TAX SEASON 2015 FOR INDIVIDUALS
1 July 2015 is the start of the 2015 Tax Season for Individuals.
During Tax Season, you need to submit an ITR12 (which is your Income Tax Return) so we can calculate your tax on your income and the tax-deductible expenses for the assessment year (1 March 2014 - 28 February 2015), which may, in some cases, result in a refund.
The Tax Season runs from July to November every year. For provisional taxpayers who submit via eFiling, it runs until January of the next year.
The important dates are:
• 30 September 2015 - Manual/postal submissions
• 27 November 2015 - At a SARS branch (non-provisional)
• 27 November 2015 - eFiling (non-provisional)
• 29 January 2016 - Provisional taxpayers via eFiling
Be 'tax smart' and see our tips for this tax season:
Tax Tip #1
Don't file a tax return if you don't need to
You don't need to file if your total salary earned during 1 March 2014 - 28 February 2015 for the 2015 tax year is not more than R350 000 (before tax), provided:
• You only have one employer (but remember if you have two employers or income sources e.g. late spouse / partner pension income, exam markings income, moonlighting income etc you do need to file even if the total is still under R350 000) or
• You have no car allowance or other income (e.g. interest or rent) or
• You are not claiming tax related deductions (e.g. medical expenses, retirement etc) or
• You received interest from a source in South Africa not exceeding -
o R23 800 if you are below the age of 65 years; or
o R34 500 if you aged 65 years or older or
• Dividends were paid to you and you were a non-resident during the 2015 year of assessment.
Tax Tip #2
Looking for your tax number?
Your income tax reference number is a unique 10-digit number issued by SARS to a taxpayer on registration.
If you are registered, you can find your tax number on your:
• Notice of registration from SARS (only available at a SARS Branch and not via the SARS Contact Centre)
• Employee Tax Certificate (IRP5/IT3(a))
• Income Tax Workpage on eFiling, if you're a registered eFiler.
Tax Tip #3
No login details. No problem
Forgot your eFiling username and password? Follow these easy steps:
• Visit www.sarsefiling.co.za
• Click on Login
• Click on the question mark icon
• Request your login details
• We'll send it to your SARS registered email address or cellphone number
Still stuck? Call us on 0800 00 7277 or get more tips here if you have forgotten your eFiling login details.
Tax Tip #4
Make accurate claims
To avoid penalties, make sure you have the correct documentation and proof for every claim you make.
• Only use info and figures that reflect on your supporting documents
• Use ONLY the amounts reflected on your contribution certificates from your retirement annuity fund, income protection scheme, medical aid etc.
• Make sure you keep an accurate logbook and do not fabricate kilometres travelled
• Don't inflate the value of your vehicle.
Tax Tip #5
Don't lie on your tax return
Overstating the number of dependants or expenses for medical claims is a criminal offence.
• Only claim for the actual number of dependants registered on your medical aid
• Don't overstate your out-of-pocket medical expenses because SARS will ask for your receipts
• Medication that has not been prescribed may not be claimed for.
Tax Tip #6
Don't hide it. We'll find it!
We are closing in on undeclared income and overstated expenses.
• Declare all income you received during the year of assessment like rent, interest and income from your part-time job
• If a deduction does not exist - do not claim for it!
Tax Tip #7
Have the applicable documents on hand to complete your tax return, such as:
• IRP5 or IT3(a) certifcates from your employer or pension fund
• Financial statements (e.g. business income)
• Medical aid certificates and receipts
• Retirement annuity fund contribution certificates
• Tax certificates for investment income (IT3(b))
• Completed confirmation of diagnosis of disability form (ITR-DD)
• Information relating to capital gain transactions
• Travel logbook
Tax Tip #8
Don't fall for scams
Don't be fooled by emails asking for your personal info
• SARS will never request your banking details or personal details in any communication that you receive by post, email, phone or SMS
• SARS will also not send you any hyperlinks to other websites - even those of banks
• There are no links to any bank on this website.
Tax Tip #9
Be 'tax smart' and use a registered tax practitioner
• Tax practitioners are require to register with SARS and a Registered Governing Body to ensure they comply with relevant tax legislation.
MEDICAL SCHEME FEES TAX CREDIT
What is it?
Medical Scheme Fees Tax Credit is a rebate which reduces the normal tax a person pays. This rebate is non-refundable and can’t be carried over to the next year of assessment. In other words, this rebate will cut your normal tax to a lesser amount or nil, however it can’t create a negative amount. It applies for years of assessment starting on or after 1 March 2012 (from the 2013 year of assessment).
Who is it for?
The Medical Scheme Fees Tax Credit effectively replaced part of the tax deduction that was specifically allowed for medical scheme contributions, and applies to fees paid by a taxpayer to a registered medical scheme (or similar registered scheme outside South Africa) for that taxpayer and his/her dependants (as defined in the Medical Schemes Act).
Although the Medical Scheme Fees Tax Credit was introduced from 1 March 2012, it didn't affect all categories of taxpayers at once. There are two different start dates depending on the age of the taxpayer:
• Taxpayers younger than 65 – converted to the Medical Tax Credit from 1 March 2012.
• Taxpayers 65 and older – converted to the Medical Tax Credit from 1 March 2014.
This Medical Scheme Fees Tax Credit seeks to bring about greater fairness and help achieve greater equality in the treatment of medical expenses across all income groups.
The Medical Scheme Fees Tax Credit is a fixed monthly amount which increases according to the number of dependants.