Keeping up to date with SARS, especially the different types of tax regulations and dates, is far from an easy task. These days you almost need a ‘tax degree’ to understand everything that is required from you as taxpayer. So in this article, we’ll mention some important things to consider as well as important dates pertaining to your tax return.Get Tax Help Here
The SARS filing season is well underway, with taxpayers having the benefit of free, secure tax filing (eFiling) via the Internet. If you choose to do your tax return using eFiling, the submission deadline automatically extends as set for manual submissions. The eFiling system populates your income tax return using information provided by your employer.
eFiling tax return for salary earning individuals is quite simple, however it becomes complicated when you have to submit details pertaining to foreign income, capital gains or losses and local business, trade and professional income. Below are listed some important questions relating to these types of income.
What if you earn foreign income and the foreign institution has deducted a withholding tax? In certain circumstances the withholding tax is deductable from South African tax payable.
With regards to capital gains and losses, what is required to ensure you claim the appropriate base cost or exclusions?
How do you ensure you claim all appropriate expenditure against business trade or professional income?
How do you explain to SARS a sudden increase in your net assets arising from non-taxable receipts (reflecting in your statement of assets and liabilities)?
If you fail to submit your tax return or make changes in personal particulars in due time penalties will incur. The penalty depends on your tax-paying category, which is determined by your taxable income, and can range from R250 to R16 000 per month.
The deadline for company tax returns (including close corporations) is much different than for individuals. The deadline is 12 months after the financial year-end.
Fraud e-mails claiming they are SARS, saying tax refunds will be paid into your bank account, and requests your bank details. Don’t fall for this. SARS will never request your banking details via e-mail or SMS.
For any questions with regards to eFiling tax returns, please consult Tax Relax for professional assistance.