Running late with submitting your tax returns?

With the deadline fast approaching there is no time to delay; taxpayers who miss the deadline and have outstanding returns could be subject to a minimum of R250 per month penalty and interest. Penalties could range up to R16 000 per month in the case of higher earning taxpayers. 

To help get your tax returns in on time we have put together a quick checklist of what need to get ready and stay tax compliant for the 2017 tax year. Follow these easy steps and we will get them filed and hopefully a refund just before Christmas as well!”

Step 1:                 
Check your email, your post-box or possibly the pigeon hole at your office for your IRP5. This is the document your employer needs to give you which is a summary of all your payslips for the tax year.  If for some reason you are unable to obtain your IRP5, maybe your previous employer has closed down, you will need to go to your local police station and swear an affidavit stating reasons why you don’t have an IRP5. You will need to submit this to SARS when you do your tax return. 

Step 2:                 
Check on your IRP5 or with SARS that you are registered as a taxpayer. 

Step 3:                
Make sure you have a SARS eFiling profile and can remember your login details. If you are unable to recall these, phone 0800 00 7277 to retrieve your details.  SARS eFiling is an online process for the submission of returns.

Step4:
Gather up all your other tax related documents  from your service providers:

• Medical aid – medical aid tax certificate
• Banks – IT3b
• Investment houses – IT3b & IT3c
• Charity – s18A tax certificate

Step 5:                 
If you travelled for work purposes and received a travel allowance or made use of a company car then you should get your logbook together with the following details: 

• Opening and closing kilometres for 1 March 2016 and 28 Feb 2017
• Business travel kilometres per day and reason for business travel
• Make, model, registration and cost of vehicle

Step 6: 

• If you worked from home or made use of a personal laptop or phone for work purposes then make sure your employer has agreed to this in the form of a letter or it is written in your employment contract. You can deduct these expenses as well provided they are work related.
• If you had any medical expenses not covered by your medical aid and these were paid for by yourself then those that were paid to a registered medical practitioner or tests at a lab or hospital then gather these documents including proof of payment and include those on your tax return as well.

“If you want to know more about what you can deduct from tax you can download TaxTims Tax Deductibles e Book here where we share all the need to know info on tax deductibles.” 

Step 7:
Take advantage of filing your tax return on TaxTim  with an exclusive Purple Group Voucher for 20% Off. Just use the code PURPLEGROUPV when paying for your tax return package! Make sure to do this sooner, rather than later, and give yourself a few days to make sure you have your return filed. Remember millions of other taxpayers will try file on the very last day, this could cause some issues so get it done as soon as possible.  

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