Do you have the documentation you need to complete your tax return?
According to tax expert Ettiene Retief, chairperson of the National Tax and Stakeholders Committees at the South African Institute of Professional Accountants (Saipa), when it comes to your tax return, it's crucial that everything is accurate, on time and, above all, you need to make sure you have the supporting paperwork. Here are the documents you'll need to complete your return as the 2013 tax-filing season gets underway today...
Today marks the beginning of the 2013 tax-filing season for individual tax payers. To ensure you're not liable for penalties, it's crucial you get it right and submit your income tax return on time, writes FSP Business.
To do this, you need to make sure you have the relevant documentation to complete your tax return and back up your claims.
You'll need these documents to completing your tax return
According to SARS, when completing your tax return, you'll require the following documentation to verify the existing, pre-populated information that appears in the tax return, as well as to complete any remaining portions:
IRP5: This is the employees' tax certificate your employer issues to you.
Certificates you received for local interest income earned on investments, etc.
Any other documentation relating to income received or accrued, such as remuneration that hasn't been reported to SARS by your employer, or business or investment income.
Details of medical expenses paid and medical scheme contributions made.
The relevant certificates reflecting your retirement annuity fund contributions made.
A logbook and other documents in support of 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).
Any other documentation relating to the allowable deductions you wish to claim.
When is the deadline for submitting your tax return?
Remember, the deadline for all taxpayers who wish to submit their tax return manually, by mail or by drop-off at any dedicated SARS drop box, is 27 September 2013.
The deadline for all taxpayers who submit their returns electronically at a SARS branch is 22 November 2013, so if you do it online you get more time!
But don't wait till the last minute – if you don't submit your income tax return on time, you may be liable for penalties, so the sooner you submit, the better