Tax Season 2016 has begun

Sugar Tax Proposals
August 22, 2016
Are you depreciating your assets in accordance with the Accounting Standard?
August 29, 2016
Sugar Tax Proposals
August 22, 2016
Are you depreciating your assets in accordance with the Accounting Standard?
August 29, 2016

Tax SeasonTax Season runs from 1st July to 25th November every year.

With the 2016 Tax Season now underway, it is important that you gather together all the required supporting documentation as soon as possible so that your tax return can be submitted on time.

Please make a note of the following important submission deadline dates for individual tax payers (including trusts):

  • 23 September 2016: Manual/postal submissions (via post or dropping off at SARS)
  • 25 November 2016: Provisional and non-provisional taxpayers who file at a SARS branch
  • 25 November 2016: Non-provisional taxpayers who file electronically via e-Filing
  • 31 January 2017: Provisional taxpayers who file electronically via e-Filing

Supporting Documentation

Information required for individual tax returns includes:

  • IRP5/IT3(a) certificate(s)
  • IT3(b) certificates for investment returns
  • Financial statements where applicable e.g. business income
  • Medical aid contribution certificates and receipts
  • Retirement annuity fund certificates
  • Certificates for local interest income earned
  • Logbook and other documents in support of business travel expenses
  • Completed confirmation of diagnosis of disability form (ITR-DD), if applicable
  • Any other relevant income and deduction information
  • Bank account details

Individuals whose total salary earned during 1 March 2015 – 29 February 2016 for the 2015/2016 year of assessment is not more than R350 000 (before tax) need not file a return, provided that:

  • The individual only had one employer
  • The individual had no car allowance or other income (e.g. interest or rent)
  • The individual was not claiming tax related deductions (e.g. medical expenses, retirement annuity contributions, travel expenses etc)
  • The individual received interest from a source in South Africa not exceeding R23 800 (for those younger than 65) or R34 500(for those over the age of 65)
  • Dividends were paid to the individual as a non-resident during the 2016 year of assessment.

Company tax returns can only be filed electronically and must be submitted within one year of the company’s year-end.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

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