2015-08-18
The 2015 income tax filing season opened on 1 July 2015. Taxpayers were so eager to submit their returns that more than 67,000 returns were submitted by the 2nd of July 2015.
This is the threshold at which you become liable for income tax -
The tax exemption for interest income is R23 800 (if you are a natural person under the age of 65) or R34 500 (if you are a natural person 65 years of age or older).
When completing your tax return online, you will see that some of the data fields have been automatically filled in. An example of prepopulated information is that information that was submitted by your employer on your tax certificate (IRP5). It is however still important to check that these amounts have been correctly entered.
If you need to claim other deductions, such as car allowance, make sure you have the necessary supporting documentation (in this case a log-book), as SARS will want to see this. If you go to a SARS branch to complete your return, you will need to bring all supporting documents, plus your ID. If you use eFiling, you will be required to upload these supporting documents with your tax return or as part of a verification process following the submission of your return.
The same goes for other income you receive – for example if you receive business income, then the annual financial statements of the business will need to accompany your return.
If someone contacts you saying they can get you a tax refund, and particularly if they request a percentage of any refund obtained, be very suspicious. Also remember, SARS will never ask you for your personal banking details or your PIN number.
Make use of the SARS “Report a Scam†facility on their website.