Ricochet News

5 Steps to make filing your tax return 'Easy Peasy'

By Robin Galloway – Tax Consultant, Mazars Port Elizabeth - Jun 15, 2018
5 Steps to make filing your tax return 'Easy Peasy'

SARS recently announced that the 2018 income tax filing season for individuals will open on 1 July 2018. The period for non-provisional taxpayers to file their income tax returns has been shortened by three weeks and will run to 31 October 2018.

Provisional taxpayers are unaffected and will have until 31 January 2019 to file their 2018 tax return. In making the announcement, acting SARS Commissioner Mark Kingon christened the 2018 campaign theme “No Sweat”, stating that “SARS has made the path to compliance easy-peasy”.

In keeping with SARS’ 2018 theme, we have put together 5 easy steps to make filing your 2018 tax return as simple and painless as it needs to be.

  1. Do you need to file your 2018 tax return?

Not every taxpayer needs to file their income tax return. Before getting ready to file your 2018 return, it may be worthwhile looking into whether you are required to submit your return. We suggest you visit the SARS website to get further details.

  1. Get your eFiling login details ready

For those of us who have forgotten their eFiling username and password, SARS have made their call centre available to re-issue eFiling login details. You can reach SARS on the following toll free number: 0800007277

  1. Get supporting documentation ready

The supporting documents you need may include the following:

-       IRP5/IT3(a) certificate(s) from your employer or pension fund;

-       IT3(b) and IT3(c) certificates for investment returns (i.e. interest and capital gains);

-       Details of medical expenses paid and medical aid certificate;

-       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);

-       Your current bank account details;

-       Any applicable financial statements;

-       Any other relevant supporting documents.

  1. Remember to declare all income from other trades

You are obliged to declare all income from trades to SARS, no matter how small. These could include rental income earned on an investment property, sales of crafts at fairs, consulting income, etc. At the same time, you are entitled to deduct all expenditure incurred in producing such income, provided the expense is not of a capital nature and you have the necessary supporting information to justify the amounts.

  1. If stuck, seek help

The income tax return for individuals has become quite complex recently owing to all the disclosures required by SARS. Should you feel overwhelmed, we at Mazars Port Elizabeth will be willing to help you with this process. For enquiries, please contact our Tax team at PLZ.TaxConsulting@mazars.co.za