Tax Services

Tax Returns

Do you need assistance with your tax?

Your tax from 01/07 on the SARS e-filing is available for us to submit. To assist you we need the following information from you:

Salaries:

• IRP5's and IT3's from your employer(s). Since SARS nowadays audit just about all returns audit and require the original IRP5s and IT3's submitted, you should send it along with the other documents to us.
• Remember that if you are retired or have changed jobs, the IRP5s / IT3's of any amounts transferred / paid from your mpy pension fund / provident fund should be provided.

Medical aids:

• Kindly supply us with a tax certificate from your medical fund.
• You will receive a tax credit for each month in which your monthly premiums towards a medical scheme has contributed as follows:


• Primary member and 1st dependent: R257 each per month
• Further dependents: R172 per month


• There are complicated formulas for claiming medical expenses that we'll not discuss here. If you are younger than 65 and not disabled, you will only receive a tax credit for medical expenses if the expenses exceed 7.5% of your taxable income.
• SARS no longer accept the amount that appears on your medical aid tax certificate for expenses the member has paid. You have to prove (eg by providing receipts) that you physically pay those expenses. If your medical expenses were more than 7.5% of your taxable income, you should give us a spreadsheet with date, supplier and price listed. Also attach the relevant bills and receipts.

Investments:

• Kindly supply us with following:
• IT3 (b) certificates of your interest on your bank accounts.
• IT3 (b) certificates of interest and dividends on unit trust investments.
• IT3 (c) certificates of capital gains / (losses) on securities investment trust.

Retirement annuity and income protection:

• Certificates of contributions to retirement annuity (RA). It is currently deductible to up to 15% of your non-pensionable taxable income.
• Certificates of contributions to Income Protection. Note that these contributions from March 1, 2015 will no longer be tax deductible!

Car allowance / company car benefit:

• Only actual business travel can be claimed - for that purpose we would require your logbook. Your log should distinguish between private journeys and trips for business purposes. In the case of business trips you must indicate your destination and who you visited. Note that your log must reflect daily trips - SARS is not satisfied with a monthly / annual summary.
• Additional info that we need if you have bought/sold a new car during the year: Sales price, sale date and sold km of your old car, as well as the purchase date, purchase price, registration number, starting km, make and model of your new car.

Business and leasing

• If you own a business in your own name, we need your bank statements and other documents in order to set up an income statement for your business. You may also formulate it yourself and simply provide it to us.
• If you have rental property, we would need to know the income earned and expenditure in respect of that property (interest paid, levies, taxes, repairs, municipal fees, etc.). It is sufficient if you provide it to us in a spreadsheet. Remember that SARS may request evidence of the expenses you claim (eg interest on the mortgage, levies, municipal accounts).

Capital gains and losses

• If you have bought or sold property, please provide details of the transaction. We usually prefer to use the statements from the transferring attorneys. We will need statements of the sale, as well as the purchase of the property.
• If you have made an investment that might not have worked out so well (ie if you lose all your money), let us know so we can claim the capital loss.
• Additionally, notify us of any other significant transaction that may have capital gain tax consequences.

Donations

• Donations to registered organizations are deductible to up to 10% of your taxable income. (Note: Amounts are donated to churches are not deductible)
• Kindly provide us the art18A receipts - We can only deduct a donation if a Section 18A receipt is provided. Note A receipt is only an art18A receipt if indicated as such in accordance with the terms of section 18A of the Income Tax Act.

• Other: Let me know if any of the following change (current clients):

• Your home address or address
• Your e-mail address
• Your bank details
• Your marital status
• Your home number, work number or cell phone number

Not currently one of our valued clients? Contact us immediately for highly personalised tax solutions, whether you are an individual or a business owner.Working smart with your money is not a boon, it's an imperative!