It’s that time of year again when taxpayers all around South Africa prepare for what they consider the most painful event of the year.
Tax Return filing season began 1 July and closes 21 November 2014 for all salaried and non-provisional taxpayers.
The information taxpayers will be filing in their 2014 ITR12 Income Tax Return relates to 1 March 2013 to 28 February 2014.[tip title=”moneysmart Tip”]Taxpayers are advised, as always, to ensure that all the documents which are used for filing are kept in one place and easy to access, just in case they encounter a nasty audit from SARS.[/tip]
TaxTim has developed a cloud-based storage option for taxpayers to store their tax documents safely and securely in one place.
TaxTim Top 5 Tips For A Smooth Tax Season:
- Keep all tax documents, certificates, IRP5s and invoices organised in one place. SARS randomly selects 25% of all taxpayers for an audit – you do not want to be caught without vital documents later on.
- If you have to travel for work and receive an allowance or a company car, make sure that you keep a logbook. Often taxpayers don’t know that they can reduce their taxes by claiming business expenses, but without a logbook SARS won’t allow this.
- Taxpayers are often unaware that if a computer is used for work and it is owned by them then this can be written off as a deduction over 3 years for the business portion used. If the item costs less than R7 000 then the whole amount can be written off.
- If your banking details have changed during the year, ensure you have updated them with SARS so as to avoid a delay in your refund being paid out – you can do this via eFiling.
- Make sure you take the time to complete your return correctly and with all the information – SARS is able to impose heavy penalties for incorrect information, even if by mistake.
If you are a fortunate taxpayer and are due a refund in 2014, then once your return is submitted, you should receive your refund within a day or two. The earlier you submit, the earlier you can expect that refund.
TaxTim takes the hassle out of completing tax returns and makes the process simple, easy and fun. TaxTim’s easy-to-understand information is aimed at taxpayers of all levels and provides guidance on all areas of tax.
Visit www.taxtim.com/save to see TaxTim’s tax season specials and ensure a simpler tax experience this year.
Article by TaxTim