Top Tips for Preparing For Your Annual Income Tax Return Submission

Yes ladies it’s that time of the year again, Income Tax returns season starts next month

Not sure whether you must submit an Income Tax Return (ITR12)? Click here to find out.

Top 4 Tips for Preparing For Your Annual Income Tax Return Submission

The 2014 yearend tax filing season is upon us starting from the 1st of July 2015 , November 30th is the deadline date in South Africa for submission of personal tax returns. If you are getting ready to submit your tax returns, here are my top 4 tips for preparing for the annual tax preparation ordeal;

1. Gather all pertinent information including tax slips and other information slips sent by employers, banks, brokerage firms, charitable organizations, medical providers and businesses. These are your IRP5s and IT3s
2. Be sure to have your other income including self-employment income and rental income well documented with supporting documentation. There are small business accounting programs from Sage Pastel that can make the day to day tracking of revenue and expenses efficient and easy and you are not required to be an accountant to understand the programs. If you already have this software give us a call and we will show you how.
3. Have your receipts for deductions ready, like medical expenses, Traveling expenses and if an independent contractor your running expenses.
4. File on time and electronically. Failure to file by November 30th will result in penalties and potentially a higher risk of audit by SARS. The penalties from the SARS are quite steep; late filing penalty start from a minimum of R250 per month. Don’t be late and start getting all your information together asap.