Well it is that time of year again, tax season. It is time to get all of our affairs in order and submit for refunds. By now, you should have received an IRP5 from your employer, if not, request one right away. Make sure you get a medical aid certification if you pay your own medical aid, any additional income streams, rental income accounts and tax certificates for any retirement annuities.
If you do your taxes all on your own, you know how hard it is. Hiring an accountant is another option, if you can afford it. If you’d rather do it yourself, stick with e-filing.
Here are some reasons to do your tax:
Refunds
If you do your taxes correctly, you can get a refund. A refund is money you overpaid on your taxes and by all means, it belongs to you.
Keep doors open
Do not let doors close just because you avoid your taxes. If you apply for a long term loan, you need to have a Tax Clearance Certificate. In order to get one, you need to do your taxes.
Do not lose money
In order to get money out of a fund or to get some when you retire or become retrenched, you need to have done your taxes. If not, you can run into some big problems when you are in a position when you desperately need it.
Keep your records clean
Have a good filing record with SARS and it leaves their officials with no reason to suspect that you are hiding any information. This way you avoid an audit the next year. Filing a tax return also gives the impression that you are a good citizen and you are contributing to society.
Some important dates to remember during tax season:
- Submission deadline for manual submissions – 30 September 2015.
- Submission deadline for eFiler or in branch – 27 November 2015
- Submission deadline for provisional taxpayers using eFiling – 29 January 2016
