5 BASIC TAX QUESTIONS TO HELP YOU PREPARE!

1. HOW DO I KNOW IF I HAVE TO SUBMIT A TAX RETURN?
You should pay tax if you are younger than 65 and earn more than R73 650.00 per year; OR over 65 and earn more than R116 150.00 per year; OR over 75 and earn more than R129 850.00 per year. If you fall into one of these three categories, then you must also submit a tax return.

2. WHAT IS INCOME TAX?
Income tax is the normal tax you pay on your taxable income. Your income tax is calculated on your total taxable earnings for the previous tax year (1st March 2015 – 29th February 2016).

3. WHAT IS TAXBALE INCOME?
Here is a list of the different types of taxable income, see which apply to you: salary, wages, bonuses, overtime pay, taxable fringe benefits, allowances, directors earnings, profits or losses from your business or trade, investment income, dividends, rental income, royalties, annuities, pension or capital gains.

4. BY WHEN DO I HAVE TO SUBMIT?
? September 2016 for manual or postal submissions;
? 25 November 2016 for e-filing or at a SARS branch (non-provisional); &
? 31 January 2017 for provisional taxpayers’ e-filing.
Remember, you can avoid unnecessary penalties, by submitting on time.

5. WHAT DOCUMENTS DO I NEED?
Make your life easier, by getting all you supporting documents ready. Although not all of them may apply to you, here is your checklist:
? IRP5/IT3(a) certificate(s) (ask your employer or pension fund);
? IT3(b) certificates for investment returns;
? financial statements (if applicable, e.g. business income);
? medical aid contribution certificates and receipts;
? retirement annuity fund certificates;
? interest certificates for locally earned interest income;
? logbook and other documents to support your business travel expenses;
? bank account details; &
? relevant income and deduction information.
P.S. If you have moved during this tax year, please also remember the proof of your new physical address.