Hurry Up and Then Wait for Your Tax Refund
SARS allocated a mass media release last week including the statement that “SARS comes with an obligation to both taxpayers as well as to the fiscus to ensure that fraudulent and invalid boasts are quit.” They may have asked South Africans to be patient this duty season rather than expect taxes refunds to be paid immediately. The reason for the hold off is consequently of additional risk diagnosis processes being integrated. They also mentioned they are fully aware of the taxpayer’s expectation in relation to refunds but that steps needs to be concluded prior to the pay out of refunds.
Last year we saw the implementation of special stoppers which resulted in many delays. SARS’ reasoning behind the execution of special stoppers was to include security screening to be able to combat deceptive claims. This year additional fields have been put into your personal income tax return which SARS use to verify bills against third gatherings. For instance travel, medical and retirement living annuity contributions .
The 2017 Tax Season is currently open and individual taxpayers will be able to submit their comes back for the tax year concluded 28 February 2017. The Southern African Earnings Service “SARS” has posted the deadlines for the distribution of Income Tax earnings. The deadlines are reliant on the way in which of submission of the come back. These deadlines aren’t applicable to companies who are required to submit their earnings within 12 months of the financial yr end via e-Filing.
The TAX Act has been amended to impose administrative fines for non-compliance. These fines may differ from R250 to R16 000 monthly. Kindly make certain you have all the supporting documentation for your come back as SARS could request this if you are picked for an assessment. Safeguard supporting documentation for at least five years in case SARS needs usage of them in future.
Do you require assistance?
To assist with the compilation and submission of your income tax go back, your tax adviser will require information such as:
Your banking details.
Your IRP5/IT3 a certificate s which you will receive from your employer or pension finance.
Certificate from Medical Help and a overview of additional medical expenditures, not covered by your medical help and identification of disability ITR-DD , if applicable.
Pension and retirement living annuity qualifications.
Travel logbook if you receive a travel allowance.
Taxes certificates that you received according of investment income IT3.
Financial assertions, e.g. business income where suitable.
Any other documents relating to income you have received or deductions you want to state.
Information relating to capital gain trades.
Do you need assistance with your Tax return? Visit Accountants in North Sydney.