30/06/2016
TAX SEASON 2016 FOR INDIVIDUALS
1 July 2016 is the start of the 2016 Tax Season for Individuals.
During Tax Season, you need to submit your income tax return (ITR12) so we can reconcile the tax on your income and the tax-deductible expenses for the year of assessment (1 March 2015 - 29 February 2016). This may, in some cases, result in a refund.
Tax Season runs from July to November every year. For provisional taxpayers who submit via eFiling, it runs until January of the following year.
Important due dates
• 25 November 2016 - At a SARS branch (non-provisional)
• 25 November 2016 - eFiling (non-provisional)
• 31 January 2017 - Provisional taxpayers via eFiling
Supporting Documents
To get ready to submit your tax return, you will need to gather all your supporting documents which include the following:
• IRP5/IT3(a) certificate(s) from your employer or pension fund
• IT3(b) certificates for investment returns
• Financial statements, if applicable e.g. business income
• Medical aid contribution certificates and receipts
• Retirement annuity fund certificates
• Income protection certificates
• Certificates you received for local interest income earned
• Logbook and other documents in support of business travel expenses
• Completed confirmation of diagnosis of disability form (ITR-DD), if applicable
• Any other relevant income and deduction information.
• Bank account details
Top tip: Even though you will be using the supporting documents to complete your return, you mustn't send them to SARS. You must keep them safely for a period of five years should SARS require them in future.
Top tip: Check your IRP5 and verify if all the information is correct before attempting to submit the return. If you notice any errors which might need to be corrected, kindly advise your employer to rectify it. You will not be able to change these prepopulated fields on the return.
Contact us today to do your tax for you!!
082 837 0846 or [email protected]
