It’s not a pastime that any of us enjoy doing. Tax Returns!
But, unfortunately, it’s a grudge activity that we have to do. As, no one wants the taxman after them, right?
So, how can one make this process easier?
PREPARATION
That’s how!
And, we’re here to give you …
5 TIPS ON HELPING YOU SUBMIT YOUR TAX RETURNS IN AN EASY MANNER
#1 KNOW WHEN YOU NEED TO SUBMIT
First and foremost, know when you need to submit your return. It is announced by SARS every year. Dates coming up are:
21 September 2018 – At a SARS branch (provisional and non-provisional)
31 October 2018 – eFiling (non-provisional)
31 January 2019 – Provisional taxpayers via eFiling
If you know the dates, you can plan better, and avoid any penalties that may be applied for late submission.
#2 KEEP RECORDS
Stumbling around looking for slips and papers at the last minute will just cause you more stress and possibly land with you submitting late. We suggest keeping all slips and either scanning them into created folders or filing them (heaven’s alive!) in a box. The former suggestion being the best option.
A few more tips on keeping records:
Keep track of your business trips – SARS has an easy to use log book for this.
Keep last year’s return handy, as most times it is a cut and paste methodology.
If you have given to any charitable organisations, keep those contributions saved too.
Any sale of property – also have that handy.
Medical contributions and retirement contributions are deductible too.
Interest earned and all income earned must be recorded so keep proof thereof.
#3 BE HONEST
It goes without saying, but we will say it anyway – be honest – always! Even if it’s a small thing, it is best to declare it and be truthful about amounts. You may get away with it this year, but SARS can jump on you for an audit at any time, and once they do an audit on one year, they sometimes go back and look at other years. Especially when they find discrepancies. So, just be honest and all will be well.
#4 DEDUCT DEDUCT DEDUCT
There are many deductibles. Know them. Use them. Not all will apply to you, but you will be surprised at which ones actually do.
What can you deduct? Here are a few –
- Pension fund contributions
- Retirement annuity fund contributions
- Provident fund contributions (only from 1 March 2016)
- Legal costs – under certain qualifying circumstances
- Wear–and-tear – in respect of certain assets
- Donations – to approved bodies
- Repayable amounts – amount received for services rendered as refunded by that person
- Bad and doubtful debts – employment related.
- Some expenses spent in the pursuit of business
- Medical contributions
#5 USE E-FILING
It’s there to help you and can be a simple process in submitting your tax return.
If you really cannot fathom it out, we are here for you, and of course, if you have followed all of the above, our job will be that much easier. And, then you won’t have to pay such a high fee for our assistance.
To get yourself on track with your tax submissions and any other accounting or tax related issue, please make contact with us here:
Telephone ⇨ +27 83 630 7111
