Start of 2017 Tax Season – what you need to know to save you time and costs!

1 July was the official start of the 2017 tax season and SARS is encouraging all taxpayers to use SARS e-filing channels to file their tax returns and avoid those never-ending queues at the SARS offices!!!

Deadline Dates:

  • Manual 2017 tax return submission (by post/drop off in a SARS drop box) is 22 September 2017;
  • Non-provisional taxpayers via SARS e-filing is 24 November 2017 (i.e. employed individuals who earn an income from one or more employer); and
  • Provisional taxpayers via SARS e-filing is 31 January 2018 (i.e. Individuals with other forms of income – investment income, sole trader business, rental income or directors of companies/members of close corporations).

Individual taxpayers whose total Gross Income for the year is below R350 000 may not have to file returns IF they meet the following criteria:

  • they only earn one salary from one employer (i.e. only have one IRP5);
  • they do not have any other form of income (e.g. interest of rental income);
  • they need not claim deductions such as medical expenses, pension/provident funds, retirement annuities or travel expenses; and
  • they need not claim donations made to valid Public Benefit Organisations (PBO’s).

New rule for claiming Medical Aid Contributions, pension/provident funds and retirement annuities- SARS now requires the policy number to validate claims.

If you are due a refund from SARS, you need to maintain full tax compliance with SARS (even if you are below the tax thresholds). Dormant or inactive entities must also maintain their compliance with SARS to ensure no hidden skeletons in the future – SARS will only deregister an entity if a Valid Tax Clearance certificate can be provided to the Registrar of Companies

PLEASE NOTE that SARS is becoming more vigilant with their reviews – please ensure deduction claims are valid as refunds are now being closely scrutinised causing delays in actual refunds to taxpayers where claims are valid.

If funds are owed to SARS, we can also assist you by entering into discussions with SARS for deferred payment terms or compromises to allow you to focus on your core business functions.

Beware of SARS tax scams – SARS will never request your banking information in any correspondences (this can only be done in person at a SARS branch office) – SARS website does not have links to any banks or banking websites hyperlinks – DO NOT ACCEPT OR SELECT THESE!

If you are uncertain whether you need to submit a tax return, if you need help with filing of your return or if you have queries on what documents SARS will require to ensure minimal tax queries, please contact our tax department to help you with your tax needs.

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