Mazars - IT’S THAT TIME OF YEAR AGAIN: TAX SEASON 20152015-08-18 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. Are you liable to pay tax?
This is the threshold at which you become liable for income tax - Do you have to submit a tax return?Liability to pay tax is one thing; liability to put in a tax return is another. It will save you time and stress if you don’t need to file a tax return.You don't need to file a tax return if your total salary earned during the period 1 March 2014 to 28 February 2015 for the 2015 tax year is not more than R350 000 (before tax), provided:
How much interest can you earn tax free?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). What’s with the Populated Fields?
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. Your deadlines for the submission of income tax returns
Be careful: As usual there are scams about
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. |
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