Thursday, September 21, 2017

Personal Tax Requirements

PROVISIONAL TAX - DEADLINE 26/02/2016,
For all Companies, Sole Proprietors, CC’s, Trusts and Individuals.

The second provisional tax return for the year ending February 2016, is due by the end of February 2016.

In order to avoid penalties and interest being levied by SARS on the final assessment of the 2016 tax, this return needs to be 90% accurate.

Please submit all your information to us by the 17/02/2016 so that we may submit your return before due date.

The period required is 1/03/2015 to 31/01/2016

Information required:

Latest pay slips - reflecting year to date figures.
Investment income
Rental income and expenses(interest on bond to date)
RA's, Income protection and medical aid contributions per month.
CGT - sales of shares or other assets
Sole Proprietors - business income and expenses.
Companies, CC and Trusts - latest Trial Balance.
Any other income you might have received.

If you require any assistance, please do not hesitate to contact us. Email: sharon@tfaglobal.co.za


Tax Season begins 1 July 2016:

When completing your return, you will require the following documentation in order to verify the existing, pre-populated information that appears in the return, as well as to complete any remaining portions:

  • IRP5 Certificate. This is the employees' tax certificate your employer issues to you.
  • Certificates you received for local interest income earned.
  • Any other documentation relating to income received or accrued, such as remuneration that has not been reported to SARS by your employer, business, investment income, rental, etc.
  • Details of medical expenses paid and medical scheme contributions made - medical aid certificate.
  • The relevant certificates reflecting your retirement annuity fund contributions made and certificate showing income protection contributions.
  • A logbook and other documents in support of business and private travel expenses ( if the travel allowance is part of your remuneration or if you have the right of use of a company car taxable benefit).
  • Any other documentation relating to the allowable deductions you wish to claim.

Please collate your relevant tax information and contact Sharon ( Registered Tax Consultant) at TFAGlobal to process your 2016 Tax Return through the e-filing system. 

tax@tfaglobal.co.za or Click here

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