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Posted on: 11 Aug 2018

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Tax Season is Here!

Tax season is upon us and The South African Revenue Services (SARS) opened the floodgates for submission of your 2018 Personal Income Tax Return with effect from July 2018.

Avoid the frustration of spending your valuable time in queues at your local SARS branch and let Contax Accounting’s qualified staff give you the peace of mind by correctly completing, submitting and following up your return.

Should you qualify for a refund and SARS does not audit you, your refund should be processed within 5 working days from submission.

In the event of an audit, Contax Accounting will communicate and provide SARS with their requirements until the refund is processed.

In the event of a liability, our Tax Practitioner will discuss the various options available to you to assist you with your cash flow.

Information required to submit your 2018 Income Tax Return

– All IRP 5’S from employment, annuities and policies paid up

– Retirement annuity certificates

– Medical certificates and medical out-of-pocket expenses

– Interest earnings from banks / investments / loan accounts

– Details of other income (sole pop / rental income / capital gains or losses / income outside the Republic / inheritances)

– Donations (made and received)

– Sale of assets

– If you benefit from a travel allowance, we need your logbook and vehicle details (make, model, purchase price and date purchased) (Request our logbook template accepted by SARS if you need one)

– Completion of deduction schedule if you are a contractor / commission earner.

Provisional Tax Returns Due 30 August 2018

Any person who receives income other than a salary from ONE company is a provisional taxpayer. If you receive income such as rental income from a property, interest income from investments or other income from the carrying on of any trade or a salary from more than one company, you are a provisional taxpayer.

Let us calculate your estimate by 15 August 2018 in order for us to give you a time to plan your cash flow for payment to SARS.

Tax Deadlines: 2018

The deadline for manual filing by post or at a SARS branch for provisional and non-provisional taxpayers is 21 September 2018.

eFiling or electronic filing at a SARS branch for non-provisional taxpayers is 31 October 2018.

The deadline to eFile for provisional taxpayers is 31 January 2019.

The 18 biggest mistakes you can make on your tax return this year

Tax filing season is now open, and the SA Revenue Service (SARS) is waiting for returns. Doing your tax is painful enough – don’t compound your misery with these own goals.

Click here to read the 18 biggest mistakes you can make on your tax return, as outlined by The Business Insider.