have a valid original or a temporary identity document/passport/driver’s licence. We won’t be able to help you, unless you have this with you.
Tax Tip#3
How to submit your ITR12?
- If you’re not registered yet for eFiling, follow our simple and easy steps to register.
- If you want to file from a mobile device, download our Smartphone App .
- If you need help while eFiling online, you can access Help-You-eFile, a free service available to all eFilers. Simply click on the Help-You-eFile icon on your eFiling login page or at any point during your eFiling session to be connected, quickly, to a friendly SARS agent who will help you to complete your ITR12.
- You may ask a SARS branch agent to file it electronically for you. Find your nearest SARS Branch.
- Post it or put it in the drop box at a SARS branch.
Top Tip: See a list of the SARS branches that will be open on Saturdays from 8:00 – 13:00 during 5 July until 27 September 2014 to help taxpayers submit their ITR12.
Tax Tip#4
Important Due Dates for Tax Season 2014
Depending on how you submit your Income Tax Return (ITR12) to SARS, be sure you know the due date:
- By post or dropping it off in a SARS drop box – 26 September 2014
- Electronically at a SARS branch (provisional and non-provisional) – 21 November 2014
- Non-provisional taxpayers who use eFiling – 21 November 2014
- Provisional taxpayers who use eFiling – 30 January 2015.
Tax Tip#5
Beware of scams
- SARS will never ask for your banking or personal details in any communication that you receive via post, email, phone or SMS
- SARS won’t send you hyperlinks to other websites – even those of banks.
Top Tip: Beware of people who offer to complete your tax return for you and who promise they can get you a refund. See a list of scams and to report any suspicious activity.
Tax Tip#6
Use a registered Tax Practitioner
Please remember that all Tax Practitioners are now required to be registered with a recognised controlling body (RCB) as well as with SARS.
You can ask your Tax Practitioner for their SARS and Controlling Body registration details to verify that you are working with a registered and reputable practitioner.
Top Tip: You can check if they’re registered with an accredited professional body and you’ve got better protection if they belong to aregistered practitioner association.
A person who is not registered with a RCB and who prepares tax returns on your behalf will only be able to perform limited functions. They may not charge you and they may not submit the return on your behalf.
In order to submit a return completed by someone who prepares your ITR12:
- You can register for eFiling and complete and submit the return yourself or
- You can register for eFiling and obtain shared access from your preparer and then submit on eFiling the saved return completed by that preparer or alternatively
- You can visit a SARS branch to file your return.
Top Tip: Even though a Tax Practitioner is completing and submitting your ITR12 on your behalf, the responsibility still rests with you as the taxpayer to make a true declaration and for any outstanding returns, payments and penalties.
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