Accounting and Tax Blog

Tax Season 2014 Is Now Open!

  Gavin Bacon   Jul 29, 2014   DATC Tax And Accounting   0 Comment

The facts you need to know:

  • Not everybody needs to file an income tax return (ITR12).
  • 1 July 2014 marked the beginning of Tax Season. From this date on, taxpayers can submit their Income Tax Return (ITR12) to the South African Revenue Service (SARS). The annual income threshold for submitting a tax return is R250 000.

The tax year runs from 1 March to the end of February the next year-if you earn R250000/less before tax during this year – you may not have to submit an income tax return.

This will only apply if:

  1. You earn a salary from only one employer (i.e. you get only one IRP5 or IT3A certificate)
  2. You don’t have the right of use of a company car fringe benefit, a car allowance or any other form of income (e.g. interest or rental income)
  3. You don’t want to claim any additional tax deductions (e.g. business travel expenses, medical expenses or retirement annuity contributions).

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SARS records from last year may show that you could be one of the taxpayers who do not need to submit a tax return to SARS this year. This only applies if nothing has changed in your tax affairs since 2013, (and, of course, your income is still below R250 000) – you may not have to complete and submit a return to SARS this year! It is easy to check if this is you, visit www.sars.gov.za and use the wizard on the Tax Season page.

Be more efficient and environmentally conscious!

The amount of paper used for tax payers during one year is enough to wrap around the earth 28 times! Efiling is the way forward, we can reduce the amount of trees we cut down, ink used to print and power used to run the printers, by registering to be an efiler. This will save you time and money too. Your efiling can be done at whatever time suits you and can even be done on your cell phone too. Registering to become an efiler only takes a few minutes, register now at www.sarsefiling.co.za and if you would prefer to do it on your cell phone, follow the steps here http://www.sars.gov.za/ClientSegments/Tax-Practitioners/Pages/eFiling-App.aspx . Once you have registered you will have a personal profile for you to deal with all your SARS business. You will also have access to an inbox where all your notices pertaining to your personal income tax will be available. For SARS queries or you don’t have access to the internet you can call the Contact Centre on 0800 00 SARS (7277).

For any queries on your tax returns or any other enquiries, please do not hesitate to contact DATC (Durban Accountants & Tax Consultants), our contact information is available here http://www.datc.co.za/contact-us/

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