Millions of South Africans dread tax season as it creeps up, and before they know it, they’re in the thick of trying to sort out their taxes Before you start your search for the professional tax services to help you get your affairs in order, check out our handy checklist to make sure you’re ready for tax time.
Income tax is the money you pay to the government through SARS from the personal commission, salary and or wages including taxable fringe benefits you’ve earned throughout the year. The amount of tax you pay depends on:
- How much you’ve earned throughout the year;
- Your age (whether you are under 65 years or over 65 years); and
- If you are a member of a pension fund, or contribute towards a retirement annuity fund.
SARS is a well-oiled machine, and penalties for submitting your tax return late are high. Avoid wasting unnecessary money on penalties and fees and partner with professional and expert tax services to help you keep on the right side of SARS.
Checklist – Are You Ready for Tax Season?
Do you know what an ITR12 form is?
This document is your official annual tax return and needs to be submitted in full and accurately to avoid unnecessary understatement penalties.
Why you should complete it?
Your completed annual tax return submitted to SARS, enables SARS to calculate your tax for the year you’re being assessed. Should you have paid too much tax, you’ll receive a refund. If you paid too little tax, SARS requires you to submit the outstanding amount.
Do you understand PAYE?
Employees pay PAYE (pay-as-you-earn) tax. If you are employed, this is the amount deducted from your salary by your employer, and paid over to SARS each month. It’s designed so that your income tax liability is settled on an ongoing basis, preventing you from having to settle your tax bill at once when tax season comes around.
Do you know the deadlines for submitting your tax return form?
The dates for submitting tax returns aren’t the same each year. If you don’t want to have the hassle of dealing with SARS on your own, partner with Bullivant for peace of mind. As a leading business and financial accounting firm, who works with clients from all sectors of the economy.
Quote from Bullivant Accounting “Benefit from our unmatched insight into the South African tax code, and rest assured that your tax affairs are in the hands of true professionals. Feel free to give us a call.”