Handy Tax Tips for Individuals
- Keep medical aid tax certificates and all medical expenses/slips etc for out of pocket expenses incurred and paid for by the taxpayer. Proof of payment is required!
- Retain all tax certificates from employer, banks, investment companies and donations made for the tax year. Also included would be local and foreign dividends received.
- Finalise logbook for the tax year to February 2013 –> proof of business mileage travelled is required for travel allowances and company cars.
- If sold property in the tax year –> ensure all documents in order relating to purchase, costs incurred and sale information. Also required is market valuation as at 1.10.2001 (if applicable).
- Income earned from sole trader business –> keep receipts and reflect as income and expenses on personal tax return.
- Confirm banking information and personal information – avoid criminal offence for not updating information with SARS!
All material subject to our Legal Disclaimers.