Tax Help for the 2010 Tax Season
Did you know that it is now compulsory to include your spouse’s details on your tax return?
Maybe you did, maybe you didn’t. But if you’d like to more about important SARS information for the 2010 Tax Season and need some tax help, then read further.
Tax Help for 2010
Deadlines for submissions.
The most important of all, if you want to avoid penalties, make sure you submit your return timeously. Here are the deadlines for the different types of submissions:
Manual Returns was 30 September 2010 already.
Electronic Returns for all taxpayers (Not provisional taxpayers) – 26 November 2010.
Electronic Returns for all provisional taxpayers who have no other returns outstanding except for those of 2010 – 31 January 2010.
Spouse details on your return.
Now for the disclosure of your spouse’s details on your tax return. You are obliged to include your spouse’s details if you are married in community of property. And if you earn an investment income, you must declare 100% of the income, SARS will do the necessary apportionment.
If you are handicapped and would like to claim a deduction for your medical expenses, you must re-declare your disability status by completing a form called an ITR-DD. The form must be signed by a duly and your registered medical practitioner, and submitted to SARS.
If you fail to submit your return on time, SARS will impose monthly penalties. The penalties range anything from R250 to R16 000 per month, depending on your taxable income and your status of taxpayer.
Remuneration less than R120 000.
If you earn less than R120 000 in a full tax year, you may elect not to submit a tax return provided the following:
– your remuneration was from one employer
– you didn’t receive a car allowance
– you didn’t receive any other income during the tax year
– you don’t want to claim tax deductions.
Since the date of submitting your tax return you must keep records for a period of five years after submission.
Online tax calculator.
In order to calculate your tax due or refundable to you, use the online tax calculator.
Ensure correct information and complete mandatory fields.
Make 100% sure your return is completed with the correct information and all your income earned during the tax year is disclosed. Because if something is incorrect, SARS will hold you responsible and not your employer, and you will suffer penalties.
Your tax return will be pre-populated by SARS from information received from third parties for e.g., your IRP5 certificated provided by your employer. If something is incorrect, you may change it. Please be prepared that SARS may require supporting documentation to explain these changes. However, you must not submit supporting documentation with your tax return.
For tax help concerning your tax return or any other tax help, please consult Tax Relax in Gauteng. They’ll put the relax back in your tax.