I’ve been a busy busy girl – but I thought I would stop for a second to let you all know that it’s TAX TIME yey!
If you’re like me, you’re probably a little confused when it comes to irp5′s and 12′s and all that crap that goes along with being a model citizen.
Some of you naughty’s haven’t even registered for tax yet. You should – you might get some money back – and who doesn’t like money?
Anyway, the point of my post is that I was approached by Tax Tim to help me with my tax return form etc etc
They sent SUCH a cute “SARS Survival Kit” consisting of a calculator, a mini bar one and a face mask and a tiny capsule with a Tax Tim voucher – don’t worry there’s something for you in there too!
THE IMPORTANT STUFF YOU NEED TO KNOW ABOUT TAX
What you need to know: Tax season opens on 1 July and runs until 22 November 2013. During this time, salary earning taxpayers are expected to complete their 2013 income tax returns (an ITR12 form) and submit them to SARS. The 2013 tax return covers income earned for the 2013 tax year, which is from 1 March 2012 to 28 February 2013.
Tax returns can be submitted in person at a SARS branch near you (be prepared to stand in a lengthy queue and bring every single document with you, along with a good amount of patience!) or online via SARS eFiling. Failing to submit your return on time can result in penalties of R250 per month and interest on any amounts owing. Add to this the fact that SARS will withhold any refunds due to you if penalties are outstanding and it makes sense to submit early and on time. Any mistakes made on your return for lack of “due care” can result in penalties of anywhere between 50% and 200% of the tax value of the mistake being charged against you, so if you are unsure, rather make the effort to find proper assistance and do things correctly from the start.
Depending on your individual situation, you will need the following documents in order to complete your tax return:
- · IRP5 – this describes your income earned and the tax already paid to SARS as a result of it. This should have already been received from your employer, and if not you can demand it.
- · IT3b and IT3c – these are investment certificates received from the bank and other financial institutions that describe interest or dividends you earned. If you did not receive these you can ask your bank for copies.
- · Medical Aid certificate as well as all copies and proof of payment of any “out of pocket” medical expenses prescribed by a medical practitioner that you might have paid.
- · Donations certificates made to registered PBOs (charities). Only your donations to PBOs that are accompanied by a certificate will count as a tax deduction.
- · Pension Fund, RAF and Income Protection contribution certificates received.
Get all of these documents together along with anything else which describes income earned or tax you have already paid. Sit down with a cup of hot coffee and take your time completing your ITR12 to the best of your ability. All said and done you will probably only need an hour, and can then relax and look forward to a tax refund appearing in your bank account in a matter of days, if you are due one. Taxpayers wanting to know if they qualify for a refund can try TaxTim’s new interactive tax refund calculator available at www.taxtim.com/refund.
So that’s all there is to it. Keep proper records during the year, take it slow and steady, and find out the answers to all of your questions before you begin and you will have nothing to fear this tax season. Hopefully you will end up with a little extra cash in your pocket this winter after doing the right thing and filing your return.
For my lovely readers – if you’re scared of tackling your tax stuff on your own – here’s a 30% off voucher code* to use TaxTim to help you: BC9FF8DBE3B6
*expires Dec 1st 2013.
Good luck and I hope you all get tons of cash back from SARS :)