SARS Tax Season

1 July 2015 is the start of the annual Individual SARS Tax Return season which requires individuals to submit their ITR12. (Income Tax Return document) to enable SARS to calculate tax on the individual's taxable income and tax-deductible expenses which could result in tax refunds in some cases.

Please keep these following Tax return deadlines 2015 in mind:

  • 30 September 2015 annual/postal submissions
  • 27 November 2015 - At a SARS branch (non-provisional)
  • 27 November 2015 - Tax Return eFiling (non-provisional)
  • 29 January 2016 - Provisional taxpayers via eFiling

Please remember that you don't need to file a tax return if your annual income is less than R350 000, under the following conditions:

  • - You are only working for one employer (you do have to file if you have more than one)
  • - You have no other incomes, such as rent or interest earned, or car allowances 
  • - No tax related deductions are claimed by you in the form of medical expenses, retirement, travel
  • - If interest is received from a source within South Africa not exceeding;
    •  R23 800 (below the ages of 65 years)
    •  R34 500 (aged 65 years and older)
    •  If you received any dividends while being a non-residing citizen during the 2015 year of assessment.

Top Tip!

Deductions include:

  • Medical scheme contributions
  • Pension fund contributions
  • Retirement annuity fund contributions
  • Income protection
  • Legal costs - under qualifying circumstances
  • Donations to approved bodies
  • And any other receipts that qualify for deductions

Remember to keep all of your receipts in case of a tax audit.

Let's get fiscal

For more information about tax and expert consulting and tax services, contact us today.