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Tax season officially opens on 1 July - here are seven documents you'll need to complete your tax return accurately

by , 30 June 2014
It's that time of the year again.

The 1st of July, marks the start of the 2014 tax-filing season for individual taxpayers.

Not only do you have to submit your Income Tax Return (ITR12) before the deadline (21 November), but you also have to ensure your return is accurate. If it's not, you'll have SARS penalties coming your way.

Don't take that risk.

Take a look at the seven documents you'll need to complete your tax return accurately.

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Seven documents to help you complete your tax return accurately this tax season

SARS explains on its website that, when completing your return, you'll need the following documents to verify the existing, pre-populated information that appears in the return, as well as completing any remaining portions:

#1: IRP5: This is the employees' tax certificate your employer issues to you.

#2: Certificates you received for local interest income earned on investments, etc.

#3: Any other documents that relate to income received or accrued, such as remuneration that hasn't been reported to SARS by your employer, or business or investment income, etc.

#4: Details of medical expenses you paid and medical scheme contributions that you made.

#5: The relevant certificates that reflect the retirement annuity fund contributions you made.

#6: A logbook and other documents to support business travel expenses (if the travel allowance is part of your remuneration or if you have the right of use of a company car taxable benefit).

#7: Any other documents that relate to allowable deductions you want to claim.

Now that you know the documents you'll need to complete your Income Tax Return accurately, make sure you file your return on time so you avoid penalties.

Don't forget that the 2014 tax season for individual taxpayers starts tomorrow (1 July) and will come to an end on 21 November 2014. If you have any questions regarding your submission, ask our experts at the Accounting & Tax Club.



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Comments
1 comments


michelle 2014-07-07 08:15:16

I have resigned this year.Do I still need to submit tax forms

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